The S&P 500 slipped slightly from a record high on Tuesday as Wall Street geared up for the heart of corporate earnings season including reports from a slew of blue-chip companies and major tech players.
 | TUE, JAN 26, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 143.16 | +0.24 | +0.17% | | MSFT | 232.33 | +2.80 | +1.22% | | VZ | 56.57 | -1.85 | -3.17% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | GE | 11.29 | +0.30 | +2.73% | | AAPL | 143.16 | +0.24 | +0.17% | | F | 11.19 | -0.10 | -0.89% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 143.16 | +0.24 | +0.17% | | AMD | 94.71 | +0.58 | +0.62% | | SIRI | 6.55 | +0.49 | +8.09% | |
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The battle between Reddit-obsessed retail investors and GameStop short sellers continued to heat up, and average Joe traders still have the upper hand.
Shares of the video game retailer jumped more than 90% to $147.98 on Tuesday. The stock got a boost after Social Capital's Chamath Palihapitiya said he purchased GameStop call options betting the name will go even higher.  The buying frenzy among rookie investors has prompted GameStop shares to quadruple in the past two weeks, inflicting huge losses for short sellers in the stock. However, the short sellers are not backing down.
Over the last 30 days, GameStop shares that have been borrowed and sold short increased by 1.5 million shares, worth $117 million as its stock price more than doubled, according to S3 Partners. Short sellers also reloaded bets over the last seven days amid the incredible surge.
"There is a prize fight between momentum longs and momentum shorts, with the longs way ahead on points but shorts are looking for a knock-out in the later rounds," Ihor Dusaniwsky, S3's managing director of predictive analytics, said Tuesday in an email. "If long shareholders do begin selling, there may be an avalanche of long sellers hitting the tape since no-one wants to see their mark-to-market profits melt away." |
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