Headline Roundup • January 28th, 2021
Retail Traders Cause GameStop Stock to Surge
Summary from the AllSides News Team
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Reuters
The battle between small-time traders and hedge funds that has shaken U.S. and European stock markets moved into Asia on Thursday, with surges in several Australian companies joining a list of social-media hyped moves that have cost financial institutions billions of dollars.
Heavily shorted Australian shares, including Webjet and Tassal Group, climbed more than 5% even as Sydney’s benchmark ASX 200 index fell 2%. [.AX]
In New York, GameStop, the video game chain at the heart of the slugfest between Wall Street and Main Street, added another 37% in early...
Townhall
Wall Street is “losings its mind” over retail traders that have banded together to take on at least two hedge funds that bet the shares of GameStop would fall, Fox Business host Charles Payne explained Wednesday.
Thanks to their efforts, the video game retailer’s stocks have surged.
"These hedge funds selling this stock, they don’t own the stock, so they borrow it," Payne explained. "Imagine you borrow a stock that’s trading at $10 and then you drive the share price down and then you buy it back for a dollar....
CNN Digital
From Wall Street to the White House, everyone is watching GameStop shares.
What's happening: Stock in the left-for-dead video game retailer shot up an astonishing 135% to $347.51 on Wednesday, bringing gains since the start of January to 1,745%. In the battle between day traders coordinating on Reddit and legacy hedge funds betting GameStop shares will crash, the rag-tag internet crew is winning the day — at least for now.
It's not just about GameStop (GME) anymore. Shares of AMC Entertainment (AMC), Nokia (NOK), Tootsie Roll Industries (TR) and the...
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