GameStop & AMC Short Squeeze Explained WHY IT'S STILL NOT TOO LATE
Wisethero
English - February 03, 2021 15:30 - 11 minutes - 26.8 MBSociety & Culture Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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The epic short-squeeze rallies furled by traders on Reddit's Wall Street Bets forum are unwinding, based on Tuesday's trading activity.
GameStop fell by as much as 67% on Tuesday, adding to a 31% decline on Monday. The stock was down 85% from its all time high of $483. GameStop had surged by more than 2,000% in January, leading to massive losses for some hedge funds like Melvin Capital, which was down 53% for the month.
The activity spread to another stock favoured by the Reddit traders, AMC Entertainment. The movie theatre chain fallen by 55% at intraday lows on Tuesday and was down 71% from its recent high of $20.36.
The trading activity suggests that Reddit users are failing to "hold the line," the battle cry of Wall Street Bets.