The Brehs of Wall Street (Offical Stock Market Thread)

Breh the HitMang

Thank You Kobe
Apr 22, 2014
shyt is crazy now brehs :banderas:


AMC shares skyrocketed as much as 260% in premarket trading on Wednesday as day traders piled into heavily shorted stocks for a third consecutive day.

Frenzied buying also drove GameStop shares up as much as 147%, BlackBerry up 31%, and Bed Bath & Beyond up 27%.

Amateur investors have gathered, most notably on Reddit forum r/wallstreet bets, to pinpoint stocks they can buy en masse and score fast profits. They frequently target stocks that are popular shorts, as driving their stock prices up can pressure short-sellers into buying shares back to cover their positions, which sends prices even higher.

The GameStop frenzy is especially divisive. Billionaire investor Chamath Palihapitiya bought bullish options on the video-game retailer's stock on Tuesday at the urging of his Twitter followers, while Tesla CEO Elon Musk tweeted the word "GameStonk!!" with a link to the Wall Street Bets subreddit.

Read More: MORGAN STANLEY: Buy these 9 sports-betting stocks ahead of the industry's expected legalization in 12 states this year and its growth to $10 billion in 2025

In contrast, Michael Burry of "The Big Short" fame condemned the frenzied buying of GameStop stock as "unnatural, insane, and dangerous" in a swiftly deleted tweet on Tuesday. The investor, who has likely made a fortune on GameStop, also called for legal and regulatory action against those involved.

Read the original article on Business Insider

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