Business
Gamestop on the ASX? Why GME Resources (ASX:GME) share price rocketed 28% today
Over the last week, the world has watched on in astonishment as the Reddit crew on WallStreetBets coordinate an almighty short squeeze on GameStop Corp (NYSE: GME).
The share price for GameStop has skyrocketed 790% in the last week alone. Now ASX-listed GME Resources Ltd (ASX: GME) has surged 28% on no news – Did someone get the wrong GME?
GameStop share price, mob mentality
The massive rally in GameStop comes after the future of the bricks and mortar gaming retailer looked shaky. Short positions (a way of profiting on price decrease) grew, as fund managers looked to capitalise on a collapse – then the antics of WallStreetBets stepped in.
One user devised that if investors bought and held, shorters would be forced to keep…
-
Noosa News21 hours agoNoosa Council targeted in fraud
-
Noosa News21 hours agoDavid’s neighbour died alone. He now knows what comes next
-
General23 hours agoACT family violence victims ‘waiting 3 or 4 days’ for help, inquiry hears
-
Noosa News22 hours agoFarmer gives chase after gun pulled in Scenic Rim quad bike theft