The frenzy around GameStop resumes

The frenzy around GameStop resumes

The frenzy around GameStop resumes

THE FRENZY AROUND GAMESTOP RESUMES

by Aaron Saldanha

(Reuters) – GameStop stock is surging sharply in trading ahead of Wall Street’s opening on Thursday, as individual investors appear to want to reignite the stock market frenzy around listed companies targeted by investment funds specializing in selling at discovered.

The U.S. video game distributor gained 54.5% on the pre-market, while headphone maker Koss jumped 57% and cannabis company Sundial Growers took 10%.

The action of the cinema operator AMC Entertainment, another big beneficiary of the unprecedented stock market battle of last month, posted for its part an increase of 17% after a gain of 18.1% Wednesday.

These companies in difficulty and until then mistreated on the stock market found themselves in January at the heart of an unprecedented showdown between individual investors gathered on social networks against hedge funds quickly forced to close their positions to cover their losses. to a massive buying wave.

GameStop’s price, which fell below $ 20 in early January, climbed to over $ 460 before dropping back to around $ 40 last week.

Since Wednesday, Internet users, notably on Reddit’s WallStreetBets forum, seem to want to relaunch the phenomenon, which had attracted the attention of financial authorities and Congress, and encourage each other to resume buying on GameStop shares. .

“I bought a lot more #GME today, let’s keep fighting !!” wrote Fundssqueezzer, one Reddit user, while another, Responsible_Fun6255, said: “Rise of the planet of the apes : GME edition “.

Netizens seemed to take as encouragement a message from activist investor Ryan Cohen, also a major shareholder and board member of GameStop, who posted a photo of an ice cream cone on Twitter.

On the Frankfurt Stock Exchange, the title GameStop gained more than 200%, European individual investors following in the footsteps of the Americans.

“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer you hold on, the higher it goes,” said @ catchme1fyoucan, an Italian user of the platform. eToro investment, in a discussion about GameStop.

(with Tom Westbrook in Singapore, Danilo Masoni in Milan and Sagarika Jaisinghani, French version Laetitia Volga, edited by Marc Angrand)

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