Consumer News: Candy flavored mac and cheese, GameStop stocks and more!

COLUMBIA, SC (WOLO)– For Valentine’s Day, why not treat that special someone to candy flavored pink mac and cheese? Kraft is releasing this special edition item just in time for Valentine’s Day. It’s not cheesy, and there is a catch. You can’t buy it! In order to get this limited edition box you have to register on, and you could win one of only 1,000 boxes the company is giving away.

A group of small day traders organized on Reddit have shot shares of GameStop up 1,700% this month. These mostly young traders are buying the stock in groups to raise its price because hedge fund managers have shorted it. That’s when an investor who thinks a stock is going to go down borrows shares today, and promises to purchase it at a later date at whatever price it is trading at then. The gains got the attention of Jordan Belfort, author of “The Wolf of Wall Street” and the man who inspired the movie by the same title, who weighed in on the issue.

The individual traders are also targeting other troubled stocks. They bid up the price of movie theater chain AMC 200% in a single day Wednesday. Analysts warn to stay away from this battle as the inflated stocks will almost definitely crash as quickly as they have risen.

There’s one place you can no longer buy stocks from GameStop, AMC or any others targeted by Reddit traders, Robinhood. The free-trading app says it will only allow users to close out their positions in those stocks, also including Best Buy, Bed Bath and Beyond and Express. Following Robinhood’s announcement, shares of GameStop lost all of their pre-market gains and took a nosedive. Lawmakers on both sides say the app’s decision is unacceptable.

Categories: National News