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GameStop closes with lower prices as AMC’s trading was restricted following Wednesday’s sharp rise

Video game retailer GameStop Corp. GME shares,
-44.29%
Theater chain AMC Entertainment Holdings closed on Thursday after a massive profit session on Wednesday as a brokerage firm set limits.

GameStop GME,
-44.29%
Stocks, which rose 39% in early trading to reach the daytime high of $ 483.00, fell 44% to close at $ 193.60. By the closing price, more than 54 million shares had been traded, compared to an average daily turnover of 10.6 million over the last 52 weeks. Thursday’s drop recorded five consecutive wins, with a 788% share surge. Some investors saw Wednesday’s highs as a good time to take profits.

Meanwhile, AMC AMC,
-56.63%
After opening at $ 11.98, well below Wednesday’s closing price of $ 19.90, the share price fell 57% to close at $ 8.63. The trading volume was even more staggering, compared to an average of 23.9 million shares per day for 52 weeks, with more than 313 million shares traded by the closing price.

Trading of both shares was suspended several times on the New York Stock Exchange during the Thursday session due to volatility.

GameStop closed at a record $ 347.51 on Wednesday after a 135% surge, but AMC shares were priced as retail investors collided with a short-holding Wall Street firm. It has quadrupled.

reference: It’s not just GameStop: some of the other very scarce stocks here shoot higher

On Thursday, online trading app Robin Hood garnered a wave of criticism by limiting the trading of GameStop and other volatile stocks involved in the battle between retail investors and Wall Street hedge funds. Interactive Brokers, meanwhile, said investors could close positions in volatile stocks like GameStop, but not create new ones.

It followed Wednesday’s restrictions on GameStop and AMC trading by TD Ameritrade and Schwab.

Members of both the US Senate and the House of Representatives have promised to scrutinize recent volatility in the stock market.

GameStop closes with lower prices as AMC’s trading was restricted following Wednesday’s sharp rise

Source link GameStop closes with lower prices as AMC’s trading was restricted following Wednesday’s sharp rise

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