Posted on 02/24/2021 3:40:02 PM PST by dennisw
GameStop shares surge 100% despite trading halts as Warren Buffett's right-hand man Charlie Munger calls day traders 'gamblers with a racetrack mindset' and warns they will go bust GameStop shares jumped 100% on Wednesday despite two NYSE trading halts It followed the ouster of the struggling retailer's CFO Jim Bell on Tuesday But even fans of the stock on Reddit expressed confusion about the surge Meanwhile Warren Buffett's right-hand man Charlie Munger scolded day traders
GameStop shares surged again on Wednesday, as investors piled back into the 'meme stock' in a frenzy that triggered two trading halts late in the session.
At the end of trading, GameStop stock was up 104 percent for the day, at $91.71. It came a day after the company's CFO resigned under pressure, but the afternoon surge baffled even fans of the stock on Reddit.
GameStop shares still remained well below their peak of $483 in January, when traders on the Reddit forum WallStreetBets fueled a buying frenzy in a bid to punish hedge funds that had bet against the stock.
CFO Jim Bell resigned on Tuesday, and although the company said his resignation was not due to any disagreement with the company, a source told Reuters that his departure was initiated by the company.
(Excerpt) Read more at dailymail.co.uk ...
Hhahahah Cannot keep a good stock down. I can only hope the hedgies are going to get burned some more as options expire the end of the month
I was laughing when at the height of last month’s action Elaon Mush tweeted out—
“GAMESTONK!”
and next day
“Get Shorty”
If Beijing Buffet is against it, I'm for it.
bookmark
> GameStop shares surge 100% despite trading halts as Warren Buffett’s right-hand man Charlie Munger calls day traders ‘gamblers with a racetrack mindset’ and warns they will go bust
Oh. So he shorted the stock?
Many professionals started shorting GameStop after it broke under $100 and stabilized around $40-$50.
The shorts (30.7% short interest) are once again being crushed.
Bottom Line for the average investor...
GameStop is a $20 stock - please do not burn up your money trying to play this short or long.
Surged up to $200 in after market trading. You have the absolute dumbest of the dumb trading on that news. More sheep to the slaughter.
The easiest money was grabbing the insane volitility premiums on the options via spreads when it went north of 250.
You may be right about him shorting the stock. Can’t have the little guys messing with the program.
Its like the Dinos shaking their tails at that annoying little bright spot in the sky that seems to be getting bigger.
It isn’t even on his radar. Munger and crew wouldn’t waste their time. They always play the long game and have done “ok”.
The Wall Street Bets group was also highly vested in AMC and that is up too.
I wish I understood how that works.
are people still tossing around this grenade?
I guess they don't know that some people have made and lost millions of dollars in the span of a few weeks on Gamestop alone. The guy that people consider the leader of sorts, Keith Gill, doubled his stake in Gamestop. The stock then went up.
I like the stock.
again?!?!?
To them, day traders are ants at their picnic. THEIR picnic. In THEIR park.
I was watching it today just as it took off, and I kept watching it until 8:00. Exciting!!!
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