News roundup: GameStop, Robinhood, and the SEC made headlines last week

Desy Papper

What happened last week? An army of retail traders, led by Reddit’s Wall Street Bets forum, poured money into shares of GameStop, a dying retail relic, as part of a battle against Wall Street short sellers. 

GameStop stock surged to record highs

GameStop store New York City January 2021.JPG

A man walks in front of a GameStop store in the Jackson Heights neighborhood of New York City on Wednesday.

Nick Zieminski/Reuters


As GameStop stock surged, loses mounted for short sellers like Melvin Capital and Citron Research. Hedge funds have lost billions on the stock this year. 

Some on Reddit said the stock rally was payback

Read the rest

Covid Hunter, the scanner that detects coronavirus in people and surfaces, will be manufactured in Mexico

Desy Papper


5 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.


It is now possible to detect the coronavirus without testing, thanks to the Covid Hunter device, a scanner that identifies the presence of the SARS-CoV-2 virus immediately. The developers describe it as “the world’s first non-contact viral detector” and will be manufactured in Mexico .

The Covid Hunter , developed by the American company Advanced Medical Solutions International (AMSI ), is capable of detecting traces of coronavirus immediately in people and objects, without touching them. It

Read the rest

Melvin Capital lost 53% in January after GameStop shares skyrocketed

Desy Papper
  • Melvin Capital lost 53% in January, sources told Insider. The Wall Street Journal first reported the loss.
  • The fund ended the month with more than $8 billion in assets under management.
  • Melvin Capital was among the high-profile hedge funds that got torched after GameStop shares skyrocketed.
  • Visit Business Insider’s homepage for more stories.

Melvin Capital Management lost over half its assets after GameStop burned short-selling funds this month.

The hedge fund, which was at the heart of the GameStop frenzy, lost 53% in January, sources close to the fund told Insider. The Wall Street Journal first reported the loss. 

Melvin

Read the rest

Walmart Taps Trade Desk As Retail Media Heats Up

Desy Papper

Walmart is building infrastructure to support its fast-growing retail media business. After more than a year of testing, it settled on a custom-built version of the Trade Desk DSP.

AdExchanger first reported last January that Walmart was testing two rival DSPs, the Trade Desk and Xandr.

Walmart’s DSP is a separate, walled-off version of the Trade Desk, filled with exclusive Walmart data and inventory (and connected to a different cloud, given that using Amazon Web Services is verboten for Walmart). The DSP uses a self-service model to give buyers more transparency, completing its evolution from the ad network-style Walmart Exchange

Read the rest

GameStop trading frenzy builds on Occupy Wall Street

Desy Papper

Hello everyone! Welcome to this weekly roundup of stories from Insider from Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for the latest news, and more on Wall Street Bets, Black Comedy Central employees feeling tokenized, and the new face of Blackstone. 

Read time: 5 minutes.

WallStreetBets logo

Wall Street Bets users have driven up the GameStop stock price

REUTERS/Dado Ruvic/Illustration/File Photo


Hello!

A troubling strain of the coronavirus has emerged, and it’s now spreading around the world, Andrew Dunn reported this weekend. From his story:

Potentially more troubling: A flurry

Read the rest