• About Us
  • Terms & Conditions
  • Contact Us
Tuesday, March 21, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Businesses must accept eNaira as a form of payment – CBN

    List of companies licensed by CBN as mobile money operators

    Inclusion of Chimaroke Nnamani’s name in our list not a mistake – APC campaign

    Chimaroke Nnamani quits PDP after losing to Labour Party

    INEC disowns online voter registration website

    BREAKING: INEC suspends collation of Gov. Election results in Abia and Enugu states

    Gunmen invade Imo community, destroy properties

    Imo state House of Assembly election results announced by INEC

    NNPP wins Kano Gov. Election, curfew declared by government

    NNPP wins Kano Gov. Election, curfew declared by government

    List of #ENDSARS panel’s 32 recommendations and Lagos State Govt’s response

    Gov. Election: INEC declares Sanwo-Olu winner in Lagos State

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    More than 70 feared dead as boat capsizes in Anambra

    Anambra state House of Assembly election results

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Gained by 0.05%, as Conoil loses another 9.95%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    Stanbic IBTC announced N2.00 final dividend for 2022 FY

    CEO of Ecobank Group to retire, new CEO announced

    Ecobank Transnational Incorporated announces delay in publication of 2022 result

    President Biden approves major Oil and Gas drilling project in Alaska

    President Biden approves major Oil and Gas drilling project in Alaska

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    Obajana Cement Plant has commenced full operation – Dangote Cement Plc

    Dangote Cement Plc establishes new share buy-back programme

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria completes allotment of incentive shares to Shareholders

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Businesses must accept eNaira as a form of payment – CBN

    List of companies licensed by CBN as mobile money operators

    Inclusion of Chimaroke Nnamani’s name in our list not a mistake – APC campaign

    Chimaroke Nnamani quits PDP after losing to Labour Party

    INEC disowns online voter registration website

    BREAKING: INEC suspends collation of Gov. Election results in Abia and Enugu states

    Gunmen invade Imo community, destroy properties

    Imo state House of Assembly election results announced by INEC

    NNPP wins Kano Gov. Election, curfew declared by government

    NNPP wins Kano Gov. Election, curfew declared by government

    List of #ENDSARS panel’s 32 recommendations and Lagos State Govt’s response

    Gov. Election: INEC declares Sanwo-Olu winner in Lagos State

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    Chimaroke Nnamani loses Enugu East Senate Post to Labour Party

    More than 70 feared dead as boat capsizes in Anambra

    Anambra state House of Assembly election results

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    JUST IN: CBN limits weekly cash withdrawal to N100k

    Law to legalize crypto as a payment method passed in Brazil

    Law to legalize crypto as a payment method passed in Brazil

    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

    Again DMO offers N360 billion FGN bond for February

    The DMO auctions 4 FGN Bonds worth N360bn in March

    Guaranty Trust Holding Company profit dips to N77.56 billion in H1 2022

    The NGX-ASI Declined by 0.12%, as GTCO loses 3.08%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Bitcoin rises over 18% as cryptos surge in renewed hope

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Gained by 0.05%, as Conoil loses another 9.95%

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    Why Bitcoin fell below $20,000 for the first time in nearly 2 months

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Credit Suisse shares plunged on Monday after acquisition by rival UBS

    Approval given for acquisition of International Energy Insurance Plc

    UBS agrees to buy troubled 167 years old rival, Credit Suisse

    Unilever Nigeria Plc Board of Directors approve Tea Business Separation Process

    Unilever Nigeria makes changes to its business model

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    Stanbic IBTC announced N2.00 final dividend for 2022 FY

    CEO of Ecobank Group to retire, new CEO announced

    Ecobank Transnational Incorporated announces delay in publication of 2022 result

    President Biden approves major Oil and Gas drilling project in Alaska

    President Biden approves major Oil and Gas drilling project in Alaska

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    BUA Cement Plc announces N2.80 dividend for 2022 Financial Year

    Obajana Cement Plant has commenced full operation – Dangote Cement Plc

    Dangote Cement Plc establishes new share buy-back programme

    MTN Nigeria proposes N23bn Commercial Paper

    MTN Nigeria completes allotment of incentive shares to Shareholders

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 1

    Building a Successful Business Organization: Lessons from the Bible

    Building a Successful Business Organization: Lessons from the Bible

    2023 Bible Lessons on Setting your Financial/Investment Goals

    2023 Bible Lessons on Setting your Financial/Investment Goals

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Markets

Chicken coming home to roost for GameStop as share price drop below $80

Tuesday, 2 February 2021, 5:34 pm
in Markets, Stocks/Equities
1
Chicken coming home to roost for GameStop as share price drop below $80
Share Share Share Share Send as Email

The Shares of GameStop started falling even before the opening bell on Tuesday, with the share price dropping more than 40% in pre-market session.

The stock tumbled to $104 at 9:44 a.m. in New York, after triggering its first volatility pause of the day. The video-game retailer’s market value has dwindled by $26 billion to $7.4 billion from a Thursday intraday peak, though the stock is still up almost 500% year-to-date.

The Shares of GameStop sank further, trading below $80 per share at the time of this report, having lost more than 64% of its opening value.

  • Read also; Pump and dump across crypto currency markets, XRP and Doge coin
  • FY 2020: Conoil Plc posts 23% decline in profit

The tumble follows a more than 30% drop during the regular market session Monday. The stock has now slid more than 70% since Friday’s close.

GameStop’s retreat has coincided with a sharp reduction in short interest after bearish investors appeared to cover their positions. That has loosened a squeeze on the stock caused by day traders who used Reddit forums to tout and bid up out-of-favor stocks that also included movie-theater chain AMC Entertainment Holdings Inc. and American Airlines Group Inc.

“It looks like the unwind of the short squeeze, where prices will start to reflect economic reality again,” said Maarten Geerdink, head of European equities at NN Investment Partners.

Other stocks recently favored by the Reddit community are also rapidly losing steam: AMC tumbled 42% and at $8 is more than 50% below last week’s intraday high. Express Inc. declined 29% and has lost about 70% of its value since peaking on Wednesday.

The declines come as short sellers reduce their interest, having sustained multi-billion dollar losses. The short interest in GameStop shares has tumbled to 36% of its freefloat, according to data from IHS Markit.

Tuesday’s drop came despite a loosening of restrictions on the amount of shares investors can buy using Robinhood Markets Inc. On Monday afternoon, the popular trading app started allowing users to purchase up to 20 shares of GameStop, up from a cap of one before the market opened.

The lower number of shares sold short could also deal a blow to day traders’ thesis that a higher stock price would only result in more gains as hedge funds who bet against the Grapevine, Texas-based company would need to cover their shorts.

One popular Reddit user, DeepF******Value, is apparently still holding onto his GameStop shares, incurring a loss of about $5 million following Monday’s drop, according to a screenshot showing the user’s portfolio.

The retail investor army had taken on the big houses on Wall Street, and is usually the norm the house has fought back.

The restrictions on trading of GameStop shares on platforms like Robinhood and others popular with retail investors had dampened the GameStop momentum.

As many business tycoons and billionaires like Donald Trump used to say, “Never lose your momentum,” for if you do, it is extremely difficult to get back to it.

With little fundamentals backing GameStop, the chicken might have come home to roost.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

Related Posts:

  • GameStop Corp (NYSE: GME) Share price crashes to $132.00 (-62.02%)
    GameStop Corp (NYSE: GME) Share price crashes to $132.00…
  • Gamestop announces plans to sell 3.5 million shares, share price tumbles 14%
    Gamestop announces plans to sell 3.5 million shares, share…
  • NGX Daily Equities Market Report: Drop in MTNN's share price halt  NGX's run of gains
    NGX Daily Equities Market Report: Drop in MTNN's share price…
  • GameStop stock price may fall by 75% - Analysts
    GameStop stock price may fall by 75% - Analysts
Previous Post

Dangote Cement Plc announces date of Board meeting to consider 2020 accounts

Next Post

ANTIBIOTICS: New class of antibiotics disrupts outer membranes of Gram-negative bacteria

Next Post
ANTIBIOTICS: New class of antibiotics disrupts outer membranes of Gram-negative bacteria

ANTIBIOTICS: New class of antibiotics disrupts outer membranes of Gram-negative bacteria

Comments 1

  1. Ikenna says:
    2 years ago

    Am really interested about this stock bcos I still believe it will still rise .

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
More than 70 feared dead as boat capsizes in Anambra

Anambra state House of Assembly election results

Gunmen invade Imo community, destroy properties

Imo state House of Assembly election results announced by INEC

MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

Zenith Bank’s Board of Directors approve payment of final dividend for 2022

Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

Credit Suisse shares plunged on Monday after acquisition by rival UBS

Credit Suisse shares plunged on Monday after acquisition by rival UBS

Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

Businesses must accept eNaira as a form of payment – CBN

List of companies licensed by CBN as mobile money operators

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist