Showing posts with the label GameStop.

News | GameStop: Surges Again As Reddit Crashes for a Time

Image GameStop surges again as Reddit crashes temporarily BBC News 4-5 minutes image copyrightGetty Images Shares in GameStop surged on Wednesday in what could mark a return to frenzied trading that rocked markets last month. Trading in the US games firm was halted twice after shares more than doubled suddenly on Wednesday afternoon. GameStop stock climbed by 104% until trading was halted for a second time - moments before markets closed. The rapid rise came as Reddit, the online home of activist investors that led the GameStop movement in January, went down temporarily. The stock gained nearly 90% in after-hours trading. It came one day after the firm announced its chief financial officer Jim Bell would resign next month to help "accelerate GameStop's transformation". Some investors have talked publicly and posted on social media site Reddit about not selling their shares in GameStop du

News | Business: GamemeStop Episode " Unacceptable

Image Robinhood boss says GameStop episode 'unacceptable' BBC News 4-5 minutes image copyrightReuters image captionVlad Tenev, co-founder of Robinhood, said his firm was forced to temporarily limit GameStop trades. The head of the Robinhood trading platform has apologised to customers at a US congressional hearing prompted by last month's GameStop trading frenzy. Vlad Tenev said the situation the firm faced in January - when financial strains led it to limit certain stock purchases - was "unacceptable to us". "We are doing everything we can to make sure this won't happen again," he said. Lawmakers said the move, which sparked outrage, had raised questions about fairness in financial markets. "Many Americans feel that the system is stacked against them and no matter what, Wall Street always wins," said congresswoman Maxine Waters, who heads the House Finan