GameStop doubles, AMC spikes and Boeing lifts Dow Jones
By John Shepard
09:00, 25 February 2021
GameStop (GME) stock is back in focus after the stock’s price doubled in Wednesday trading. AMC Entertainment (AMC) followed with a smaller 18 per cent improvement. The moves came after outages at social media platform Reddit and the resignation of the company’s CFO.
No reason was given for the exit of the CFO. However, the likelihood is that it could be linked to the recent stock surge. The company was unable to cash in some stock at the height of the recent short squeeze, a move which may have cushioned its balance sheet.
AMC closed at $9.09, while GME was 103.94 per cent higher at $91.71.
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Boeing (BA) bounced back from its recent dip on the 777 jetliner drama and this helped to lift the Dow Jones (US30) to record highs near $32,000. Boeing was up 8.12 per cent with a close at $229.34.
Investors were pleased with the company’s response to the recent engine failure at Denver. Boeing also said that it expects demand for 2,610 planes from Latin America and the Caribbean, with a value of $365bn over the next 20 years.
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Bitcoin presses $50,000 but lacks strength
Bitcoin (BTC) bounced back to the $50,000 level after a two-day sell-off, but the coin has struggled to advance beyond that level.
Software services company MicroStrategy has announced the purchase of another $1bn in BTC. The company bought its latest batch of coins at an average price of $52,765. Michael Saylor’s firm was one of the early movers that started placing BTC onto the company balance sheet in place of the US dollar. The company recently announced a zero per cent interest rate bond sale that was going to be used for this purchase.
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