BB - Why BlackBerry GameStop and Kodak Stocks Got Destroyed This Week
It's been a bad week for "meme stock" investors so far, as predictions of doom mounted for stocks with bad business prospects and no profits to fall back on.
Meme stocks' bad news actually began a week ago, when investment bank Goldman Sachs observed that retail investors' willingness to risk their money betting on short squeezes -- that might or might not happen -- was waning. In the second quarter, warned the banker, trading volumes at retail brokerages showed as much as a 30% sequential decline in meme stock buying. And of course, it's hard to create a short squeeze without buyers.
Result: Meme stocks took a tumble, with Eastman Kodak (NYSE: KODK) closing Thursday down 8.5% from Friday's close, BlackBerry Limited (NYSE: BB) losing 10.4%, and GameStop (NYSE: GME) crashing to a 12.8% loss.
For further details see:
Why BlackBerry, GameStop, and Kodak Stocks Got Destroyed This Week