Shares of GameStop Corp. (NYSE: GME) zoomed 51% following a trading halt as short-sellers continue to get hammered. The short interest in GameStop reached 138% of the shares available for trading last week, and continues to drive the stock up for its massive short squeeze.
The company recently stated its holiday sales were down 3.1% but shares still rose a stunning 100% last week and were primed for a short squeeze, in which short sellers faced with high borrowing costs and accumulating losses are forced to buy shares to cover their bearish bet.
