GameStop, AMC, other Reddit favorites drop as trading platforms crack down
28/01/2021 17:14
** GameStop GME.N , BlackBerry BB.TO , AMC Entertainment
AMC.N and other stocks driven higher this week by a social
media-fueled trading frenzy drop
** GME down 32%, while AMC down nearly 50%; BlackBerry, Koss
Corp KOSS.O , Bed Bath & Beyond BBBY.O and Express Inc
EXPR.N down 35% to 55%
** Popular online trading platform Robinhood says it has
restricted trading in shares of AMC, BB, EXPR, GME, KOSS and
others; Interactive Brokers Group IBKR.O has also imposed
restrictions urn:newsml:reuters.com:*:nFWN2K31EU
** American Airlines AAL.O trims gains to 4% after jumping
as much as 31.5% on the day, as Robinhood restricted trading on
its stock urn:newsml:reuters.com:*:nL4N2K33E4
** Trading in GME and AMC, whose extreme volatility this
week has led to calls for more scrutiny of trading fueled by
anonymous social media posts, has been halted multiple times on
Thursday urn:newsml:reuters.com:*:nL8N2K22EA
** However, there have been some notable gainers on Thursday
amid the frenzy, including cannabis co Sundial Growers SNDL.O
and pain medications maker JanOne Inc JAN.O , up 18% and 44%,
respectively
** Wall Street investors are sitting on estimated
year-to-date losses of $70.87 bln on their bets against U.S.
cos, data from analytics firm Ortex showed urn:newsml:reuters.com:*:nL8N2K35FV
** Despite GME's losses on Thursday, stock is up nearly 140%
this week, and over 700% YTD
(Reporting by Uday Sampath in Bengaluru)
((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday ;))