GME - Gamestop Stock up $70 today to 148

[edjr 5,605]

https://finance.yahoo.com/quote/GME

[JustinCharge 2,397]

https://finance.yahoo.com/video/morning-brief-why-shorts-getting-150744129.html

One would almost expect the iconoclasts who populate online investment forums to appreciate short sellers.

After all, both communities are constantly on the prowl for investment opportunities that the big boys on Wall Street have overlooked, though the online denizens generally are looking for shares to buy, and the shorts for shares to sell.

Yet for some reason, the online traders have decided to stage a massive assault on short sellers by driving up the share price of a money-losing retailer of video games and consoles named GameStop.

GameStop shares were trading in the $2-$4 range as recently as last April. As I write, they're at $132 and change, up more than 60% on the day. They're up about 505% this year already.

This action has produced massive losses among short sellers, who thought GameStop was an OK stock to short a year ago.

Among the biggest losers is the hedge fund Melvin Capital Management, which is headed by a very well-known Wall Street star. Melvin's reported losses on GameStop and other misplayed short bets forced it to seek a nearly $3-billion bailout from two other hedge funds this week.

On the Reddit forum WallStreetBets and among other small investors posting online, the glee is palpable. "You guys are making such an impact that these fat cats are worried that they have to get up and put in work to earn a living," a moderator of the forum posted a few days ago.

All this trading in a company that hasn't turned a profit since 2017 and is vulnerable to the pandemic's effect on brick-and-mortar retailing, as well as the shift in game buying from physical discs to downloads, has investment experts wondering what the hell is going on here. More to the point — where's it ending?

Among the skeptics is Andrew Left, a prominent short seller who issued a negative analysis of GameStop via YouTube on Jan. 21 and has been so pummeled by abusive online investors since that he canceled a plan to hold an interactive discussion about the stock. At the time of his analysis, GameStop was trading in the $40s; he predicted that it would eventually fall back to $20.

[bandrus1 413]

Iv been following this really closely. It's pretty amazing phenomenon and there are some very rich people getting very very hurt by this

[Alias Detective 1,181]

1 minute ago, bandrus1 said:

Iv been following this really closely. It's pretty amazing phenomenon and there are some very rich people getting very very hurt by this

And I am ok with this.  

[bandrus1 413]

14 minutes ago, Alias Detective said:

And I am ok with this.  

Oh yea no problem. It's just a wild story. It's almost like a digital lynch mob

[bandrus1 413]

I havnt read how this actually started. Was this the initial intent of the group?

[Alias Detective 1,181]

1 minute ago, bandrus1 said:

Oh yea no problem. It's just a wild story. It's almost like a digital lynch mob

With the ability to disseminate information as quickly as we can I thoroughly believe we should throw away all the old rules on investing.  

The landscape is changing and I’d argue a lot more people are getting smarter in the area.

 

[Alias Detective 1,181]

1 minute ago, bandrus1 said:

I havnt read how this actually started. Was this the initial intent of the group?

Fock over hedge funds who shorted the stock.

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

[bandrus1 413]

2 minutes ago, Alias Detective said:

Fock over hedge funds who shorted the stock.

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

I didnt know if it started as a pump and dump and when it got shorted they decided to go after them or if going after them was the intent the whole time

[Fireballer 2,402]

Is the same gonna happen with AMC today?

[kilroy69 1,012]

It's up 68 percent in premarket trading today. 

[edjr 5,605]

MOON!

[Patriotsfatboy1 1,432]

Short-selling is so risky and now some of the folks that have lived off it are going to have to rethink their strategy.

I am at the point where I am skipping individual stocks and just going with funds. I don't need the get-rich-quick approach and don't want to spend my time doing day-trading. However there are a ton of people right now with cash on the sidelines (some due to stimulus money) and a ton of time to just Robinhood their days away. 

[Cdub100 3,417]

Crypto is stable compared to this.

[tubby_mcgee 691]

Maybe now is the time to short Gamestop?

I mean, I wasn't privy to any of this til I read this thread, but sounds like its majorly, majorly propped up. 

What happens when the sticks get yanked out?

[Mike Honcho 4,068]

 

Quote

 

'Big Short' investor Michael Burry made a 1,500% gain on GameStop during its Reddit-fueled rally

Michael Burry is best known as the investor who made a billion-dollar bet against the US housing market and won. His latest victory could stem from an unlikely source: GameStop.

Burry's Scion Asset Management owned 1.7 million shares in GameStop at the last count, which were worth $17 million at the end of September. The video-game retailer's stock price has skyrocketed since then, soaring as much as 145% to a record high on Monday as day traders piled in, thumbing their noses at short-sellers.

Scion's stake surged in value to $271 million at the peak, representing an almost 1,500% gain for Burry. GameStop shares closed at $148 on Tuesday, valuing Scion's position at around $252 million - a 1,380% gain in less than four months.

 

 

Quote

 

'Big Short' investor Michael Burry blasts Reddit-fueled GameStop rally as 'unnatural, insane, and dangerous'

Michael Burry slammed day traders who have worked in concert to boost GameStop's stock price and squeeze short-sellers in recent days, and called on federal regulators to investigate them.

"If I put $GME on your radar, and you did well, I'm genuinely happy for you," the Scion Asset Management boss tweeted on Tuesday.

"However, what is going on now - there should be legal and regulatory repercussions. This is unnatural, insane, and dangerous," he added, tagging the Securities and Exchange Commission's enforcement arm. The tweet was deleted minutes later.

 

 

Quote

 

From AMC to Bed Bath & Beyond, the market's most-shorted stocks are rallying as Reddit day-traders pile in

A handful of stocks that have high short-interest are staging epic raillies that are in-part being fueled by groups of investors on the popular Reddit forum WallStreetBets piling into the names.

 

 

[kilroy69 1,012]

7 minutes ago, tubby_mcgee said:

Maybe now is the time to short Gamestop?

I mean, I wasn't privy to any of this til I read this thread, but sounds like its majorly, majorly propped up. 

What happens when the sticks get yanked out?

It's only a matter of time before the shitt hits the wall. This seems like a massive pump and dump.  

[kilroy69 1,012]

It's up 116 percent today. Look at the charts. All of their insiders have to be selling like a madman right now. 

[edjr 5,605]

up to 351

[Utilit99 4,099]

Maybe Gamestop is due to get a massive shipment of PS5 consoles. 

[GutterBoy 2,281]

That's focking nuts.  No way is that company worth that much.

[GutterBoy 2,281]

Meanwhile the whole market is tanking,  Everyone is selling and just going into GME

[Hardcore troubadour 12,806]

How long until Reddit gets shut down? If it can happen to Parler....

[GutterBoy 2,281]

1 minute ago, Hardcore troubadour said:

How long until Reddit gets shut down? If it can happen to Parler....

Reddit is filled with ##### liberals, they are safe.

[Hardcore troubadour 12,806]

3 minutes ago, GutterBoy said:

Reddit is filled with ##### liberals, they are safe.

 It’s not left and right. It’s up and down. 

[Cdub100 3,417]

2 minutes ago, Hardcore troubadour said:

How long until Reddit gets shut down? If it can happen to Parler....

Calling for violence and now manipulating the stock market. 

Guttertard is right. They are safe

[Hardcore troubadour 12,806]

Just now, Cdub100 said:

Calling for violence and now manipulating the stock market. 

Guttertard is right. They are safe

Oh boy. You all have so much to learn....

[Mike Honcho 4,068]

39.23 last Thursday.  

[edjr 5,605]

5 minutes ago, Mike Honcho said:

39.23 last Thursday.  

$2.50 in april

[edjr 5,605]

$400

[KSB2424 3,085]

Watch the government "Bail Out" some of these Hedge Funds who are getting killed.  

[MTSkiBum 1,601]

The problem is if you were rich and had enough money to cover all of the shorts now is a good time to jump in and short it for a few million dollars. It is easy money because eventually it will come down.

I would love to do it for 10,000. However, what if it keeps going up in the short term because everyone else realizes this strategy and it hits 4000 dollars. Having it called would really hurt.

 

I have never shorted a stock before and now that I think about it, you could not make as much shorting a stock as just buying regular. The most i could make is around 10,000 dollars? The risk is not worth it.

 

[GutterBoy 2,281]

3 minutes ago, KSB2424 said:

Watch the government "Bail Out" some of these Hedge Funds who are getting killed.  

Yeah I read that last night.  It's entirely possible if not likely.

[vuduchile 1,941]

5 hours ago, Alias Detective said:

Fock over hedge funds who shorted the stock.

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

Is that Steve Cohen's fund?

[Alias Detective 1,181]

39 minutes ago, vuduchile said:

Is that Steve Cohen's fund?

He and another zillionaire are bailing out Melvin Capital.

https://nypost.com/2021/01/25/this-short-seller-just-got-a-2-75-billion-bailout/

[jerryskids 5,261]

3 hours ago, MTSkiBum said:

The problem is if you were rich and had enough money to cover all of the shorts now is a good time to jump in and short it for a few million dollars. It is easy money because eventually it will come down.

I would love to do it for 10,000. However, what if it keeps going up in the short term because everyone else realizes this strategy and it hits 4000 dollars. Having it called would really hurt.

 

I have never shorted a stock before and now that I think about it, you could not make as much shorting a stock as just buying regular. The most i could make is around 10,000 dollars? The risk is not worth it.

 

You would do it in options:  buy puts or sell calls, that’s where the high risk/reward is.  That’s how they got the Dukes in Trading Places.   

[Cdub100 3,417]

27 minutes ago, Alias Detective said:

He and another zillionaire are bailing out Melvin Capital.

https://nypost.com/2021/01/25/this-short-seller-just-got-a-2-75-billion-bailout/

Fock these guys

[lod001 1,239]

4 hours ago, Hardcore troubadour said:

How long until Reddit gets shut down? If it can happen to Parler....

They will just magically delete the group in reddit. 

[GutterBoy 2,281]

I gotta say this is pretty funny.  For years the market has been manipulated to fock us all, and now the little guy is manipulating to fock the hedge funds, and they cry foul and ask for govt money.  Fock them.

[Strike 4,026]

1 minute ago, GutterBoy said:

I gotta say this is pretty funny.  For years the market has been manipulated to fock us all, and now the little guy is manipulating to fock the hedge funds, and they cry foul and ask for govt money.  Fock them.

Where are you seeing that they asked for gov't money?