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AMC and GameStop stocks swing wildly as Reddit’s bets against Wall Street are tested – CNET

money-dollar-fire-burning

Some Reddit investors are seeing their millions go up in smoke.

CNET

GameStop and AMC stocks at the center of a multibillion dollar drama between Wall Street investors and social media traders on Reddit have dropped dramatically Thursday. GameStop shares jumped to a high of $483 per share early in the day halved to around $246 midday ET, only to rally minutes later to more than $300. AMC similarly had gone as high as $16.50 per share before dropping to about $8 before inching up to $9.50. 

The moves came after popular stock trading apps such as Robinhood and TD Ameritrade announced they would restrict trades of stocks being heavily bet on, including GameStop and AMC. The New York Stock Exchange as well has stepped in amid the frenzy, temporarily halting AMC trading at least 10 times since the market opened at 9:30 a.m. ET, and GameStop shares at least a dozen times.

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The moves mark the spectacle of what some investors call a “war” between Wall Street and social media traders. The Reddit community r/WallStreetBets has become a central hub of a financial push to hurt Wall Street investors who bet big against GameStop’s future. As the social media investors pushed shares of the company up, Wall Street’s had to recalibrate its bets, pushing shares beyond their all-time highs.