American Airlines shares rose by 50 percent on Thursday after a mention of the airlines was made on WallStreetBets, a subreddit where participants write about the stock exchange that has come recently under the spotlight for short squeezing financially troubled companies. “AAL the next GME?” wrote a Reddit user named u/cardiffgiantthe1st on Wednesday, according to the New York Post. AAL referring to American Air Lines and GME to GameStop. American Airlines’ executives were prognosticating that the revenues would drop by 60 percent during the present quarter, due to the pandemic repercussions on the business. Besides GameStop, companies such as Express, Blackberry, and AMC theaters all experienced spikes in the stock value apparently due to organized small investors trying to outsmart Wallstreet stock tactics. GameStop’s business had been deteriorating since most people buy video games online rather than in brick shops physically. Melvin Capital Management, a hedge fund worth reportedly over $12 billion, …
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