Lex Anteinternet: Reddit influences the market.

Thursday, January 28, 2021

Reddit influences the market.

From Twitter:

Shares of AMC Entertainment surge more than 200% as feverish buying continues from retail traders
On Wednesday morning, AMC Entertainment shares increased by more than 200% during premarket trading and hit more than $15 per share, nearly seven times the average analyst price target. AMC joins GameStop, BlackBerry, Bed Bath & Beyond, Etsy and a list of heavily shorted stocks that have recently seen eye-opening gains thanks to encouragement from individual investors on Reddit’s WallStreetBets. Hedge funds that are short on the other side have been rushing to cover their losses.
Photo via @Forbes

This is genuinely weird.

A Twitter comment from everybody's favorite liberal:

Alexandria Ocasio-Cortez
Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino
Alexandria Ocasio-Cortez

Anyways, Tax the Rich

Something about this just won't be good.

No comments:

Lex Anteinternet?

This blog has been around since 2009. In the very first post, we asked the question: "What the heck is this blog about?"

Our answer to the question was: "The intent of this blog is to try to explore and learn a few things about the practice of law prior to the current era. That is, prior to the internet, prior to easy roads, and the like. How did it work, how regional was it, how did lawyers perceive their roles, and how were they perceived?"

We also noted: "Part of the reason for this, quite frankly, has something to do with minor research for a very slow moving book."

All of this is still true, but the focus of the blog has changed somewhat. It now focuses on the era from 1890 to 1920 in general, rather than on the law and lawyers specifically, although that may be far from obvious. It's also become the location where we comment on anything we feel moved to comment on.

We hope you'll feel moved to comment as well. While we moderate every comment, so as to weed out Spam, we greatly appreciate the comments where they are offered, and hope to see more.

Thank you for stopping in!