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AMC shares also fell, dropping more than 40%, to $11.90 per share, after closing at $19.90. That stock had risen more than 301% during the day. During the day, they'd more than doubled. 10:15 As the drama unfolded from the Discord ban and the Reddit community going on lockdown, GameStop shares fell 32% in after-hours trading late Wednesday, to $218.32 per share, down from $347.51 at their close. The vaccine roll-out is going very well, all tribute to those on the ground. It was suggested to the Labour leader that Mr Johnson appeared to have benefited from a 'vaccine bounce' and Sir Keir replied: 'There is undoubtedly a vaccine bounce going on.
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Though GameStop shares have been jumping in recent days, analysts and experts say they're doing so because of quirks in the market and not because of actual increased value for the struggling video game retailer. The same is true for the movie theater chain AMC, which had warned it was near bankruptcy late last year. Instead, as the two company's stocks have soared, the Wall Street investors have reportedly hemorrhaged billions of dollars. These fast and dramatic moves are happening amid one of the most dramatic weeks on Wall Street in years.
If all this is confusing, don't feel bad. At stake are millions of dollars that small-time investors working together on social media have made while taking on Wall Street investors who bet GameStop and AMC stock would plummet. Runners are cheered off before the start of all 28 races of the biggest meeting of the jumps season but it has become a tradition that the decibels reach their peak as the runners approach the starting tape for the curtain-raising Sky Bet Supreme Novices' Hurdle.
Under these rules, companies other than investment firms or broker-dealers cannot book gains in the value of holdings should the price of bitcoin rise - but must write down their investment as an impairment charge if it falls. While the moves have prompted more boardroom discussions though, headaches from bitcoin's volatility to accounting for it and storing it are likely to preclude a big wave of companies holding large amounts on balance sheets in the short term, according to over a dozen financial officers, board members and accountants interviewed by Reuters.
