GameStop's plunge wipes out US$11B as platforms curb trades

BNN Bloomberg

GameStop Corp. snapped a dizzying six-day rally to wipe out nearly US$11 billion in market value after moves by brokerages to curb trading of the stock on their apps whipped up volatility and enraged the company’s retail fanbase.

“It’s hard to say what is next, but the chat room investors may not go away so easily,” said Joseph Feldman, analyst at Telsey Advisory Group. He double-downgraded the stock to underperform from outperform on Monday, removing GameStop’s only buy-equivalent recommendation.

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