BlackBerry is tacking on an additional 30% after more than doubling so far in 2021. So did clothing retailer Express Inc., which some on Reddit have speculated will be the next GameStop. Video-game retailer GameStop, already sitting on a tidy 245% year-to-date gain at the end of last week, doubled again Monday.
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But when the trends change, you have to get off fast.”
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“When you’re divorcing fundamentals from where stocks are trading, you can do that as long as you’re on the right side of the trade. “It blurs the line between gambling and investing,” Greg Taylor, chief investment officer at Purpose Investments, said by phone. Yet many highlight the phenomenon that the trading decisions of crowds - regardless of how much collective conventional wisdom is involved - has become one of the most dominant forces in today’s market. Not all are the type of heavily shorted stocks favored by the profane, meme-loving traders on Reddit. and Nokia Oyj, the r/wallstreetbets forum is minting small fortunes for retail traders who get in and out of the favored names at the right time.Īll told, more than 100 stocks of at least $50 million in market capitalization were in excess of 10% higher in morning trading. to telecom blasts from the past such as BlackBerry Ltd. From mall-based retailers like GameStop Corp. Some of Reddit’s favorite rockets are soaring again Monday even though benchmark equity gauges are weaker. These days you also need to be fluent in emoji: If a post on a Reddit Wall Street message board contains icons of rocket ships pointing upward, you’d best pay attention. SEC Chair Gary Gensler reiterated Wednesday that the agency is "looking closely" at market structure, and last month said payment for order was one of the main practices under regulatory review.Trading in the stock market used to require a mastery of all sorts of Wall Street jargon. "Any new regulation of, or any bans on, payment for order flow… may result in reduced profitability, increased compliance costs and expanded potential for negative publicity," Robinhood notes. Experts have warned that Robinhood's business model is especially sensitive to regulatory changes-a risk the company itself detailed in its IPO prospectus last month about its biggest revenue driver, which is known as payment for order flow and comes from routing customer trades to market-makers for execution.
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The stock sank more than 8% Thursday to a closing price of $34.82-down from the $38 investors paid for shares just one day earlier. Robinhood's first day of trading ended as a big disappointment for Wall Street. No, I haven't thought about it much." Key Background "I think it's a real thing," Tenev said, also acknowledging the uncertainty around the "ramifications of what high retail participation in the markets mean." When asked whether he thought Robinhood could become a meme stock, Tenev responded: "That's very self-referential.
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In a TV interview before Robinhood's trading debut on Thursday, the company's billionaire cofounder and CEO, Vlad Tenev, defended the frenzied retail trading that lifted heavily shorted stocks like AMC and GameStop to meteoric highs in January and helped Robinhood revenues climb three-fold in the first quarter.
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"We’ve seen this movie before, and this pump and dump of Robinhood will not end well for many traders," Moya added. "Robinhood investors are rejoicing as meme stock mania returns," Moya said Wednesday, before cautioning: "This fervor won’t last much longer, but did provide a special opportunity for Robinhood early investors as all the other meme stocks are not having a good day." Though they ticked up in early trading hours, shares of AMC and GameStop fell 7% and 3% Wednesday afternoon.