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Actions of GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Corporation (NYSE: NOK), and BlackBerry Ltd. (NYSE: BB) traded lower at press time during the pre-trade session on Thursday.
What happened: All four actions were the subject of short presses from members of the Reddit WallStreetBets community.
GameStop traded 6.5% lower at $ 325, while shares of BlackBerry were trading 14.7% lower at $ 21.4.
Nokia shares were down 16.6% to $ 5.46 and AMC was down 16.5% to $ 16.61.
Why is this important: The drop follows similar price movements seen during Wednesday’s after-hours session, as WallStreetBets briefly disappeared from Reddit and was removed by Discord.
Several important personalities including Tesla Inc. (NASDAQ: TSLA) Elon Musk, CEO of “Shark Tank”, Mark Cuban, and Virgin Galactic Holdings Inc (NYSE: SPCE) President Chamath Palihapitiya has spoken out in favor of the Reddit community.
The New York Times reported on Wednesday that Point72 had suffered a 15% loss this year due to GME’s short squeeze. Melvin Capital and Citron Research said earlier today that they have closed their short positions in GME.
Read more: Dogecoin climbs 62% as SatoshiStreetBets seeks to emulate WallStreetBets’ success with GameStop
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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