Wall Street’s GameStop stock surge: Here’s what’s behind it

Wall Street's GameStop stock surge: Here's what's behind it

Good morning and welcome to Fox News First. Here’s what you need to know as you start your day …

Why GameStop’s stock surge is shaking Wall Street
It’s not just you. What’s going on with GameStop’s stock doesn’t make sense to a lot of people.

The struggling video game retailer’s stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington.

The frenzy hit new heights Thursday when several trading platforms limited their customers from making certain trades with GameStop.

It’s all forcing hard questions about whether the stock market is in a dangerous bubble and whether a new generation of traders should be allowed to take full advantage of all the tools and free trades available on their phones, regardless of how reckless they may seem to outsiders.

At the same time, champions of the proletariat are cheering louder from the sidelines, saying the moves mean that hedge funds, Wall Street and the 1% are finally getting their comeuppance. CLICK HERE FOR MORE ON OUR TOP STORY.

In other developments:
– Protesters gather at Robinhood HQ, SEC, NYSE
– WallStreetBets founder reckons with legacy amid stock market frenzy
– NY AG reviewing Robinhood after the platform restricted the trading of certain securities Thursday
– Dave Portnoy slams Robinhood app amid GameStop turmoil: ‘I think people have to go to jail’
– Amid GameStop price rollercoaster, Democrats announce hearings on ‘broken’ stock market
– Yellen received $ 800G from hedge fund in Gamestop controversy; WH doesn’t commit to recusal

Nunes calls out AOC over her heated response to Cruz
“Socialist revolutionaries” like U.S. Rep. Alexandria Ocasio-Cortez are doing their best to convince the American public that Republicans are evil, Rep. Devin Nunes, R-Calif., said Thursday night during an appearance on Fox News’ “Hannity.”

And Ocasio-Cortez benefits from a fawning media that’s willing to deliver her message, he added.

Nunes was reacting after Ocasio-Cortez responded to Sen. Ted Cruz, R-Texas, who agreed with her in a post about the Robinhood app.

She wrote “Happy to work w/ almost any other GOP that aren’t trying to get me killed. In the meantime if you want to help, you can resign. While you conveniently talk about ‘moving on,’ a second Capitol police officer lost their life yesterday in the still-raging aftermath of the attacks you had a role in. This isn’t a joke. We need accountability, and that includes a new Senator from Texas.”

Her comment about a willingness to work with others in the Republican Party seemed to be in contrast to her remarks Wednesday night on MSNBC that this term, “There are legitimate White supremacist sympathizers that sit at the heart and at the core of the Republican caucus in the House of Representatives.” CLICK HERE FOR MORE.

In other developments:
– ‘Shark Tank’ star Kevin O’Leary says AOC’s ‘Tax The Rich’ sweatshirt proves this about socialists
– Twitter silent as AOC accuses Ted Cruz of attempted ‘murder’ on its platform
– AOC rebuffs Ted Cruz Twitter overture: ‘You almost had me murdered’
– Ocasio-Cortez’s ‘white supremacist’ accusations about Republicans ‘reckless‘ and ‘divisive’: Ronna McDaniel

‘QAnon Shaman’ willing to testify in Trump’s impeachment trial, lawyer says
A man who calls himself the “QAnon Shaman” and stormed the U.S. Capitol on Jan. 6 while wearing a horned bearskin headdress, face paint and no shirt, is willing to testify in former President Trump’s upcoming Senate impeachment trial, his lawyer said this week.

Jacob Anthony Chansley later regretted being “duped” by the former president after he didn’t receive a pardon after the attack on the Capitol, lawyer Albert Watkins told KSDK-TV in St. Louis last week.

Watkins added Chansley also lamented “being in a position where he allowed that duping to put him in a position to make decisions he should not have made.”

The lawyer told The Associated Press he had yet to speak to any lawmakers about the offer and senators have not voted whether to allow witnesses during the trial, which is expected to begin in February. CLICK HERE FOR MORE.

In other developments:
– ‘QAnon Shaman’ Capitol rioter wants pardon from Trump
– Man who led rioters up Capitol stairs identified as Iowan in local news reports
– Graham warns Dems will ‘blow up’ Senate by moving forward with impeachment trial, calling witnesses
– Lawyer for ‘QAnon Shaman’ says Capitol rioter regrets being ‘duped’ by Trump

TODAY’S MUST-READS:
– White House refuses to address GameStop controversy
– Documentary alleging opulent Putin palace gets 100M views
– First Wuhan evacuees arriving in California were met by ill-prepared US staff: report
– USS Chafee sailors kept in dark about coronavirus outbreak, report says: ‘People are scared’
– Minnesota Court of Appeals asked to intervene in George Floyd case amid COVID concerns
– Cicely Tyson, groundbreaking actress, dead at 96

THE LATEST FROM FOX BUSINESS:
– Qualtrics goes public 2 years after being bought by SAP
– Visa, MasterCard revenues fall, but declines improve from earlier in Pandemic
– Oreos go lickety-split during pandemic driving cookie company to higher sales
– Apple CEO Tim Cook slams tech rivals for collecting user data, at the cost of social polarization
– Luxury house listings grow as wealthy flee tax-heavy states
– General Motors to go all-electric by 2035

#The Flashback: CLICK HERE to find out what happened on “This Day in History.”

SOME PARTING WORDS

House Minority Whip Steve Scalise, R-La., joined Laura Ingraham on Thursday night’s “Ingraham Angle” to discuss inflammatory remarks made by House Speaker Nancy Pelosi.

“This is a dangerous kind of game she is playing,” Scalise said. “She needs to stop doing this because we’ve seen where this goes if they try to demonize their opponents. It seems that’s like all they know how to do is throw out distractions.”

Not signed up yet for Fox News First? Click here to find out what you’re missing.

Fox News’ Go Watch page is now available, providing visitors with Pay TV provider options in their area carrying Fox News Channel & Fox Business Network.

Fox News First was compiled by Fox News’ Jack Durschlag. Thank you for making us your first choice in the morning! Have a safe weekend and we’ll see you in your inbox first thing Monday.

Comments are closed.