Published , by Asif Khan
Published , by Asif Khan
GameStop's stock was halted this morning on the New York Stock Exchange. The NYSE claims it was a Limit Up-Limit Down (LULD) pause due to a volatile jump in share price.
The LULD pause began at 9:37:57 a.m. EDT and ended at 9:42:57 a.m. EDT. Various Internet users have reported share prices that were above $200/share in the morning but GME's high of the day was $199.41/share according to Yahoo Finance.
2.5 million shares of GameStop (GME) traded in the first 15 minutes of the day. Over 18 million shares ended up trading today, but the stock finally broke its 10-day streak of up days. GME is still up over 100% since the company reported disappointing earnings results a few weeks ago, but it appears that today's halt reminded some traders of the day Robinhood shut off the Buy Button.
In case you want some more information, we have a guide that explains how stock trading halts work. The New York Stock Exchange discloses all stock trading halts on their official website. It is interesting to note that shares of AMC were also halted 10 seconds after GameStop, with the halt being lifted 12 seconds after GME resumed trading.
While we honestly have no idea what caused this specific halt, various platforms show GameStop's stock did hit a high of the day early this morning. If you take NYSE's word as gospel, GameStop's stock hit a Limit Up volatility pause, but a jump to $199.41/share probably isn't enough to trigger such actions. We will keep our eyes on this story and update this article if any more information comes to light.
This article is only meant for educational purposes, and should not be taken as investment advice. Please consider your own investment time horizon, risk tolerance, and consult with a financial advisor before acting on this information.
Full Disclosure:
At the time of this article, Shacknews primary shareholder Asif A. Khan, his family members, or his company Virtue LLC had the following positions:
Long GameStop via GME shares (partially-hedged with out-of-the-money put options)
Long GameStop via GME call options