The battle between retail and wall street investors are still ongoing with GameStop (GME) shares up 79% as of this writing. GME’s short squeeze could possible trigger short squeezes in Nokia (NOK) and AMC Entertainment (AMC).
Investors were reporting on WallStreetBets that some of their fractional shares were being executed at a price of over $2,000. This is a sign that if these retailers hold long enough they will be able to sell at what ever price they choose post-short squeeze.
Robinhood and other brokerages restricted trading
Most brokers restricted trading today with Robinhood limiting how much shares you can buy in the companies effected.
Day-trader favorite Robinhood said that it will restrict the number of purchases users can make of certain popular stocks on Friday.
For example, it said in a statement that users will only be able to increase the number of GameStop shares they hold to 5 and options contracts to 10. AMC shares will be limited to 115 and options contracts to 100.
Robinhood on Thursday disabled trading in stocks such as GameStop, AMC and Nokia, allowing users to close out positions only. The app said it would “make adjustments as needed” on Friday.
Webull said on Thursday afternoon that GME, AMC and KOSS “are no longer restricted”. That cleared the way for trading to resume on Friday.
The no-commission platform on Thursday stopped purchases of GameStop, cinema chain AMC and headphone-maker Koss Corporation “due to extreme volatility” and pressure on its clearing firm.