GameStop shares surge more than 100% as trading frenzy returns

GameStop shares jumped almost 60% in premarket trading after they doubled on Wednesday due to a trading spree that engulfed the video game retailer's shares last month.

GameStop shares rose nearly 104 percent in a turbulent session on Wednesday, temporarily halting trading in the stock and doubling its price.

GameStop closed at $ 91.71 a day after more than 80 million of its shares changed hands.

Stocks look set for another turbulent day on Thursday, rising more than 60% to $ 146 in premarket trading ahead of the opening bell on Wall Street.

Gamestop Stock Surges Again

The latest rally surprised analysts who thought stability had returned to the stock following last month's trading frenzy in the battle between online traders and Wall Street hedge funds.

"If you think the GameStop saga is over, think again," said Russ Mould, investment director at A. J. Bell. "January's Reddit-inspired trading frenzy may be about to return."

Other so-called "GEMS," favored by retail traders on sites such as Reddit's WallStreetBets, and the deliberately misspelled version of "stocks," also rose. AMC Entertainment rose 18%, Koss rose more than 50% and BlackBerry rose nearly 9%. Shares in Canadian hemp company Tilray gained about 13%.

Analysts were unable to pinpoint a reason for the sharp move. At least one dismissed a brief crackdown like the one that launched a "Reddit rally" in January when small investors furiously bought GameStop to punish hedge funds that had bet against the retailer.

Some Twitter users pointed to an activist investor's tweet of an ice cream cone picture. Others cited factors such as the redistribution of top executives and options trading.

The major shareholder of GameStop and Chewy.com activist investor Ryan Cohen, the founder of, tweeted a picture of a McDonald's ice cream cone with a frog emoji shortly before 2 p.m. on Wednesday. Some GameStop Bulls have wondered whether there was a veiled message online that Cohen would fix GameStop's business like the fast-food chain that fixes ice cream machines.

GameStop devotees on Reddit's popular Wallstreetbets forum expressed their surprise.

"Why is GME rising?"A retail trader at Wallstreetbets asked. "Because we love the stock," another replied.

Another user said: "it's the first time I've missed GME, I'm not making that mistake again. The moon".

US Federal Reserve payment system down

The system used by the Federal Reserve to process more than 3tn (£ 2.1 TN) each day collapsed on Wednesday. The Federal Reserve said the cut was due to an "operational error". It started restoring services within a few hours. The Fed handled more than 184 million transactions last year, from bank transfers to electronic payroll deposits. The accident adds to the pressure the bank is facing to keep up with the tech disruptors."Let's work together to make sure we have a faster and more reliable way to send payments," Senator Cynthia Lummis said on Twitter.

At the hearings in Washington this week, Federal Reserve Chairman Jerome Powell also put pressure on the bank's plans to explore digital currencies and pointed to the steps of central banks in China and other countries, as well as Bitcoin and other private payment systems.

Congressman Patrick McHenry said the project "is vital to American competitiveness".

Mr. Powell said the bank plans to conduct extensive research and public opinion research on the idea of a digital dollar this year, calling it a "high priority project".However, he added that the bank is also afraid of doing anything that could have unintended negative consequences for the current system." We have a responsibility to do this right," he said. "We don't have to be the first."

The Fed said that Wednesday's crash began at 11:00 am Eastern time. Services began to be restored after about three hours, but some remained dark, including the Fedwire funding system.

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