GameStop, AMC halted after a minute of trading as shares retreat from massive gains

[Mike 03]

MarketWatch
Published: Jan. 28, 2021 at 9:40 a.m. ET

Shares of videogame retailer GameStop Corp. GME and theater chain AMC Entertainment Holdings Inc. AMC were halted after about a minute of trading early Thursday as they retreated from Wednesday’s massive gains. GameStop shares fell 14% to $300.16 before they were halted, and AMC shares fell 32% before being halted at $13.55. On Wednesday, GameStop closed at a record high $347.51 following a 135% surge, and AMC shares quadrupled on the day to close at $19.90 as long-position retail investors clashed with short-position Wall Street firms. For GameStop, a lower close Thursday would snap a five-day winning streak where shares soared 788%.

No more at link: just a #Breaking blurb:

https://www.marketwatch.com/story/gamestop-amc-halted-after-a-minute-of-trading-as-shares-retreat-from-massive-gains-11611844823

EDIT: I'm seeing that trading on Koss Corporation has been halted too. $KOSS (May be halted on RobinHood platform only).

[Mme. Defarge]

1. This is a fascinating story

and it will be good brain exercise for moi to get up to speed on how it all works.

[Budi]

2. NASDAQ which owns the floor of Wall St, has a built-in halt when a stock soars..

..as GameStop did yesterday.
I believe it's point of Halt is around 7%.

When the auto call to Halt share buys kicks in, an investigation takes place.

Quite honestly, if Elon Musk is found to have encouraged & rallied on, those who are somewhat naieve about investing, then Musk may be held accountable for not advising them of repercussions.

Musk did this same thing before with Tesla stocks & was fined & had to step down from the board he served on.

I honestly hope this goes to FBI/DOJ because Musk knew what he was doing & its just a game to him.
Those affected will be liable for taxes on their new quick earnings, & more damage on thru the chain.
I have no idea why Musk, of all people would encourage such a trade move other than he's a prick with too much money & nothing left to entertain himself with.

He should know better, & used a lot of naieve people from a popular website to go tribal in a game that Elon's been in serious trouble with before.

I wait for Musk to be held accountable once again.