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GameStop (GME) stock halted for volatility twice this morning

Shares of embattled video game retailer GameStop were halted twice this morning due to volatile moves in the stock.
Asif Khan
Asif Khan
1

GameStop's stock has experienced two trading halts this morning due to volatile trading of the shares. The stock hit an intraday high of $47.99/share shortly after the first trading resumed after the first halt at 9:36 a.m. EDT. The next halt came at 9:45 a.m. EDT as the stock rapidly fell. Shares of GME are currently trading around $45/share.

Screenshot of table from NASDAQ showing the trading halts on GME that happened at 9:36 a.m. EDT and once again at 9:45 a.m. EDT.
NASDAQ's trading halts website confirms there were two trading halts on GME this morning.
Source: Image source: NASDAQ

According to the NASDAQ trading halts website, GameStop shares were halted due to volatility. This is makes today's halts seemingly different than the recent stock trading halt on May 12, 2022 which were triggered by Limit Up Limit Down rules. Oddly enough, the NYSE claims that today's halts were triggered by the LULD rules in conflict with NASDAQ's reporting. With over 14 million shares traded today, GME shares are certainly seeing more volatile activity than in recent days. GameStop's stock has traded within a range of $40.75-47.99/share today and is currently up over 11% on the day.

Grim Reaper meme knocking on the $45/share price after leaving $40, $35, and $30 bloody.
GameStop shares are struggling to get above the $45/share price level.
Source: Image courtesy of u/ickydonkeytoothbrush

Some investors believe that this is likely due to the news that came out over the weekend regarding the treatment of GameStop's stock split dividend. Regulators, brokers, and custodians have spent the better part of the week trying to explain how the split dividend was treated. 

GameStop (GME) 15 minute period bar chart shows the volatile day of trading on August 8, 2022.
GameStop's 15 minute stock chart highlights today's volatile moves.
Source: Screenshot of TC-2000

Traders will be keeping their eyes on GME's stock chart all week. Today's volume is the highest amount of shares traded since the stock split dividend took effect on July 22, 2022.

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

Long GameStop via GME call options

CEO/EIC/EIEIO
CEO/EIC/EIEIO

Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

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