Reddit Recovers From Hour-Long Outage Amid Heavy Trading In GameStop.
(Reuters) – Reddit recovered from an hour-long outage that affected thousands of users on Wednesday afternoon. Volatility returned to stocks including GameStop GME.N. AMC that was at the center of a slugfest between retail traders and Wall Street.
Videogame retailer GameStop, which had closed up about 104% on Wednesday. Was once again a favorite pick on the WallStreetBets page. Doubled in extended trading, even as the social media platform was not fully functional.
Analysts that follow the stock offered several reasons for the surge. Including a corporate reshuffle. The firm had on Tuesday said its finance head Jim Bell will step down next month.
Reddit, now more famous for its day-trading forum. Individual traders recently triggered a rally in many shorted stocks. They faced several outages in recent months.
At the peak of the latest outage, there were more than 52,000 reports of people facing issues with the platform. This according to the outage tracking website Downdetector.
To be sure, Downdetector only tracks outages by collating status reports from a series of sources. Which includes user-submitted errors on its platform. The outage might have affected a larger number of users.
SwaggyStocks, which aggregates sentiment on shares discussed on WallStreetBets. About 9 million participants, showed GameStop and AMC were the most discussed stocks on the page.
Shares of the cinema theater operator AMC, which closed up 18%, were up another 15% after the bell.
(Reporting by Shariq Khan and Eva Mathews in Bengaluru; Editing by Arun Koyyur)