Author: Tomi Kilgore

GameStop stock rockets to biggest gain in 5 months

GameStop Corp. GME, +27.53% investors had their best day in five months on Tuesday despite no news released, as the video game retailer appears to have renewed its status as a meme stock. The stock soared 27.5% on the day, the biggest one-day gain since it rocketed 52.7% on March 25. There are no new press releases on the company’s website, and the company did not file anything with the Securities and Exchange Commission in over a month. The stock also had its first double-digit percentage gain since it rose 10.2% on July 20, and it was the first time it rose more than 20% since it did so three times in March. Also catching the meme wave, shares of movie theater operator AMC Entertainment Holdings Inc. AMC, +20.34% jumped 20.3%, also on no apparent news released, as the shares notched the biggest gain since it rallied 24.5% on July 20. The rallies came on a day that the Nasdaq Composite COMP, +0.52% rose 0.5% to top the 15,000 mark for the first time, and the S&P 500 SPX, +0.15% rose 0.15% to another record close. Meanwhile, shares of commission-free trading platform Robinhood Markets Inc. HOOD, +9.03%, seen as a haven for the trading of meme stocks, rallied 9%.

GameStop stock rockets toward biggest gain in 5 months

GameStop Corp. GME, +26.93% investors are having their best day in five months on Tuesday despite no news released, as the video game retailer appears to have renewed its status as a meme stock. The stock soared 26.0% in afternoon trading, on track for the biggest one-day gain since it rocketed 52.7% on March 25. There are no new press releases on the company’s website, and the company did not file anything with the Securities and Exchange Commission in over a month. The stock was also headed for the first double-digit percentage gain since it rose 10.2% on July 20, and the first time it rose more than 20% since it did so three times in March. Also catching the meme wave, shares of movie theater operator AMC Entertainment Holdings Inc. AMC, +19.44% jumped 19.3%, also on no apparent news released, as the shares headed for the biggest gain since it rallied 24.5% on July 20. The rallies are coming on a day that the Nasdaq Composite COMP, +0.60% rose 0.6% to top the 15,000 mark for the first time, and the S&P 500 SPX, +0.24% rose 0.3% toward a record close. Meanwhile, shares of commission-free trading platform Robinhood Markets Inc. HOOD, +8.04%, seen as a haven for the trading of meme stocks, rallied 8.6% in afternoon trading.

Housing market 'no longer heating up,' new Redfin report shows

Home sellers suggest the housing market is “no longer heating up,” as homes are staying on the market longer and the share of homes with a price drop rose for a fifteenth straight week, according to a new report from Redfin Corp. RDFN, +1.85%, a real estate brokerage services company. Home that sold were on the market for a median 17 days for the four-week period ending Aug. 8, that’s down from 35 days a year ago, but up from a record low of 15 days in late June and July. The share of homes for sale that had price drops was 4.9%, up from 3.6% a year ago, and from 4.7% a week ago. The median home-sale price was $362,642, up 17% from a year ago, but down $362.750 last week, while 53% of homes old above list price, up from 30% a year ago but down from 54% last week. The median asking price for newly listed homes was $355,389, up 11% from a year ago but down from $358,475 last week. Redfin’s report comes as the iShares U.S. Home Construction ETF ITB, -0.76% has gained 2.1% over the past three months, while the S&P 500 SPX, +0.30% has advanced 8.5%.

Redfin sees record 39% of homes sold above asking price, as supply falls

Redfin Corp. RDFN, +1.88% said Friday that the median price for homes sold rose 16% from a year ago to a record $331,590 during the four-week period ending March 21. Although the average sales price was 5.3% below the average asking price of $349,973, a record 39% of homes sold were priced above their list price, up from 24% a year ago, the real estate brokerage company said. A record 58% of homes that went under contract had an accepted offer within the first two weeks on the market. The supply of homes for sale fell, with new listings down 12% from last year, while active listings dropped 42%. Redfin Chief Economist Daryl Fairweather expressed concern about what rising home prices meant for future potential home buyers. “It’s concerning how much home prices have risen during the pandemic,” Fairweather said. “When the pandemic is over, purchasing a home is going to cost much more than ever before, putting homeownership much further out of reach for many Americans.” Redfin’s stock, which rose 0.1% in premarket trading, has tumbled 17.6% over the past three months through Thursday, while the S&P 500 SPX, +0.52% has gained 5.6%.