Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

GameStop Up 400% for Week as Traders 'Hold the Line' Despite Robinhood Cap

Stock MarketsJan 29, 2021 05:21PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Yasin Ebrahim

Investing.com – GameStop rallied four-fold in just five trading days as the Redditors put the squeeze on the short sellers on Friday despite trading platforms including Robinhood imposing limits on trading for the second day in a row.  

GameStop (NYSE:GME) rallied 68% on Friday, racking up a 400% gain for the week. Baring a surge to $413.98 and dip to $250 intraday, the trading action in GameStop was confined to within the $300 price level, though the restrictions imposed on the traders most likely played a role. 

AMC Entertainment (NYSE:AMC) rose 54% on the day, Naked Brand Group Ltd (NASDAQ:NAKD) rose 19%, while Express (NYSE:EXPR) was up 28% and Blackberry (TSX:BB) climbed 6%.

Robinhood was at the center of attention after the trading platform limited traders to buying just a single share of GameStop, MC, Koss and Moderna (NASDAQ:MRNA). The popular trading platform went a step further, expanding restrictions on a list of stocks to 50 to include Starbucks (NASDAQ:SBUX) and Beyond Meat (NASDAQ:BYND). Traders were also limited to just two purchases of stock in Bed Bath & Beyond Inc (NASDAQ:BBBY)and Qualtric.           

The battle between the retail traders versus the Wall Street short-sellers continued to captivate and divide opinion on Wall Street. 

"There is no reality to [these] trades ... they not based on anything other than speculation," said William Galvin, Massachusetts Secretary of State. "The issue of shorting has to be addressed by the national regulator." 

Kevin O’Leary, chairman of O’Shares ETFs and co-host of "Shark Tank," disagrees. "The best thing we could do for this market is leave it alone," O’Leary said on CNBC. He argued that no one was considering whether GameStop executives would take advantage of recent appreciate in their stock price to raise capital, build a brand and pivot "just like Netflix (NASDAQ:NFLX) did when they were shipping out CDs in the mail."  

 

 

GameStop Up 400% for Week as Traders 'Hold the Line' Despite Robinhood Cap
 

Related Articles

Hope rally turns choppy as hot U.S. inflation looms
Hope rally turns choppy as hot U.S. inflation looms By Reuters - Dec 08, 2021 4

By Tom Westbrook SYDNEY (Reuters) - Stocks rose in choppy trade on Thursday as worries about the economic impact of the Omicron coronavirus variant ebbed but increasing caution...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (34)
Goku UI
vVNoXVv Feb 01, 2021 10:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They Big Guys been Manipulating the Markets for decades, allowing to short 140% of a company is just unreal and yet we see the very few tell us why we should get back in line and follow the rules... Short selling should be illegal, it's allowed in Canada so manipulation everywhere. Wake up
Goku UI
vVNoXVv Feb 01, 2021 10:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
*Naked short selling should be illegal,
Rephael Inbar
Rephael Inbar Jan 31, 2021 1:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Short selling should be allowed only if you own the shares. Naked shorting must be outlawed but so should be this crowd manipulation.
Semih Unalan
Semih Unalan Jan 30, 2021 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reading all of these comments made me realize that most people here do not know what market manipulation is. Trading individually or with a group of people with the intent to artificially push the price up in order to trigger a short squeeze is a typical manipulation scheme called cornering the market. It is illegal. Just because people meet and conspire online via Reddit and similar platforms, using pseudonyms, does not make it legal. It is a criminal offense and there are significant potential legal consequences. Consult a good lawyer before engaging in such trades to get a more detailed explanation.
Semih Unalan
Semih Unalan Jan 30, 2021 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
You may read the article to learn more: https://www.jstor.org/stable/2331322?seq=1
Maine O Richards
Maine O Richards Jan 30, 2021 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
HAHA I'M UP $37,000 FOLLOWING THE CROWD.
Jared Silverman
Jared Silverman Jan 30, 2021 6:07PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Call the waaaahhhhhmbulance 😭😭😭
vipul makani
vipul makani Jan 30, 2021 4:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SEC will make common man scapegoat and fed will bail out hedge fund. Typical Bollywood movie playing @ WallStreet
Semih Unalan
Semih Unalan Jan 30, 2021 4:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yeah right, common men who get organized via social media to crowdfund market cornering manipulation schemes. They think they won't get caught just because they are using pseudonyms. We'll see what happens once the SEC starts probing.
harry le
harry le Jan 30, 2021 4:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Semih Unalan ok boomer i see everywhere with the hatress against retailer
New Jazenevd
New Jazenevd Jan 30, 2021 3:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Market goes through rather serious pullback and this site cannot find anything better than putting bunch of meaningless “gamestop” articles to forefront.
Art Fire
Art Fire Jan 30, 2021 3:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Mostly because the correction was expected and isnt really news at all
New Jazenevd
New Jazenevd Jan 30, 2021 3:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Art Fire  it is not a correction yet and it is an important investment issue at the moment whether it becomes a correction. That’s the real issue that investors are supposed to think about today preparing plans for next week. This site distract them with this meaningless “news” about bunch of fools obsessed with nothing.
Art Fire
Art Fire Jan 30, 2021 3:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They are whining and pouting because the fed doesnt come out and say “poor wallstreet we are going to keep spoonfeeding you”.. the fact that everything dropped except retail proves the drops are engineered to force perception. Its a joke.
michael engel
michael engel Jan 30, 2021 3:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The biggest threat to hedge funds is congress not RH traders. They will be blamed for the misery of RH little guys who cornered GME, with cumulative power of a wall street top market maker . The hedge funds will ride out this bull run, because the market will turn down. But they will pay a political price. They will be grilled by congress like the Hunt bros who cornered silver in the 70's.
michael engel
michael engel Jan 30, 2021 2:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The hedge funds will keep their shorts positions. They will survive with them, because the Nasdaq on the cusp of collapse.  When the market will go down, the hedge funds will be laughing at RH traders. The rise of GME is not SS squeeze, but RH HUNT community of brothers ganged together and cornered GME.
Options Trader
Options Trader Jan 30, 2021 2:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you have not figured out the corrupt players, you never will.
Ronald Warren
Ronald Warren Jan 30, 2021 1:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Anyone is a fool paying hubdreds for a stock that's worth a couple bucks. The players in this game are gonna' ****themselves.
Victor Asturias
Victor Asturias Jan 30, 2021 1:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
How much is a currency you may never buy anything with worth?How much does paper-gold worth?Market suit up folks betting on perceived-value, why not the rest?
Benoit Avril
Benoit Avril Jan 30, 2021 1:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
each individuals will lose at most thousands, when hedge funds will lose billions. You don't get it.
Ronald Warren
Ronald Warren Jan 30, 2021 1:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Dude!! We all know that the man with the gold makes the rules. I'm nobody, but I make a good living playing this game , sidestepping the big players.
Semih Unalan
Semih Unalan Jan 30, 2021 1:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Benoit Avril so as suspected, the intent here is clearly to attack the hedge funds and trigger a short squeeze.
Alan Rice
Alan Rice Jan 30, 2021 1:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SEC: Are You getting ALL this ??
Gerald Zhang
Gerald Zhang Jan 30, 2021 1:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
robinhood go bankrupt if they can't handle their job
Kaveh Sun
Kaveh Sun Jan 30, 2021 1:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This fight is not over yet. Average Joes forced short selling hedge funds to cover (ie r/o/b wall street) If u dont hold ur line, they come back a short these stocks to dealth for vengence. Then the media have something to cheer.
la popeye
la popeye Jan 30, 2021 1:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
short selling is banned on bank financial institution. protecting the shark? and now protecting the shortsellimg hedgefund? int. rate are manipulated low versus inflation..fed does not do its job for mainstreet...this will shortly ***up im the face of the ones who think they can squeeze the people every corner !
Henrik Lindberg
Henrik Jan 30, 2021 12:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is global, Robinhood can't do scheit.
Sun Moon
Sun Moon Jan 30, 2021 12:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
1) "Robinhood was at the center of attention ..." Don't feel the need to mention that Robinhood is facing a class-action lawsuit over their actions? 2) "There is no reality to [these] trades ... they not based on anything other than speculation," said William Galvin, Massachusetts Secretary of State Who is this dope?
Kenneth nelson
grasshopper Jan 30, 2021 12:10PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bidens friend
Ruben Kippersund
Ruben Kippersund Jan 30, 2021 6:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
SEC should do its Job and take down Hedgefunds short-ladder the stock, while RobinHood and others restrickt FREE trade. And maby somebody sholdt look at greedy hedgers ability too short stocks 150%...
Semih Unalan
Semih Unalan Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Reddit traders are manipulating the market through a classic cornering the market scheme. SEC should do its job and prosecute those acting with criminal intent.
Kraft KT
Kraft KT Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ahhhhhhhhh
Viktor Husarčík
Viktor Husarčík Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
you can only say this if you know nothing about stock market... so first try to read how stock market works and then speak
Sun Moon
Sun Moon Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
uh huh. No.
Benoit Avril
Benoit Avril Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
is it really criminal when all the financial papers you read are clearly written to do the same.
Semih Unalan
Semih Unalan Jan 30, 2021 5:06AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Benoit Avril Yes it is. In fact it is a textbook example of market manipulation. I have read another comment of yours on this post, you wrote people may lose thousands but hedge funds will lose billions. It is clear that the general attitude matches yours. Trading with the intent to cause a short squeeze is an attempt at market manipulation. When people get organized through social media with the same intent they basically crowdfund a typical manipulation scheme: cornering the market to trigger a short squeeze. You'll soon see the legal repercussions of such behavior.
Art Fire
Art Fire Jan 30, 2021 3:03AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Banks say trump is valuable because of his brand (when they welfared him through it). Why isnt gamestop?
perplexed76 .
perplexed76 . Jan 29, 2021 11:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
same smart*** who buying bitcoin just to prove something to somebody
Madi Azibayev
Madi Azibayev Jan 29, 2021 11:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BTC speculation was created by greedy funk s this, at least majority, was made by people who stand against rich guys ruling wall street gambling here and there destroying companies to fulfill their greed
kyriakos mavromichalis
kyriakos mavromichalis Jan 29, 2021 11:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Exactly. I think they are proving their point just fine. Shorting is not any less worse for the market.
Sun Moon
Sun Moon Jan 29, 2021 11:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What wrong proving something?
Benoit Avril
Benoit Avril Jan 29, 2021 11:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Madi Azibayev  I think plenty of them have that intent, but a lot of people will fight hard to not cash in.
Anthony Anthony
Anthony Anthony Jan 29, 2021 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
are robinhood "traders" typical losers live in mom's basement?
Johnny Crash
Johnny Crash Jan 29, 2021 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They are winners, small guys that outsmart the big guys. It's not the big that eat the small, it's the quick that eat the slow
Benoit Avril
Benoit Avril Jan 29, 2021 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So what? proud to be a loser. The only difference between them and winners, is winners live on a yacht and get cleaned up by hoooookers instead of their mum.
Sun Moon
Sun Moon Jan 29, 2021 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Haha, "mom's basement" is going to 10,000 sq feet next month.
Evan Ault
Evan Ault Jan 29, 2021 9:40PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
power to the players
Bubba Born
Bubba Born Jan 29, 2021 8:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The market has circuit-breakers in place. Why weren't they being triggered? That's what the legislators need to investigate..that and the stock restrictions that brokers were imposing. The SEC should fine them so heavily they will never pull that nonsense again!
Tony Kovacs
Tony Kovacs Jan 29, 2021 8:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I bought 200 shares of kass after the open. wouldnt let me buy gme price dropped i closed the position bit they flipped the breaker. I didn't known what was happening i hit it again and it hit me for another 200. with a half hour I was out 9k due to there freezing the stock bs
Benoit Avril
Benoit Avril Jan 29, 2021 8:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
circuit breakers are for down movement.
Mark Manley
Mark Manley Jan 29, 2021 6:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
and autocorrect never works in these little text boxes, please fix that
Mark Manley
Mark Manley Jan 29, 2021 6:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Have you ever been in a GameSpot? Yawn. There's a reason they were struggling - they ******* It's irrational to prop up a company that no longer has a reason to exist
Chris Siener
Chris Siener Jan 29, 2021 6:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
WE LIKE THIS STOCK!!! (bte I've never been in a "Gamespot") I've been in a game though, super dope. I might own one in March who knows...
Wu Jihansen
Wu Jihansen Jan 29, 2021 6:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
It doesn't matter if people want to buy it for value or for a squeeze; if they are self-directed investors they are supposed to be able to trade as they see fit and under the terms they reasonably expect. The only reasonable fix by rule, regulation or intervention is banning or restricting short selling. I mean they are trying the other "choice", which is restricting longs, but it is obviously a travesty and unreasonable to do what they are in fact doing. And no matter how many ways people try to double-speak it no one can make people believe that retail investors buying and holding stock is destabilizing or unreasonable. Either the whole financial system is a sham or something is wrong with the way shorting is operating. Or everything is fine. Trilemma, choose a horn.
Art Fire
Art Fire Jan 29, 2021 6:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I buy their for most holidays and birthdays. Thr fact that every person new what gamestop is before this even happened makes it an extremely powerful brand
Sun Moon
Sun Moon Jan 29, 2021 6:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oh yes, this is the FIRST time the market has ever been irrational, it's AWFUL!
Casador Del Oso
Casador Del Oso Jan 29, 2021 6:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Restrictive trading is the investment equivalent of censorship on social media.
Predrag Blagojevic
Predrag Blagojevic Jan 29, 2021 6:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Restrictive trading is not censorship, it's a classic scam if you think about it... Or let's put it like this, every path retail traders CAN choose lead to their destruction...
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email