Nashville, TN - Reddit users caused waves on the stock market this week as they drove up GameStop and AMC stocks to huge gains. Now, a Reddit board has pushed Circuit City stocks up 2,800% to a record $1.53 per share.
Nashville native Johnny Sherman started buying when the stock hit 29 cents on Thursday morning. He purchased several dozen shares only to sell them later at $1.12, earning him an impressive $39.48 payday.
Sherman told reporters, "All I can say is, it's been a good day, and I'll be taking the wife to Red Lobster."
Stock apps and financial institutions acted quickly to limit the Circuit City trading, but only after thousands of day-traders earned tens of dollars on their stock purchases.
Still, others took heavy losses when they purchased high and began selling when prices took a nosedive. One amateur investor bought 100 shares at $1.52 and then sold at $1.29 when he got nervous. He is now out $23.
"Sure, it's devastating, but it's the cost of playing the game. I'll recover and start again tomorrow," said the man.
Circuit City stocks lost 60% by the end of trading on Thursday and is expected to open lower, at 91 cents, on Friday morning.
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