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GameStop Shares Plummet Thursday, Wiping Out Chunk of Dizzying Rally
Posted
January 28, 2021
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1:26Now PlayingGameStop Corp.’s wild trading continued Thursday amid trading restrictions on platforms such as Robinhood Markets.
The shares swung between double-digit losses and gains in the opening minutes of New York trading after clients of Robinhood reported trading restrictions in high-flying stocks, including GameStop and AMC Entertainment Holdings Inc.
Those stocks and others are “not supported” on Robinhood, according to a note on at least one of its platforms. Interactive Brokers has put AMC, GameStop, BlackBerry Ltd., Express Inc. and Koss Corp. option trading into “liquidation only” due to the extraordinary volatility in the markets, the company said in a tweet. On Wednesday, Charles Schwab Corp.’s TD Ameritrade also curtailed transactions on GameStop, AMC and other securities.
“I’m actually surprised that trading platforms are getting involved,” said Wedbush Securities Inc. analyst Michael Pachter. “Unless there is something screwy about the trading that suggests manipulation, they really should get out of the way and allow investors to trade whatever they wish.”
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