How GameStop’s surge recalls ghosts of past trading catastrophes

Market Wacth2021-01-28

Champions of GameStop’s jaw-dropping stock surge portray it as a victory by long-suffering mom-and-pop investors over nefarious Wall Street institutions, but some veteran market observers see ...

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精彩评论

sakam0t0
2021-01-31
sakam0t0
Ok
Jooni
2021-01-29
Jooni
... gme
- Jooni:
  Wow
geraldwwx
2021-01-29
geraldwwx
Main Street making a strong statement
- geraldwwx:
  RT
- Xavier1983:
  Agree
geraldwwx
2021-01-29
geraldwwx
Masses making a strong statement
LeJundary
2021-01-29
LeJundary
;;(
- Weijielim:
  oo
- Beato:
  :o
- LeJundary:
  Hi
- Beato:
  !!
- LeJundary:
  !!
SSVC
2021-01-29
SSVC
Crazy

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Shares of other heavily shorted companies, including theater chain AMC Entertainment Holdings Inc.AMC,+301.21%,also soared Wednesday, as Reddit users encouraged an effort to create additional short squeezes.\nRead:It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher\nThere’s nothing new about a short squeeze, when professional investors attempt to force short sellers to buy back shares to cover losses, accelerating gains and creating a feedback loop. What’s unique this time is the way individual investors have banded together via Reddit and other forums to do battle with short sellers.\nThe surge has been fueled by individual investors, many of whom bought out-of-the-money call options as part of a concerted effort to drive up the stock price. Market makers who sell the calls to individual investors must buy underlying shares to hedge their exposure. The sharp rally caught short sellers wrong-footed, forcing them to buy back shares at a loss, appearing to further accelerate the rally.\nSee:How an options-trading frenzy is lifting stocks and stirring fears of a market bubble\nOne such short seller, Melvin Capital, was effectively KO’d earlier this week, requiring an infusion of nearly $3 billion from hedge funds Citadel and Point72 Capital. 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That dynamic portfolio “hedging” was blamed for amplifying the October 1987 stock-market crash.\nIn the 2000s, credit default swaps made it easy for less-sophisticated segments of the finance profession to trade credit, contributing to the financial crisis, he said. 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