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Full Throttle 02/02/21 10:58:28 PM #1: |
Do you think people who are holding onto Gamestop are idiots?
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The trading limit on Gamestop shares increased to 100 from 20 while restrictions on AMC, Express, Naked Brand Group and Nokia also eased on Robinhood as well as removing restrictions on BlackBerry, Genius Brands and Koss. The reddit fueld rally drove up stocks in January has now fizzled dramatically as Gamestop fell 60% today to just 90 bucks a share and likely to go further for the dying company Amateur Day Trader, Dave Portnoy, once a strong proponent of Gamestop said he sold off his positions in the "meme stocks" at a crushing 700,00 loss and blamed CEO Vlad Tenev for his disastrous trades. He has been one of the key online cheerleaders boosting Gamestop last week and railed against the app when they restricted the stock as his sell off came against the advice of CEO Mark Cuban who urged those to HOLD onto it, predicting it might rally again and said "If you can afford to hold the stock, you hold. I don't own it, but that's what i would do. Why? because when robinhood and the other online brokers open it back up to buyers, then we wlll see what WSB is really made of. That is when you get to make it all work" He called CNBC to state he was not advocating buying new shares of Gamestop but rather urging long holders not to look it at a loss if they could afford to ride it out Gamestop did rally a bit off its lows but still down nearly 50% after the restrictions eased WSB founder, Jaime Rogozinski however said this is a day of reckoning for small share holders and said the little guys can't be ignored anymore. He said "They knew that their disadvantage was money and they overcame it. Rogozinski however was removed as WallStreeBets last year on reddit cause he feuded with moderators who accused him of trying to personally profit from it People decried Portnoy's loss however and called him a "paper hand b****" which is slang for nervous trader who is easily scared into selling. Gamestop however is on thin ice as the gaming company that relies soley on game sales is fighting against console makers Sony and Microsoft who are attemping to rely on Online sales while cutting out the middle man as disc sales eats away at profits. This in turn has increased the price of disc sales for some games where gamers are outraged over the price increases and may look to purchasing it online at a lower price Do you think people who are holding onto Gamestop are idiots? https://i.imgur.com/wOir1Mp.jpg https://i.imgur.com/N1EbmLc.jpg https://i.imgur.com/VJ6U5Px.jpg https://i.imgur.com/HO5JlXE.jpg https://i.imgur.com/Hf5eN8J.jpg --- The News Will Continue...For Now call me mrduckbear, sweater monkeys. I'm an Asian Liberal. RESIST The Alt-Right ... Copied to Clipboard!
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