MESSAGE
| DATE | 2021-01-29 |
| FROM | Ruben Safir
|
| SUBJECT | Subject: [Hangout - NYLXS] Socialists are driving the market crazy
|
GameStop and AMC Soar as Buying on Robinhood Resumes - Live Updates -
WSJ.com
By Joe Wallace
6-8 minutes
GameStop and AMC Soar as Robinhood Restarts Trades
Shares of GameStop and AMC recovered sharply in off-hours trading, after
popular online brokerage Robinhood Markets said it would reinstate some
trading in shares and options that it curbed on Thursday. All 13 stocks
in question, which also include BlackBerry and Koss, are up -- some way up.
Meanwhile, the broader market is on its back foot again, with stocks in
Asia and Europe off around 1% and S&P 500 futures down 1%. Traders say
the pressure on investors who shorted stocks is forcing them to sell
long positions.
There are lots of stories to catch up on that break down the latest
moves as a "Nerds vs. Wall Street" battle plays out in markets. Some
highlights:
Robinhood opened up some trading in 13 highly active stocks after
coming under pressure for placing curbs on them.
The man who created Reddit’s WallStreetBets isn’t who you think he is.
Hedge funds on Wall Street are feeling the heat from the GameStop mania.
Real world effects: AMC investor Silver Lake Group converted $600
million of debt into equity after the cinema chain's shares rocketed.
Speaking of silver, the metal is surging, as are a bunch of silver
miner stocks, as Reddit day traders take a shine to the commodity.
Retail trading platforms on popular brokerages struggled with
outages as individual investors piled into hot stocks.
Here's a look at how the moves represent a power shift on Wall
Street, as well as stories on options driving the boom, professional
short sellers facing threats and a column on how the gains represent a
bubble.
15 minutes ago
Short Squeeze Eases for Some European Stocks
While GameStop and other popular bets soared ahead of the bell Friday,
European stocks that had benefited from a short squeeze by retail
investors are under pressure.
Shares of German drugmaker Evotec SE fell 6.6% Friday, trimming
their gains for the week to 17%.
Polish games developer CD Projekt SA dropped 7.4%, putting it on
course to rally 35% for the week as a whole.
Battery maker Varta AG slid about 11%, curtailing its weekly advance
to 23%.
Melvin Capital Management LP, a big loser from the surge in GameStop and
other story stocks, had a net short position of about 1% in CD Projekt
as of Tuesday, according to the Polish financial regulator.
California-based Light Street Capital Management LLC had a net short
position of about 0.8% as of Thursday, according to the regulator.
Melvin had a net short position of about 5.2% in Evotec as of Wednesday,
and of 4.4% in Varta as of Dec. 7, according to German filings.
29 minutes ago
Novavax Shares Jump on Vaccine Results
Here's a non-GameStop-Robinhood-Reddit market mover. Shares of Novavax
rallied 33% in premarket trading after the company said Thursday that
its Covid-19 vaccine was 89.3% effective at protecting people from the
disease in an interim analysis from its late-stage study in the U.K.,
where a worrisome strain of the coronavirus has been circulating.
--
So many immigrant groups have swept through our town
that Brooklyn, like Atlantis, reaches mythological
proportions in the mind of the world - RI Safir 1998
http://www.mrbrklyn.com
DRM is THEFT - We are the STAKEHOLDERS - RI Safir 2002
http://www.nylxs.com - Leadership Development in Free Software
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Being so tracked is for FARM ANIMALS and extermination camps,
but incompatible with living as a free human being. -RI Safir 2013
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