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GameStop jumps on picture of dog

Published: 11:48 05 Mar 2021 GMT

GameStop Corp -

Shares in GameStop Corp scampered higher during last night’s session on the back, apparently, of a Tweet of a photo of a dog.

The retailer’s stock spiked 20% to an intraday high above US$147, it’s highest point since the dramatic moves just over a month ago.

READ: Reddit’s wallstreetbets and the language of ‘meme stocks’

And this on a day when the wider US market was splatted with red.

Apparently, a screenshot of a puppet dog tweeted by Ryan Cohen, an activist investor via his RC Ventures vehicle and a major shareholder of GameStop, was the spark for the latest rush of buying.

The latest tweet was of a Nauseated Face emoji and a screenshot of a video of a puppet dog, which appeared to be the mascot of Pets.com, one of the casualties of the dotcom bubble bursting in the year 2000.

Analysts at Wedbush Securities told Reuters the tweet was “as good an explanation as any” for the GME rally and while it might not have been the actual catalyst, “but in such an ugly market, it makes sense”.

Cohen’s tweets are regularly ‘decoded’ on Reddit’s WallStreetBets forum, with supposedly ‘cryptic’ memes and emojis only inspiring wilder theories about what it means for GameStop.

Last month Cohen tweeted a picture of a McDonald’s ice cream cone with a frog emoji, which ignited some frenzied deciphering by the YOLO traders on Reddit.

One of the galaxy-brained ideas in the forum ahead of Friday’s trading session was of a possible ‘gamma squeeze’ for GME as one user, Yodisc, said the number of possible options contracts in the month “could be DOUBLE” last week’s expiry, with more than 4mln shares potentially called on for these exercised options “only adding to the ever increasing snowball”.

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