Skip to main content

Market Overview

Robinhood Lifts Buy Restrictions on GameStop, AMC As Stocks Tank

Share:
Robinhood Lifts Buy Restrictions on GameStop, AMC As Stocks Tank

Robinhood has lifted temporary limits it imposed on the purchase of so-called meme stocks like GameStop Corp (NYSE: GME) and AMC Entertainment Holdings Inc (NYSE: AMC).

What Happened: “There are currently no temporary limits to increasing your positions,” the broker said in a one-line statement.

See also: How‌ ‌to‌ ‌Buy‌ ‌GameStop‌ ‌(GME)‌ ‌Stock‌

Why It Matters: The lifting of purchase limits on stocks made popular by the Reddit investor forum WallStreetBets comes as these stocks fall dramatically. 

GameStop shares closed 42.11% lower on Thursday at $53.50 and fell another 8.09% in the after-hours session to $49.17.

AMC shares fell 20.96% on the same day to $7.09 and fell another 1.41% in the after-hours trading to $6.99.

Nokia Oyj (NYSE: NOK) — which delivered a Q4 earnings beat on Thursday — closed 7.02% lower at $4.37 and lost another 0.46% in the after-hours session.

This week, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk interviewed Robinhood’s CEO Vladimir Tenev and posed tough questions on the suspension of buying in meme stocks.

Related Link: Robinhood CEO On Trading Halts: 'We Made The Correct Decision'

Photo courtesy: Ardfern via Wikimedia

 

Related Articles (GME + AMC)

View Comments and Join the Discussion!

Posted-In: Reddit Robinhood Short Squeeze wallstreetbetsNews Penny Stocks Events Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com