GameStop shares in Frankfurt rise and overtake Wall Street rally

(Reuters) – Frankfurt-listed shares of GameStop Corp tripled at one point on Thursday, overtaking the video game retailer’s 100% surge on Wall Street overnight, as European traders joined in the new push purchase.

Shares of GameStop were up 240% in pre-market trading and 210% at 7:41 a.m. GMT.

The surge comes after a few weeks of seeing stocks move into relatively tighter ranges.

“It’s a marathon, not a sprint. Whatever happens, resist the urge to sell. The longer you hold on, the higher it goes, ”@ catchme1fyoucan, a user in Italy of the eToro retail platform, said in a discussion on GameStop.

Analysts couldn’t pinpoint a reason for the brutal move, but at least one ruled out a short push that sparked the “Reddit rally” in January when amateur investors piled up in stocks that hedge funds had been hitting against. bet.

Some Twitter users cited factors such as options trading and the resignation of GameStop CFO Jim Bell as announced on Tuesday.

GameStop’s US-listed shares climbed nearly 104% on Wednesday and were repeatedly halted in a rally that began after 1930 GMT. They still jumped 85% after hours.

German shares of movie operator AMC Entertainment, another preferred stock last month by individual traders in online discussion forums such as Reddit’s WallStreetBets, jumped 41% after its shares rose 18% American Wednesday.