• Loading stock data...
Tuesday, February 18, 2025

Brokerages Halt GME’s Rise

  • Thursday saw GameStop fall to $222.06 per share, a 44% decrease from Wednesday’s close.
  • More than 50% of Robinhood investors reportedly held GME in their portfolios.
Robinhood
Robinhood

GameStop’s ride of a lifetime hit a major roadblock yesterday. 

The video game retailer’s stock fell as low as $222.06 per share — far above its $17.75 price to start the year, but an indication the stock’s incredible rally is not invincible.

On Thursday morning, brokers like Robinhood, TDAmeritrade and Charles Schwab restricted “Buy” transactions on GameStop and other “meme” stocks like BlackBerry and AMC Entertainment.

More than 50% of Robinhood investors reportedly held GME in their portfolios.

As Robinhood put its clamps down on the retail investors’ aggressive play against financial institutions, backlash has now turned on the app. 

Users tanked the app’s rating and a class-action lawsuit was filed against Robinhood. 

Robinhood’s move also sparked rare bipartisan agreement from political polar opposites, including Rep. Alexandria Ocasio-Cortez and Sen. Ted Cruz.

Cruz tweeted “fully agree” to a tweet from AOC suggesting Robinhood’s move was “unacceptable.” 

“We now need to know more about @RobinhoodApp’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit,” she wrote.

Robinhood CEO Vlad Tenev told CNBC that the company limited the purchase of certain stocks to protect customers in a volatile market.

“We absolutely did not do this at the direction of any market maker or hedge fund or anyone,” he added.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Feb 18, 2024; Indianapolis, Indiana, USA; Eastern Conference guard Damian Lillard (0) of the Milwaukee Bucks reacts after a play during the second half of the 73rd NBA All Star game at Gainbridge Fieldhouse.

The NBA’s Latest Attempt To Solve the All-Star Game Conundrum

A new mini-tournament on a lame-duck network may not solve the problem.
Sept 5 2024; Flushing, NY, USA; Sara Errani and Andrea Vavassori (ITA) with the US Open trophy after beating Donald Young and Taylor Townsend (USA) in the Mixed Doubles Final on day eleven of the 2024 U.S. Open tennis tournament at USTA Billie Jean King National Tennis Center.

US Open Mixed Doubles Changes Spark Mixed Reactions

Shorter sets, quintupled prize purses, mixed response from players.
Dec 22, 2024; Miami Gardens, Florida, USA; Miami Dolphins wide receiver Tyreek Hill (10) runs with the football before the game against the San Francisco 49ers at Hard Rock Stadium.

After Months of Trash-Talking, Noah Lyles and Tyreek Hill Agree to Race

The Olympic sprinter and NFL wideout will race after months of talks.

Featured Today

Feb 15, 2025; Montreal, Quebec, CAN; [Imagn Images direct customers only] Team United States forward Matthew Tkachuk (19) and Team Canada forward brandon Hagel (38) fight in the first period during a 4 Nations Face-Off ice hockey game at the Bell Centre.

Inside the Push for the NHL’s Next Era of International Competition

Players have been clamoring, and the league is all in.
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
Jan 9, 2025; Pittsburgh, Pennsylvania, USA; Edmonton Oilers center Connor McDavid (97) checks Pittsburgh Penguins center Sidney Crosby (87) during the third period at PPG Paints Arena
February 11, 2025

‘Important’ 4 Nations Face-Off Can Be NHL’s All-Star Antidote

“The stars have been lobbying the league for an event like this.”
Brady and Mahomes
February 8, 2025

Chiefs Fatigue Is Real. It’s Nowhere Near Patriots Hate Yet

People who have covered both teams say the difference is stark.

DraftKings Turns First Full-Year Profit, Stock Up 47% in 2025

The company’s sports betting business continues to grow despite headwinds.
February 5, 2025

Under Armour’s Desired Turnaround Sees Sparks With Q3 Earnings Beat

The 2010s darling has been struggling to find the right formula.
Billie Jean King
February 13, 2025

Billie Jean King: ‘Billionaires, Not Millionaires’ Are Fueling Women’s Sports Boom

Billie Jean King wants more women involved in team ownership, too.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Russ Brandon
January 14, 2025

UFL President: NFL Used to View Private Equity Like Gambling 

The longtime NFL executive is stunned by the league’s evolution on PE.
October 24, 2024

Endeavor, TKO Consolidate Sports Assets, Hoping They’re Better Together

The move brings On Location, Professional Bull Riders, and IMG under TKO.
October 1, 2024

Nike CFO Says ‘Adversity Creates Sharper Focus’

Amid a downbeat but expected set of earnings, Nike says it sees signs of optimism.