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from the who-will-be-holding-shares-when-the-game-stops? dept.
GameStop shares rise, fall and rise again in roller-coaster day of trading:
GameStop shares spiked Wednesday, reaching $348 apiece, only to come crashing down to $172 each early in the afternoon, causing multiple halts in trading of the stock due to volatility. Stocks then moved back up and ended the day at $265[*], a 7% increase for the day.
The past two days were a buying frenzy for the video game retailer's stock since Monday, when it was $136. That surge coincided with a lift to the entire stock market after Saturday's passage of the COVID relief bill in the Senate, as well as with an announcement that the video game retailer is developing a new e-commerce strategy, with Chewy.com founder Ryan Cohen heading that effort.
Cohen, who made a large investment in GameStop last year, will lead a committee seeking to transform GameStop a "technology business," the company said in a press release Monday.
GameStop shares skyrocketed from less than $20 in early January to more than $480 at the end of January thanks to a massive push by traders on the Reddit forum r/WallStreetBets. The stock price has dropped dramatically since then.
Price quote on Yahoo!
Also at BBC
Previously:
The Complete Moron's Guide to GameStop's Stock Roller Coaster
Console Options Without Disc Drives Could be GameStop's Final Death Knell
Web Site thinkgeek.com Moving in with Parent Company GameStop
GameStop Heading Towards Possible Doom
GameStop Posts Massive Loss as Pre-Owned Game Sales Plummet
GameStop's Future in Question after Failing to Secure Buyout
(Score: 4, Insightful) by leon_the_cat on Sunday March 14 2021, @09:43PM (5 children)
"Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well‐being. Hence value does not exist outside the consciousness of men." Carl Menger
(Score: 2, Troll) by c0lo on Sunday March 14 2021, @10:22PM (4 children)
Fallacy detected. Equating value with money.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2, Touché) by khallow on Monday March 15 2021, @01:58PM (3 children)
I notice the complete absence of the word, "money" in the grandparent post.
(Score: 2) by c0lo on Monday March 15 2021, @02:16PM (2 children)
Not explicit, granted.
Provide a list of other type of values an "economizing men" judges.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 1) by khallow on Monday March 15 2021, @02:32PM
You are an economizing man, for example. So any reason you make a choice with economic impact is a value even if it doesn't have any monetary value by your perception.
(Score: 1) by khallow on Monday March 15 2021, @04:25PM
A particularly blatant economic example is the sacrifice. It's not considered a sacrifice, if it's not of value to the person making the sacrifice. Modern examples include most plastic and paper recycling in the US (which is notorious for that stuff ending up in a landfill instead).
Another example is scientific research. Basic or "blue sky" research is often used as a classic example of how scientific research supposedly can't be valued in human terms. Like throwing a probe at Mars once a decade at tremendous cost in resources and human effort because it'll have tremendous value to someone in 300 years. But when I modestly suggest someone throw enormous resources and effort at me to do science, the economic considerations creep in. Like maybe putting all your eggs in one basket and betting on a rando on the internets might not be as good an idea as investing in millions of scientists with a relatively decent track record? Who knew?