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. "This is hardly an environment where informed investors are transacting to establish price discovery," said Mike O'Rourke, chief market strategist at JonesTrading. GameStop closed at $147.98, up about 92 per cent on the day and extending its winning streak to a fourth straight session. In after hours trading in New York on Tuesday evening, the shares were changing hands at more than $200 a share. Melvin previously held a 6.2 per cent short bet against Evotec, according to filings with the German regulator.

Source: CBC News January 26, 2021 20:35 UTC