GME Resources Limited — listed as “GME” on the Australian Securities Exchange — surged in early trading, with the market taking an unexpected interest in the tiny Western Australia-based nickel miner.
“There were emails and text messages from people flying around, and eventually my brother’s son, who works in Sydney, told us it was about speculation to do with the ticker GME.” Some analysts have described the situation as a “nerds vs Wall Street” battle. Jaime Rogozinski, founder of WallStreetBets, said the movement “is able to do what Occupy Wall Street was never able to do but on a completely different angle.”
This is known on Wall Street as a “short squeeze” and can result in a dizzying rally by forcing short sellers into becoming buyers. “Our economic team including Secretary Yellen and others are monitoring the situation,” said White House spokeswoman Jen Psaki.