GameStop mania took Wall Street by storm, thanks to a legion of retail traders glued to the WallStreetBets message board on Reddit. Shares of the struggling brick-and-mortar video game retailer skyrocketed 400% in the past week, closing out January with a whopping 1,625% gain. A band of amateur traders in WallStreetBets forum, whose members have
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Steven A. Cohen Scott Eells | Bloomberg | Getty Images Steve Cohen, the founder of hedge fund Point72 and owner of the New York Mets, has deactivated his Twitter account after his family received threats this week amid the GameStop trading frenzy. “I’ve really enjoyed the back and forth with Mets fans on Twitter which
Daniel Acker | Bloomberg | Getty Images These stocks are making some of the largest moves in midday trading: Mondelez International — Mondelez, which owns snack brands including Oreo and Ritz, dipped 2% despite reporting better-than-expected earnings. Modelez earned 67 cents per share, topping estimates by one cent, according to Refinitiv. Revenue came in at
The website of U.K. stock trading app Freetrade. Freetrade LONDON — British share trading app Freetrade told clients Friday that it had disabled purchases of U.S. stocks. Freetrade blamed the halt to U.S. stock purchases on a move by its currency exchange provider and their bank to limit the platform’s trading volume. Freetrade uses U.K.
People walk past a GameStop store in Midtown Manhattan on January 27, 2021 in New York City. Michael M. Santiago | Getty Images The astronomical rally in GameStop has imposed huge losses of nearly $20 billion for short sellers this year, but they are not budging. Short-selling hedge funds have suffered a mark-to-market loss of
Traders on the floor of the New York Stock Exchange. Source: The New York Stock Exchange U.S. stock futures moved lower in overnight trading on Thursday, as Wall Street’s volatile week continued. Dow futures fell about 80 points. S&P 500 futures dropped 0.32% and Nasdaq 100 futures lost 0.30%. On Thursday, the Dow Jones Industrial
Investor Peter Boockvar is calling the Reddit rebellion “another epic parabolic bubble.” In a research note out this week, he warns the mania into trades from GameStop to American Airlines will ultimately go bust. “Let’s break down the investment strategy: Find the most shorted stocks, buy calls, write about it, buy the stocks and jam it
A GameStop store in Hollywood, California, busy with customers waiting in line to enter the video game retailer on January 27, 2021. AaronP | Bauer-Griffin | GC Images | Getty Images Trading in GameStop has reached fever-pitched levels that shows little sign of breaking. Despite the plunge in prices during Thursday’s session after several brokerages
From geopolitical tensions to the coronavirus pandemic and disputes over trade, modern life can often feel bewildering, insecure and disjointed. One area where there does seem to be some renewed sense of unity is the environment. Just last week, U.S. President Joe Biden signed an executive order to re-join the Paris Agreement on climate change,
Institutional Investor Hall of Famer Richard Bernstein warns retail investors will pay a big price for getting caught up in speculative trades. Bernstein, who has spent decades on Wall Street, cites the democratization of the market as a critical contributor to the excessive euphoria. He worries naiveté will ultimately put amateurs in difficult positions. “Bubbles show
Scott Mlyn | CNBC Check out the companies making headlines in midday trading. GameStop — The gaming retailer’s shares continued their rally, as the stock price more than doubled to surpass $360, up 140%. Retail investors have been driving the share price higher, pushing back against short sellers. Melvin Capital, which was short GameStop, closed out
Goldman Sachs CEO David Michael Solomon attends a discussion on “Women Entrepreneurs Through Finance and Markets” at the World Bank on October 18, 2019 in Washington, DC. Olivier Douliery | AFP | Getty Images Goldman Sachs CEO David Solomon saw his pay slashed by just over a third for 2020 as part of a punishment
Dado Ruvic | Reuters Futures contracts tied to the major U.S. equity indexes ticked higher during the overnight session Tuesday as Wall Street pored over earnings results from Microsoft and awaited similar updates from Apple, Facebook and Tesla due Wednesday. Nasdaq-100 futures outperformed with a gain of about 67 points, or 0.5%. Dow futures held
A General Electric (GE) sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. Aly Song | Reuters Check out the companies making headlines in midday trading. General Electric — Shares rose nearly 4% after General Electric’s industrial free cash flow came in better than expected for the
The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019. Aly Song | Reuters China is ‘more assertive abroad’ In contrast to U.S. foreign policy under Trump, White House Press Secretary Jen Psaki said Biden’s administration
A BlackRock signage is displayed on a monitor on the floor of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images The European fund industry saw a deluge of investment in 2020, with net inflows rising by around 61.6%, according to new figures from Refinitiv Lipper. Across the year, overall net inflows
Signage is displayed outside of a Bed Bath & Beyond Inc. store in Los Angeles, California, U.S., on Monday, Sept. 19, 2016. Patrick T. Fallon | Bloomberg | Getty Images Bed Bath & Beyond and AMC Entertainment are the newest targets of speculation for retail investors, creating a nightmare scenario for hedge funds betting against
Long-time bear David Tice has new warning for investors. He expects stocks to fall at least 30% in a downturn that lasts two years. One of his major reasons: Business unfriendly policies from Washington. “We now have a Biden administration that has a Senate and a House. They’re likely to enact very much more anti-capitalist
U.S. stock index futures were modestly higher in overnight trading on Sunday, as Wall Street prepares for the busiest week of earnings, which will include reports from some of the largest tech companies. Futures contracts tied to the Dow Jones Industrial Average gained 39 points, indicating a 56-point jump at the open. S&P 500 futures
Kacper Pempel | REUTERS Cryptocurrency-related crime fell last year to a small fraction of overall trading volume. But some targeted hacks boomed as criminals exploited people working from home during the pandemic. Last year, illicit activity made up 0.34% of all cryptocurrency transaction volume, according to a report from blockchain data firm Chainalysis. That was