Dan Gilbertโs Rocket shares rise 70% as newest Reddit target
A Rocket Companies sign is displayed on the exterior of the New York Stock Exchange, Thursday, Aug. 6, 2020, in New York. Shares of Rocket Companies, parent of Quicken Loans, began trading Thursday during the Detroit company's IPO at the NYSE. Quicken is the largest retail mortgage originator in the U.S. (AP Photo/Mark Lennihan)DETROIT โ The stock price of Rocket Companies, parent company of Dan Gilbertโs Quicken Loans, shot up more than 70% over the last 24 hours after the company became the newest โmemeโ stock of Reddit. Rocket reported stronger-than-expected fourth-quarter earnings last Thursday, which impressed some Wall Street analysts. More: GameStopโs saga may be over; its effect on Wall Street isnโt
Game on, again: GameStop surges and no one truly knows why
After weeks of going dormant, shares of GameStop have suddenly shot higher again, rising 18.6% Thursday after surging 75% in the last hour of trading Wednesday. After short-selling funds got badly burned by last month's sudden surge, many fewer GameStop shares are being sold short now. A day after testifying in a Congressional hearing about GameStop last week, he indicated he added another 50,000 shares after Feb. 3, doubling his GameStop stock position. On Wednesday, an hour or so before GameStop shares spiked, Cohen tweeted a photo of an ice cream cone from McDonaldโs, along with an emoji of a frog. Even so, GameStop shares changed hands more times by midday Thursday than for Apple, a company with a market value nearly 180 times the size of GameStop.
GameStop shares drop 60% as frenzied rally loses steam
Shares were down 46% to about $120 in morning trading Tuesday, Feb. 2, following a 31% decline a day earlier. (AP Photo/John Minchillo, File)GameStop shares plunged 60% Tuesday in a further reversal of the recent blockbuster gains that grabbed people's attention far beyond Wall Street. GameStop shares fell $135 to $90. The 60% drop was the worst yet for the stock and follows a 31% decline a day earlier. Investors on Reddit and other social-media portals have banded together in recent weeks to snap up shares of GameStop, AMC and other struggling chains.