CBC | Business News
GameStop's stock run hits 1000% as 2 Wall Street short sellers admit defeat and bail out at huge loss
A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop's stock will crash have admitted defeat in the David vs. Goliath battle that has seen retail investors on Reddit drive shares to record high after record high — forcing billions of dollars in losses to Wall Street firms along the way.
Montreal-based Air Transat says it is suspending all flights out of Toronto for the remainder of the winter season.
Individual investors again piled into several niche stock market plays on Tuesday, prompting hedge fund short sellers to scramble to cover losing bets and driving a rally in shares of companies including GameStop and Etsy.
A day after hitting their highest point since 2011, shares in Canadian tech company BlackBerry went on another wild ride Tuesday, jumping up when stock markets opened before see-sawing into positive and negative territory.
Larry Fink, chief executive of the world's biggest asset manager BlackRock , warned the companies it invests in on Tuesday they will need to show a game plan for surviving in a world aiming for net-zero carbon emissions by mid-century.