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Ex-TD Ameritrade CEO Joe Moglia warns meme stock traders on leverage

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Joe Moglia, former CEO of online trading platform TD Ameritrade, issued a stern warning Thursday about using leverage to try to outsize returns in meme stocks.

“My biggest concern is what’s going on with the individual investor” using borrowed money to trade more than they have, Moglia told CNBC’s “Squawk Box,” as AMC Entertainment shares whipsawed in early trading and dropped some 30% shortly after the open on Wall Street.

AMC nearly doubled in the prior session. Its year-to-date gain today, despite the sharp pullback Thursday, is about 2,200%.

Another Reddit favorite, BlackBerry, soared Thursday before cutting those gains after closing up nearly 32% in the prior session. Bed Bath &…



Source cnbc.com

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