GameStop, AMC Trading Stuns Wall Street as Robinhood and Interactive Brokers Limit Certain Stocks
By Fox Business // January 28, 2021
ABOVE VIDEO: The rally continues as GameStop soars above $300 in early trading.
(FOX BUSINESS) – A surge of trading volume in shares of GameStop and AMC Entertainment, as well as Bed Bath & Beyond and BlackBerry, has stunned Wall Street firms that were betting that those stocks would fall.
The share prices had instead spiked this week as retail investors, spurred by the online Reddit forum WallStreetBets, piled into the stocks. The volatility continued Wednesday as platforms like Robinhood and Interactive Brokers limited trading on certain stocks.
Robinhood, which has billed itself as a democratizing force in the market, in particular took criticism, with Barstool founder Dave Portnoy tweeting that “either Robinhood allows free trading or it’s the end of Robinhood. Period.”
Robinhood defended the decision Wednesday, saying “we continuously monitor the markets and make changes where necessary.”
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