Skip to main content

Market Overview

GameStop, AMC, Nokia, BlackBerry Continue To Plunge Pre-Market

Share:
GameStop, AMC, Nokia, BlackBerry Continue To Plunge Pre-Market

The shares of GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Oyj (NYSE: NOK), and BlackBerry Ltd. (NYSE: BB) traded lower at press time in the pre-market session on Thursday.

What Happened: The four stocks have been the subject of short squeezes led by members of the Reddit community WallStreetBets.

See also: How To Buy Nokia Stock

GameStop traded 6.5% lower at $325, while BlackBerry shares traded 14.7% lower at $21.4. 

Nokia shares traded 16.6% lower at $5.46., and AMC traded 16.5% lower at $16.61.

Why It Matters: The drop follows similar price movements seen in the after-hours session on Wednesday as WallStreetBets briefly disappeared from Reddit and was taken down by Discord.

Several prominent personalities including Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk, “Shark Tank” host Mark Cuban, and Virgin Galactic Holdings Inc (NYSE: SPCE) Chairman Chamath Palihapitiya spoke in favor of the Reddit community.

The New York Times reported Wednesday that Point72 had suffered a 15% loss this year over the GME short squeeze. Melvin Capital and Citron Research said earlier in the day that they had closed their short positions on GME.

Read Next: Dogecoin Shoots Up 62% As SatoshiStreetBets Looks To Emulate WallStreetBets Success With GameStop

 

Related Articles (GME + AMC)

View Comments and Join the Discussion!

Posted-In: Citron Research Elon Musk RedditShort Sellers Pre-Market Outlook Movers Tech Trading Ideas