And just like that, AMC & Nokia halted on Cash App
It’s been an interesting few days in the stock market as traders from Reddit and around have worked hard to make a hedge fund that bet insanely against GameStop, Bed Bath and Beyond, and AMC have to pay out.
We’ve seen free trading sites like Robinhood and Cash app cancelling trades of these (Cash app without giving any warnings,) and a few market circuit breakers kicking in as the volatility of said stocks is absurd.
Today Cash App announced that the brokerage that handles their trades has halted buys of AMC and $NOK (Nokia). Nokia is a new player in the game and yeah, I don’t know why either.
Cash app is working with other brokerages to be able to purchase some of these items. From the outside it looks like brokerages are colluding with hedge funds to limit investor damage, and I have no idea what Nokia has gotten itself into other than it just announced some slightly better earnings.
Could also be a safety measure on stock that’s worthless/imaginary (sorry GameStop, your value is about what you would give yourself on a trade in.)