FOX Business host Charles Payne on Wednesday condemned Wall Street's "whining" about a market frenzy tied to heavy trading and short-selling in shares of AMC Entertainment, GameStop and BlackBerry.

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The "Making Money" host was discussing the dramatic surge in GameStop's stock price after a group of Reddit users and other retail investors teamed up to buy up the struggling retailer's call options – boosting GameStop Corp. shares by 642% since Jan. 12. and hurting market short-sellers.

TickerSecurityLastChangeChange %GMEGAMESTOP CORP242.76-102.23-29.63%AMCAMC ENTERTAINMENT HOLDINGS INC10.16-9.72-48.89%BBBLACKBERRY LIMITED15.41-9.51-38.14%Powered by

"First of all, all of the nonsense, all of this noise, all of this whining by Wall Street – it's making me sick," Payne said during an appearance on FOX Business' "Cavuto Coast to Coast" Wednesday, adding that hedge funds were able to short 140% of Gamestop's stock Wednesday.

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"I didn't hear one person on TV complaining about Wall Street trying to crush GameStop," he said. "I told my subscribers: Buy this stock. And they made a fortune."

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He also told his subscribers to buy other stocks, including Virgin Galactic Holdings, National Beverage and Tanger.

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TickerSecurityLastChangeChange %SPCEVIRGIN GALACTIC HOLDINGS INC.45.37-1.40-2.99%FIZZNATL BEVERAGE147.42-34.09-18.78%SKTTANGER FACTORY OUTLET15.89-1.79-10.14%Powered by

"You can't allow Wall Street to short 75% of a stock – and nobody says anything – crush these companies into the dirt, and then when the individual investor makes money, everyone's up in arms," Payne said.

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The FOX Business host added that one of his subscribers bought a house after earning $50,000.

"I am thrilled," Payne said. "If you're going to try to destroy a company by shorting 140% of its stock, you have to accept the fact that individual investors are playing the same game, and now you're losing."

Source Link:
https://www.foxbusiness.com/markets/charles-payne-wall-street-gamestop

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