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Few could have seen this coming. Just last month, GameStop was a relatively sleepy stock, bouncing around between $15 and $20 a share as the company trudged through an economic downturn that has hit retailers hard. But it was better off than others, like the movie theater chain AMC, whose business had largely dried up because of the coronavirus, or Nokia, a once-mighty mobile phone maker that had been surpassed by the likes of Apple and Samsung. Daily closes in stock price$35 Tootsie Roll Industries 30 25 Bed Bath & Beyond 20 GameStop American Airlines 15 10 5 Nokia Koss AMC Entertainment 0 DEC. 4 11 18 24 31 JAN. 8 Then, in recent weeks, a growing band of amateur investors using free trading apps like Robinhood started wagering on this pool of otherwise unremarkable stocks. A lot of the interest was driven by online hype from day traders on the social media services Reddit and Discord. Some of them believed the companies represented good value, some got in on a lark, and some just wanted to stick it to hedge funds and other bigshots that had bet against these beleaguered shares. The spikes were big. Shares of Koss, a headphone maker, rose 480 percent almost overnight. Bed Bath & Beyond doubled in value in a week. Daily closes in stock price$70 Koss 60 50 40 Tootsie Roll Industries Bed Bath & Beyond 30 20 American Airlines AMC Entertainment 10 Nokia 0 DEC. 4 11 18 24 31 JAN. 8 15 22 29 That was nothing compared to what happened to GameStop. At one point, the company’s share price was up more than 1,700 percent for the month — a stratospheric rise that made the company worth roughly the same amount as Tyson Foods and Valero Energy. Daily closes in stock price$350 GameStop 300 250 200 150 100 Koss 50 Tootsie Roll Industries Bed Bath & Beyond American Airlines AMC Entertainment Nokia 0 DEC. 4 11 18 24 31 JAN. 8 15 22 29 Egging each other on with memes and video analyses on YouTube, retail traders from Reddit’s Wall Street Bets forum and elsewhere wagered heavily on GameStop, touching off what’s known as a “short squeeze” — an effort to raise the stock’s price and pressure the investors who had bet against it. Some of the investors that had bet against GameStop said they had closed out their positions against the stock. The shares kept rising until Thursday, when Robinhood and other trading platforms limited trading in GameStop and other companies. But on Friday, GameStop’s shares rose sharply once more as Robinhood loosened restrictions. GameStop stock price$500 400 300 1-minute intervals 200
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