Almost 800,000 bored Americans have opened online trading accounts in what Business Insider’s Linette Lopez describes as ‘a perfect storm of stupid.’
Ms. Lopez points to trading activity in pharmaceutical developer Moderna Inc. as proof that these newbie traders don’t know what they’re doing. On May 18, Moderna’s stock jumped 26 per cent on news that the company’s coronavirus treatment had produced successful results.
In the following days, however, it was noted that the drug trial was far less encouraging than the initial information release implied and the stock fell back ten per cent. “No one did their homework, and no one has since apologized”, writes Ms. Lopez, and adds, “ I have an extremely active subconscious, and I could not have dreamt of a