GameStop stocks 70% down from height of short squeeze

Hanno Labuschagne

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GameStop stocks 70% down from height of short squeeze

GameStop Corp.’s rally fizzled further in premarket trading, meaning the stock has now given up about 70% of the spectacular gains that were fueled by last month’s attack on short sellers from Reddit day traders.

The stock traded at $160 as of 6:55 a.m. in New York, that’s $323 below Thursday’s record intraday peak of $483.

The video-game retailer’s market value has dwindled by $22.5 billion to $11.2 billion in that short space of time, though the stock is still up more than 700% year-to-date.

[Bloomberg]
 

CataclysmZA

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GameStop Corp.’s rally fizzled further in premarket trading, meaning the stock has now given up about 70% of the spectacular gains that were fueled by last month’s attack on short sellers from Reddit day traders.

The stock traded at $160 as of 6:55 a.m. in New York, that’s $323 below Thursday’s record intraday peak of $483.
Yeah, no. Pre-market trades were dropped down by brokers and hedge funds who could carry on driving the price down. The volume for the stock sales is very low - literally talking a few thousand to tens of thousands of shares. None of the retail investors could make sales after-hours, which means this wasn't a sell-off by the diamond hands retards (which is what they call themselves).

Disappointing to see MyBB play into the hands of Citadel and co. by publishing this. The short is still happening. Those stocks are still being held by WSBers.
 

Conack

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How about posting the current value, not only talk about the $160 that it started trading at after people were blocked from buying and were only able to sell.

At the time of posting:
GameStop Corp.
NYSE: GME
225,00
 
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How about posting the current value, not only talk about the $160 that it started trading at after people were blocked from buying and were only able to sell.

At the time of posting:
GameStop Corp.
NYSE: GME
225,00

Nope. MyBB is correct. It did close yesterday at $225 but MyBB is referring to pre-marketing trading occurring today (after the close).

1612274874859.png
 

elp

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Yeah, no. Pre-market trades were dropped down by brokers and hedge funds who could carry on driving the price down. The volume for the stock sales is very low - literally talking a few thousand to tens of thousands of shares. None of the retail investors could make sales after-hours, which means this wasn't a sell-off by the diamond hands retards (which is what they call themselves).

Disappointing to see MyBB play into the hands of Citadel and co. by publishing this. The short is still happening. Those stocks are still being held by WSBers.
Lol. Markets are open now. Last trade was down to $85.79

For all the noise there were always hedge funds on both sides of this. The WSBers and the rest of the retail crowd waiting for $1000 are just collateral damange.
 

Tun@

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None of the retail investors could make sales after-hours, which means this wasn't a sell-off by the diamond hands retards (which is what they call themselves).

Didn't half of the moves up happen during pre/post market hours so retail can trade there?
I recall Nasdaq you can trade pre/post but for NYSE i can't remember, google seems to say NYSE also now.
Or have they locked retail out of pre/post market for the ramped stocks?
 

Petec

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And yet crypto is still vilified by the traditional traders. There is zero difference.
 

CataclysmZA

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Short squeeze? When did it happen?
It looks like a number of hedge funds sold off about $250m in shares to drive the price back down, and several of them had orders open for the stock below $100, probably to cover the shares that they had to return.

There may be a resurgence in the price assuming that not all the shares were returned, and GME is still shorted beyond 100%. Depends on how much money hedge funds have available to burn. The stock has been trading under $100 for a while now.

Edit: It should also be noted that once Melvin Capital got out of the game, short positions for GME dropped from around 140% to around 115%. Still over-shorted and higher than most other stocks, but not as high as before. A lot of money has been lost on both sides, more on the hedge fund side than anything else.
 
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