- GameStop jumps in pre-market trading; US regulator ‘monitoring’
- Global stock markets fall ahead of US fourth-quarter GDP
- Prudential to spin off US arm and mulls $3bn equity raise
- Diageo and Fever-tree thrive in tequila and cocktails boom
- Apple and Facebook beat forecasts and Tesla misses profit estimates
The US video games retailer GameStop has reversed last night’s after-hours losses, and jumped a further 40% in pre-market trading as the frenzy continues, with an army of small investors buying the shares. The shares are trading around $490, after briefly venturing above $500. The shares were worth $40 a week ago, and $3.25 in April.
The US Securities and Exchange Commission and the White House both said yesterday that they were “monitoring” the moves.
A surge of retail stock trading over the last year lit the fuse that sent shares of GameStop rocketing higher without a clear business reason, market watchers say, squeezing hedge funds that had bet against the retailer and other companies that were out of favor on Wall Street pic.twitter.com/38jPCjXb0e
Let’s have a look at some of today’s stories.
Lidl’s British business fell £25m into the red last year after spending heavily on new stores, despite ringing up strong sales growth.
Related: Lidl expansion puts German discounter in the red
Related: Tesla shares fall despite electric carmaker’s first annual profit
Related: Store and online sales help Guinness owner Diageo offset Covid impact
