Skip to content Skip to footer

GameStop share price up 130%, Today – 27th January

Your eyes do not deceive you, today GameStop’s (GME) share price rose by over 130%, as an army of Reddit retail traders continued to speculate against a large short position in the retailer.

The short squeeze continued after the heavily shorted stock was endorsed by the Reddit page WallStreetBets, which then prompted the likes of Elon Musk and Chamath Palihapitiya to also comment on the stock.

Related: FOMO? How to Never Miss a Trade

Chamath, who is the CEO of Social Capital bought $125,000 worth of Call options only yesterday, today stated that , “I ended up closing out my position this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position — I’m going to take $500,000 and I’m going to donate it”.

The remarkable run comes despite the company announcing mass closures last April due to the pandemic, with many wall street firms labelling the stock a “sell”, with shares being priced at $3.25 at the time. As the battle between short and long traders continues, the company’s valuation is well beyond any fundamental metrics.  As of writing, GME shares are trading at $318.73 up 115% from yesterday’s close of $147.98 after hitting an intra-day high of $380.

UPDATE: After reaching a high of $468.89 USD at 10:05 A.M EST, GME is currently down 43%. Many internet users are claiming that their trading platforms are prohibiting them from buying GME stock.

Other stocks, such as NOK, BB, and AMC, that made headlines by being swept into ‘WallStreetBets’ frenzy are currently down as well after spiking this week.

Source: CNBC Television

U.S. indices fall ahead of FOMC meeting

The S&P 500 and NASDAQ fell from yesterday’s all-time highs as markets awaited the first FOMC meeting of the year.

As expected, Wednesday’s meeting saw the Fed continue to keep rates unchanged, whilst maintaining its stance on support for the U.S. economy.

This comes as the coronavirus pandemic continues to impact growth and employment in the United States, with cases of the virus still running out of control.

Markets fell despite U.S. durable goods orders rising in December, by 0.9%. As of writing the NASDAQ and S&P 500 were down 2.05% and 1.93% respectively with the Dow down by 1.80%.

Earnings Season: Microsoft sets the stage for big tech

The last two weeks has seen banking giants release their Q4 earnings, with some such as Goldman Sachs outperforming expectations, now markets look towards big tech for similar results.

Starting with Microsoft, the tech giant today reported that it had surpassed $40 billion in sales and $15 billion in profit in a quarter for the first time, resulting in its shares hitting a new high.

The company announced earnings of $15.46 billion, or $2.03 a share, on sales of $43.1 billion, which was mainly helped by an increase in work-from-home activity.

Next up to report are Apple, Facebook and Tesla.

Quote of the day – “I know where I’m getting out before I get in.” – Bruce Kovner

To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

TVM Global Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C.

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.