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By Alex Eule | Thursday, January 28 What
Goes Up... For
the first time in more than a week, GameStop finished the day
in negative territory, and not by a little. The stock fell 44%, taking its
January gains down to just 928%. In case you're keeping track --
and at Barron's we are
-- the stock had been up 10%, 51%, 18%, 93%, and 135% over the last five
trading days. Yesterday, the short squeeze of GameStop and other
small-cap names seemed to be carrying over into the rest of the market, when
major indexes had their worst day since October. Today, as GameStop and other
volatile stocks fell, markets seemed to re-orient themselves.
Jobless claims for the last week came in lower
than expected, which might have provided a tailwind for
stocks. The S&P 500 and Dow
Jones Industrial Average each
rose 1%, while the Nasdaq
Composite gained 0.5%. Trying to predict the end to GameStop's rise would be
folly, though. GameStop believers on Reddit's WallStreetBets forum
certainly haven't given up. And tonight Robinhood, the popular trading platform, said it
planned to re-open trading tomorrow, after limiting
transactions on GameStop and other volatile stocks including AMC
Entertainment, BlackBerry, Bed Bath
& Beyond, and
American Airlines. That could potentially re-ignite the short
squeeze. As a former editor of mine might have said: If you liked
GameStop at $348, you'll really like it at $194. Here are highlights of our GameStop and related
coverage from today: ·
Reversion
to the Meme: GameStop, WallStreetBets, and the New Rules for Stock Trading. ·
American
Airlines Stock Enters the Short-Squeeze Fray. It's a Retail Hijacking. ·
GameStop-Heavy
ETF Shrinks Sharply Amid Redemptions. ·
Here's
Another Way to Find the Next Short Squeeze. ·
GameStop
Overlooks Stock Rally in First Public Comments Since Shares Went Parabolic. ·
Some
ETFs Scored Big Gains in the GameStop Rally. That Might Not Be a Good Thing. |
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DJIA: +0.99% to 30,603.36 The Hot
Stock: L
Brands +10.4% Best Sector:
Financials +1.9% |
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