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GameStop’s Rally Halts as Trading Platforms Prevent Purchases
Posted
January 28, 2021
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6:42Now PlayingGameStop Corp.‘s momentous rally came to a halt Thursday as online trading platforms like Robinhood Markets stopped clients from purchasing its shares.
The shares erased an earlier rally and fell as much as 28% to $249.73 at 9:00 a.m. in New York after clients of Robinhood reported that they were unable to trade 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 Thursday. On Wednesday, Charles Schwab Corp.’s TD Ameritrade also curtailed transactions on GameStop, AMC and other securities.
GameStop had surged more than 40% earlier, momentarily pushing the stock above $500.
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