Big call on GameStop $GME today at 12:30pm ET on @HedgeyeTV . Our analyst Jeremy McLean@HedgeyeRetailJM gives a little taste of what to expect. He will be joined by the man/myth/legend Brian McGough@HedgeyeRetail . Subscribers only.
GameStop acquired EB Games’ owner Electronic Boutique Holdings Corp in 2005 for more than $1B.
So, market manipulation by federal reserve pumping $ into failing banks & corporations is okay. But Reddit users rallying GameStop is wrong and must be regulated? The entire stock market is disconnected from reality. Funny how quickly the financial press cries for hedge funds.
More than half of all Robinhood users own at least some GameStop stock. They are now unable to freely trade it; the app is only allowing users to close out their positions.
Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms -- and some will pay the price. Restricting who can buy and sell is using a hammer on free markets.
Hedge funds are complaining about losing billions on GameStop, which means it’s a good time to invest in whatever company makes the world’s tiniest violins.