Business
GameStop surges and no one truly knows why – The Australian Financial Review
Shares in the company rose more than 100 per cent, then retreated, to end the latest New York trading day up 18.6 per cent.
One major piece that drove last months surge is not as big a player this time around: a huge build-up of whats called short interest, or bets by investors that the stock is set to fall. After short-selling funds got badly burned by last months sudden surge, many fewer GameStop shares are being sold short now. That means this pop may not reach last months heights.
Its like dropping a ping-pong ball on the table, said Sam Stovall, chief investment strategist at CFRA. The first bounce is the greatest…
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