AMC shares also fell, dropping more than 40%, to $11.90 per share, after closing at $19.90. 10:15 As the drama unfolded from the Discord ban and the Reddit community going on lockdown, GameStop shares fell 32% in after-hours trading late Wednesday, to $218.32 per share, down from $347.51 at their close. During the day, they'd more than doubled. That stock had risen more than 301% during the day. All this wasn't the only bad news for the WallStreetBets community.
Its worst community members, who repeatedly broke Discord's rules, caused the group to be banned from the platform, the chat app company said in a statement. "Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings," Discord said. It added that the ban had nothing to do with any talk of finances or stock that happened among WallStreetBets users. 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 has had to recalibrate its bets, pushing shares beyond their all-time highs. The moves mark the spectacle of what some investors call a war between Wall Street and social media traders. Meanwhile, chat app Discord has banned WallStreetBets outright. On Wednesday evening, the community reeled from seeing the subreddit locked and hidden, only to be made public again about an hour later.
For the past week, Reddit's r/WallStreetBets community has been the center of an epic war between large Wall Street investors and small-scale social media betters. 'If anyone watched that fight and thought that was 4-1 you're nuts, it was even going into the last round and Israel was winning the first half of the round, and then Jan took him down and won the fight in the second half of the round. A rotation into sectors such as energy and financials continued, both in small- and large-cap stocks, as investors bet on consumer spending when the U.S.
economy reopens and sold the big tech names that have fueled the rally since last March. I can be your bodyguard': Jan Blachowicz... For those who have almost any concerns relating to exactly where along with how to make use of
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Investors are shifting funds from tech stocks with lofty valuations to other groups, such as energy and financials, that are undervalued and more of a play on an improving economy in a post-COVID world than big tech is, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. GameStop shares jump for the fifth day running Tuesday with a nearly 100% gain after Chewy's founder took over online sales and amid speculation Reddit investors will pour their stimulus checks into stocks.
March 10 (Reuters) - The S&P 500 rose on Wednesday and the blue-chip Dow hit a record high after tepid consumer price data for February calmed inflation worries and Congress gave final approval to one of the largest economic stimulus measures in U.