GameStop Drama Continues: Soaring Stock Halted, Cramer, Citron Weigh In

GameStop Drama Continues: Soaring Stock Halted, Cramer, Citron Weigh In

The volatility surrounding GameStop Corp. GME, AMC Entertainment Holdings Inc AMC, and other so-called meme stocks continued Thursday, with GameStop shares soaring in early trading, triggering multiple halts by the NYSE.

Several prominent experts and analysts have also weighed in with strong opinions on the GameStop situation, including CNBC’s Jim Cramer and Citron Research founder Andrew Left.

The Latest On GameStop: After more than doubling and closing Wednesday’s session at $91.70, GameStop shares traded as high as $170.01 Thursday morning, triggering multiple circuit breaker trading halts by the NYSE.

The resurgence in GameStop shares comes after Chief Financial Office Jim Bell announced his resignation Tuesday.

Subsequent reports suggest GameStop investor and Chewy Inc CHWY co-founder Ryan Cohen was behind Bell’s exit.

Cohen and GameStop have been silent on the news up to this point aside from a cryptic tweet from Cohen of a Mcdonald's Corp MCD ice cream cone on Wednesday afternoon.

GameStop short-sellers reportedly lost an estimated $818 million on Wednesday, according to ORTEX.

Cramer Goes Off On GameStop: CNBC analyst Jim Cramer went on a Twitter tirade against the price action in WallStreetBets meme stocks on Wednesday evening and Thursday morning.

If the SEC does not take action to prevent market manipulation in GameStop, retail traders could lose trust in the market, he said. 

“I want the government involved because when prices have no meaning people will leave the market,” Cramer tweeted Wednesday. “We want honest markets but we can't make them honest w/o enforcement.

“Every time people think the market is rigged, millions leave it. Then stocks stall or go down.”

Cramer also issued a proposal for GameStop’s board to help turn around the company’s struggling underlying video game business. Cramer recommended the company sell 10 million shares of stock at $200 per share and buy Bitcoin (Crypto: BTC).

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