1/27, 11:39 AM (Source: TeleTrader)
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Chart for: GameStop Corp

GameStop soars over 110% in premarket

Shares of video game retailer GameStop soared over 110% in the premarket even though the company's quarterly results were down. However, investors kept buying both the stock and the options, which drove the price further up. When a share's price rises too quickly, short-sellers are forced to buy even more stock to cover their losses.

Meanwhile, Tesla's CEO Elon Musk tweeted about the stock calling it "Gamestonk" on Tuesday which caused a 40% jump in the price.

GameStop's shares jumped by 116.58% to $320.26 in premarket trading at 5:38 am ET.

Breaking the News / TF