GameStop’s stupefying stock rise doesn’t hide its reality
3 years, 10 months ago

GameStop’s stupefying stock rise doesn’t hide its reality

Associated Press  

NEW YORK — Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming. While GameStop’s new board member Ryan Cohen, the founder of online pet store Chewy, has raised hopes of a turnaround, it’s still going to be an uphill battle. “GameStop needs to evolve into a technology company that delights gamers and delivers exceptional digital experiences — not remain a video game retailer that overprioritizes its brick-and-mortar footprint and stumbles around the online ecosystem,” said Cohen in a letter to the board of directors last November. I don’t think so.” Cohen, whose investment firm acquired a 12.9% stake in GameStop in recent months, declined to comment.

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History of this topic

Meme stocks are roaring again. Yes, again
7 months, 1 week ago

Meme stocks are roaring again. Yes, again

Associated Press  

NEW YORK — Meme stocks are shaking Wall Street once again Monday. Gill has become a hero online, known for continually professing how much he liked GameStop’s stock as it charged to heights in 2021 that professional investors saw as irrational. Late Sunday, an account on Reddit with the handle Deep F- - - - - - Value shared a …

GameStop stock climbs to 74% after Roaring Kitty returns with meme stock. Here's what happened
7 months, 1 week ago

GameStop stock climbs to 74% after Roaring Kitty returns with meme stock. Here's what happened

Hindustan Times  

The meme stocks are back and on the way to attaining high growth. Shares of the video game retailer GameStop suddenly reached a million-dollar high Monday because of a mysterious social media post. Roaring Kitty's tweet resurrects GameStop mania, shares hit new highs Roaring Kitty, a Redditor, started GameStop’s huge meme stock short squeeze in 2021, posted on X after …

GameStop rallies, trading halts after Roaring Kitty tweets.
54 years, 11 months ago

GameStop rallies, trading halts after Roaring Kitty tweets.

Slate  

A short story: At 8 p.m. Eastern time on Sunday, a man named Keith Gill sent his first tweet since June 2021. When Gill pressed send, stock in GameStop Corp., the video game retailer, immediately shot up in after-hours trading, and by Monday’s open, it was $26.34, a nice 51 percent jump from Friday’s close at $17.46. “Keith Gill gets …

GameStop slumps after it fires former Amazon executive brought in to modernize the gaming retailer
1 year, 6 months ago

GameStop slumps after it fires former Amazon executive brought in to modernize the gaming retailer

Associated Press  

Shares of GameStop fell sharply Thursday after the company fired CEO Matthew Furlong, the former Amazon executive who was brought in two years ago to turn the struggling video game retailer around. Cohen sent a cryptic tweet that read “Not for long” around the time the company announced Furlong’s firing. Furlong was one of two Amazon executives hired at the …

GameStop is surging again on first stock split in 15 years
2 years, 8 months ago

GameStop is surging again on first stock split in 15 years

Associated Press  

Shares of GameStop surged Friday after the video game retailer announced that it would attempt its first stock split in 15 years. JPMorgan Friday that while stock splits may not be the new buyback, they are “an additional tool to push stock prices higher despite financial theory saying otherwise.” GameStop’s announcement comes just days after electric vehicle maker Tesla announced …

Hottest seller at GameStop is its own stock, $1B raised
3 years, 6 months ago

Hottest seller at GameStop is its own stock, $1B raised

Associated Press  

GameStop raised more than $1 billion in its latest stock sale, capitalizing on a newly arrived and fervent army of online investors. But GameStop is taking full advantage its surging stock price to raise desperately needed cash. Shares of GameStop, which could be had for about $20 early this year, were selling for close to $213 Tuesday afternoon after rising …

GameStop names Amazon veteran as CEO; sales accelerate
3 years, 6 months ago

GameStop names Amazon veteran as CEO; sales accelerate

Associated Press  

NEW YORK — GameStop, the video-game retailer whose manic stock movements captivated Wall Street this year, said Wednesday that it’s brought on a pair of Amazon veterans as its new chief executive and chief financial officer to aid in its much anticipated digital turnaround. GameStop also said that Mike Recupero, who most recently was CFO of Amazon’s North American consumer …

Leadership shakeup continues at GameStop, CEO to depart
3 years, 8 months ago

Leadership shakeup continues at GameStop, CEO to depart

Associated Press  

The overhaul in the top ranks of GameStop continues with the announced departure of CEO George Sherman at the end of July. Less than two weeks ago, the Grapevine, Texas, company announced the nomination of Chewy founder Ryan Cohen as chairman of the board, a major investor in the floundering video game retailer. They’re arrival coincided with the meteoric January …

GameStop to sell 3.5M shares after stock frenzy boosts price
3 years, 8 months ago

GameStop to sell 3.5M shares after stock frenzy boosts price

Associated Press  

Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it will sell up to 3.5 million of its shares. A number of hedge funds, believing the value of GameStop shares would fall further, shorted the company, or bet against its shares. However, a group of smaller investors who communicated …

GameStop weighing stock offering to fund transformation
3 years, 8 months ago

GameStop weighing stock offering to fund transformation

Associated Press  

GameStop is considering selling some of its shares, a move that would enable the video-game retailer to capitalize on the massive surge in its stock price this year. In a filing with the Securities and Exchange Commission late Tuesday, the company noted that it has been evaluating since January whether to increase a $100 million stock offering program it established …

GameStop lost $215 million in fiscal year; online sales gain
3 years, 9 months ago

GameStop lost $215 million in fiscal year; online sales gain

Associated Press  

GameStop, the video game retailer at the center of a social-media driven investment frenzy, said it lost $215 million in the 12 months ended Jan. 30 as it dealt with pandemic-related shutdowns and moved to transform itself into a more online-focused company. The company’s latest results, which fell short of Wall Street’s expectations, offered few positives to back up some …

GameStop stock is surging again: Shares close up more than 100%
3 years, 10 months ago

GameStop stock is surging again: Shares close up more than 100%

CNN  

New York CNN Business — GameStop shares climbed rapidly and were halted twice for volatility ahead of the closing bell Wednesday. The surge comes about a month after a wild GameStop trading frenzy caused its stock to jump around 1,600% in a matter of days, though it quickly fell from highs around $350. The jump in GameStop also comes a …

“Mr. Kitty” goes virtually to Washington over GameStop saga
3 years, 10 months ago

“Mr. Kitty” goes virtually to Washington over GameStop saga

Associated Press  

The social media movement that made a beloved icon of GameStop enthusiast Keith Gill continued to rally behind the YouTube personality known as Roaring Kitty as he testified to Congress on Thursday about his role in last month’s stock market frenzy. “Today, the world shall know his name,” cheered one online fan on the social media website Reddit, superimposing a …

GameStop’s saga may be over; its effect on Wall Street isn’t
3 years, 10 months ago

GameStop’s saga may be over; its effect on Wall Street isn’t

Associated Press  

NEW YORK — The frenzy around GameStop’s stock may have quieted down, but the outsized influence small investors had in the saga is likely to stick around. Who wins and losses when short sellers, social media and retail investors collide.” “I don’t think we’re going to see major reforms that prevent it,” said Tony Casey, a professor of law at …

GameStop investors who bet big—and lost big
3 years, 10 months ago

GameStop investors who bet big—and lost big

Live Mint  

Salvador Vergara was so enthusiastic about GameStop Corp. in late January that he took out a $20,000 personal loan and used it to purchase shares. GameStop’s volatile ride is hitting the portfolios of individual investors like Mr. Vergara who purchased the stock in a social-media-fueled frenzy. Then Mr. Vergara, a longtime reader of the WallStreetBets page on Reddit, saw others …

How GameStop missed out on capitalizing on the Reddit rally
3 years, 10 months ago

How GameStop missed out on capitalizing on the Reddit rally

Live Mint  

US video game retailer GameStop Corp decided it could not seize on the Reddit-fueled rally in its shares to sell hundreds of millions of dollars worth of stock because of regulatory restrictions, according to three people familiar with the matter. While many heavily shorted stocks, from movie theater operator AMC Entertainment Holdings Inc to headphone maker Koss Corp, also scored …

GameStop case changes the speculative game
3 years, 10 months ago

GameStop case changes the speculative game

The Hindu  

January proved to be an unusual month in the United States equity market. It turns out that a set of Wall Street majors, such as hedge funds Citron Research and Melvin Capital Management, had in fact been betting that the GameStop equity could only go downwards. The company’s record What shocked Wall Street and financial pundits was that the rise …

GameStop wraps up a bad week, leaves $18 billion hole
3 years, 10 months ago

GameStop wraps up a bad week, leaves $18 billion hole

Live Mint  

Even with Friday’s bounce, GameStop Corp. wrapped up its worst week on record as a stunning reversal of fortune wiped out $18 billion from the video-game retailer’s stock-market value. The 19% gain on Friday after Robinhood Markets removed buying limits still left it far below last week’s high of $483 as retail trader demand and excitement across platforms like Reddit …

GameStop booster did well; many devotees won’t as shares sag
3 years, 10 months ago

GameStop booster did well; many devotees won’t as shares sag

Associated Press  

— “IF HE’S STILL IN, I’M STILL IN,” was the constant refrain from followers of Roaring Kitty, the YouTube personality whose enthusiasm about buying stock in video-game retailer GameStop made him an icon in the social media frenzy that shocked Wall Street last week. It’s about sending a message and redistributing the wealth.” Binette doesn’t fault Gill, calling him a …

More GameStops possible as small investors flex muscles
3 years, 10 months ago

More GameStops possible as small investors flex muscles

Associated Press  

LOS ANGELES — GameStop and a handful of other stocks whose meteoric rise last month shocked Wall Street began falling back to Earth this week. The GameStop episode is “a wake-up call that is likely to permanently affect the business models of institutional investors,” analysts at Barclays Capital wrote in a research note this week. Citron Research, Melvin Capital and …

GameStop shares drop 60% as frenzied rally loses steam
3 years, 10 months ago

GameStop shares drop 60% as frenzied rally loses steam

Associated Press  

GameStop shares plunged 60% Tuesday in a further reversal of the recent blockbuster gains that grabbed people’s attention far beyond Wall Street. The video game retailer’s stock shot up an eye-popping 1,600% in January following a social-media led campaign to boost the price at the expense of big Wall Street funds who were betting on a decline. I am a …

How Reddit users grew GameStop’s stock tenfold fighting Wall Street
3 years, 10 months ago

How Reddit users grew GameStop’s stock tenfold fighting Wall Street

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Video game retailer GameStop’s stock price has increased dramatically due to the actions …

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling
3 years, 10 months ago

What happened with GameStop? Everything you need to know about Robinhood, Reddit and short-selling

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Institutional investors, including the $13bn hedge fund Melvin Capital …

Premarket stocks: 1 big thing we still don’t know about the GameStop rally
3 years, 10 months ago

Premarket stocks: 1 big thing we still don’t know about the GameStop rally

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. I don’t think we know that yet.” It’s clear that the rush into GameStop shares did cause trouble for some hedge funds like Melvin Capital, which lost 53% of its investments in January after it became a primary target for traders on social media. “We actually …

Robinhood app is new eye of GameStop storm
3 years, 10 months ago

Robinhood app is new eye of GameStop storm

The Hindu  

Online broker Robinhood has been one of the hottest venues in this week's retail-trading frenzy but its sudden curbs on buying of some hot stocks have raised the ire of customers, celebrities and politicians who argue it unfairly benefits bigger investors. Robinhood Chief Executive Vlad Tenev said on Thursday trade was restricted in "about 13" viral stocks, which include GameStop, …

10-Year-Old Boy Makes Over Rs 2 Lakh Selling GameStop Stock He Was Gifted a Year Ago
3 years, 10 months ago

10-Year-Old Boy Makes Over Rs 2 Lakh Selling GameStop Stock He Was Gifted a Year Ago

News 18  

A 10-year-old San Antonio boy made a killing by selling GameStop stock he was gifted more than a year ago. Jaydyn Carr’s mother, Nina, spent $60 for 10 shares of the video game chain’s stock in December of 2019 that she gave him for Kwanzaa to reflect Ujamaa, one of the festival’s seven principles that focuses on cooperative economics. With …

GameStop and Reddit news: Here are the 5 things you need to know
3 years, 10 months ago

GameStop and Reddit news: Here are the 5 things you need to know

CNN  

CNN Business — There was a lot to unpack in the deluge of news this week about GameStop, the stock market, Reddit groups, trading apps and hedge funds. IT’S A DAVID VS GOLIATH STORY At the heart of the GameStop saga is a struggle between two drastically different groups of investors: A band of amateur day traders versus a bunch …

GameStop is just a pawn in the new battle between Wall St and Main St
3 years, 10 months ago

GameStop is just a pawn in the new battle between Wall St and Main St

ABC  

Why should we care about what's happening with the share price of video game retailer GameStop? During Thursday trading in the US, many retail investors couldn't trade certain stocks on various platforms they use but the big investment banks were given a green light. The US stock market trading at record highs has helped generate some of the underlying enthusiasm …

GameStop soars again; Wall Street bends under the pressure
3 years, 10 months ago

GameStop soars again; Wall Street bends under the pressure

Associated Press  

Another bout of selling gripped the U.S. stock market Friday, as anxiety mounts over whether the frenzy behind a swift, meteoric rise in GameStop and a handful of other stocks will damage Wall Street overall. “You’ve seen a lot of volatility this week, so when you have some unknowns like what you’re seeing in the retail trading world, people are …

EXPLAINED | What Is GameStop? The Controversy Around Sudden Surge In Its Stock Price & Reddit's Role
3 years, 10 months ago

EXPLAINED | What Is GameStop? The Controversy Around Sudden Surge In Its Stock Price & Reddit's Role

ABP News  

On January 28, 2021, a short sqeeze in the trade market resulted in a 1,500 percent increase in an an otherwise struggling video game retailer’s share price over the course of two weeks, reaching an all-time intraday high of US$483.00 on the New York Stock Exchange. The firm specialises in the buying, selling and trading of games and game devices …

GameStop stock news: Latest market updates as Congress schedules hearings
3 years, 10 months ago

GameStop stock news: Latest market updates as Congress schedules hearings

The Independent  

✕ Close Hedge funds, Gamestop, Reddit investors explained The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. …

GameStop investors’ motives: Take a YOLO bet. ‘Ruin a billionaire’s life.’
3 years, 10 months ago

GameStop investors’ motives: Take a YOLO bet. ‘Ruin a billionaire’s life.’

LA Times  

For some, it was the desire to make a buck. “My goal isn’t to get rich on this, my goal is to bankrupt these billionaires,” said Motter, 33, who had never bought a stock in his life before he took an amount of money larger than he received from the federal government’s coronavirus “stimmy” check and poured it into GameStop …

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues
3 years, 10 months ago

GameStop shares surge 40% before dropping sharply as Reddit-fuelled rollercoaster continues

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy GameStop shares surged a further …

EXPLAINER: Why GameStop’s stock surge is shaking Wall Street
3 years, 10 months ago

EXPLAINER: Why GameStop’s stock surge is shaking Wall Street

Associated Press  

NEW YORK — It’s not just you. The struggling video game retailer’s stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington. They’ve recently been encouraging each other to keep buying GameStop and push it ever higher, or “to the …

EXPLAINER: Why GameStop's Stock Surge Is Shaking Wall Street
3 years, 10 months ago

EXPLAINER: Why GameStop's Stock Surge Is Shaking Wall Street

News 18  

NEW YORK: It’s not just you. The struggling video game retailer’s stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington. A big reason for that is how deeply hated GameStop’s stock was by hedge funds and other professional investors …

What GameStop Workers Think About Their Employer’s Stock Frenzy
54 years, 11 months ago

What GameStop Workers Think About Their Employer’s Stock Frenzy

Slate  

The mystifying rise of GameStop’s stock has enthralled the general public, which has eagerly followed the story of a bunch of rambunctious Reddit investors collectively squeezing institutional hedge funds with short positions. An assistant store leader who’s been working for GameStop for five years in Ohio said that store leaders usually make about $15 per hour, while assistant store leaders …

Why GameStop Stock Soared As Part Of A Reddit Forum's Quest To Take Down Hedge Funds
3 years, 10 months ago

Why GameStop Stock Soared As Part Of A Reddit Forum's Quest To Take Down Hedge Funds

Huff Post  

A David and Goliath fight is being waged in the stock prices of seemingly failing businesses like GameStop and BlackBerry. This has thrown the stock market into chaos, hedge funds are pulling out their investments and really, GameStop hasn’t received this kind of attention since the Nintendo Wii came out. Many people, including myself, might meet most stock market news …

How GameStop shares mania swept the world at huge expense to investors
3 years, 10 months ago

How GameStop shares mania swept the world at huge expense to investors

Daily Mail  

An obscure Reddit forum, a failing games shop, and a saga that could end up costing Wall Street billions - welcome to the bizarre trading scheme that is shaking up stock markets across the world. Amateur investors organising around a Reddit page called Wallstreetbets have sent failing shares in companies around the world soaring after pulling off a similar stunt …

Explainer | Why regulators may scrutinise GameStop’s Reddit-driven retail stock surge
3 years, 10 months ago

Explainer | Why regulators may scrutinise GameStop’s Reddit-driven retail stock surge

The Hindu  

Shares of video game retailer GameStop Corp surged nearly 700% over the past week as retail investors piled in to the stock, appearing to be urged on by bullish posts in popular online forum Reddit as opposed to any fundamental changes in the company's finances or prospects. Jacob Frenkel, Securities Enforcement Practice chair for law firm Dickinson Wright, said the …

India's small investors rush to join GameStop frenzy
3 years, 10 months ago

India's small investors rush to join GameStop frenzy

The Hindu  

India's small investors are snapping up shares of U.S. retail investor favourite GameStop Corp, making the video game retailer the most traded stock on some Indian brokerages after anonymous social media posts fuelled a frenzied rally. Explainer | Why regulators may scrutinize GameStop's Reddit-driven retail stock surge Shares of GameStop have surged 1,700% since January 12 as amateur U.S. investors, …

Reddit group hyped up GameStop causing share price to surge
3 years, 10 months ago

Reddit group hyped up GameStop causing share price to surge

Daily Mail  

The Reddit subgroup fueling the unprecedented surge of GameStop shares is now planning to drive up American Airlines' stock in a campaign that is rattling Wall Street. Discord on Wednesday confirmed it has banned the WallStreetBets server from its platform, where users had shared messages hyping up GameStop's stock and urged other investors to hold on to their shares or …

GameStop stock price soars after retail investors take on short-sellers
3 years, 10 months ago

GameStop stock price soars after retail investors take on short-sellers

Op India  

The skyrocketing of the stock price of GameStop, a video game retailer, has been a taking point in Wall Street. The retail investors, fuelled by social media rumours, have taken up the gaming seller’s share price to the top, leaving hedge fund managers and big investors in a bit of a fix. The sudden rise in the share price has …

What is GameStop? All you need to know about Reddit-driven stock market play
3 years, 10 months ago

What is GameStop? All you need to know about Reddit-driven stock market play

Hindustan Times  

What is GameStop and why is it trending? Photographer: David Paul Morris/Bloomberg GameStop is an American video game and gaming merchandise consumer retailer, which was hit hard by the pandemic as the company heavily relies on the physical retail space. This surprising rise in the stocks of a video game retailing company comes as amateur traders on the internet are …

Indian retail stock market investors also join GameStop’s wild ride
3 years, 10 months ago

Indian retail stock market investors also join GameStop’s wild ride

Live Mint  

India’s day traders are strapping in for the GameStop Corp. ride that’s taken equity markets by storm. The videogame retailer was among the five most-traded names over the past week on Stockal, a platform for Indian retail investors to trade U.S. equities. Unlike many of their options-heavy WallStreetBets counterparts, Indian traders aren’t allowed to take on leverage while trading foreign …

In duel with small investors over GameStop, big funds blink
3 years, 10 months ago

In duel with small investors over GameStop, big funds blink

Associated Press  

Across most of America, GameStop is just a place to buy a video game. “Nothing has changed with GameStop except the stock price,” He also said he has “respect for the market,” which can run stock prices up much higher than where critics say they should be, at least for a while. “i’m bankrupting a 10 figure hedge fund with …

Wall Street’s wild week: GameStop stock soars 100% after Robinhood lifts restrictions
3 years, 10 months ago

Wall Street’s wild week: GameStop stock soars 100% after Robinhood lifts restrictions

CNN  

New York CNN Business — GameStop traders sent the stock on a wild ride Thursday, and it looks set for another manic session Friday. “We’re beginning to open up trading for some of these securities in a responsible manner.” Shares of GameStop fell more than 60% at one point and were halted several times Thursday, after having soared in recent …

GameStop: Why social media-driven traders are beating Wall Street
3 years, 10 months ago

GameStop: Why social media-driven traders are beating Wall Street

Al Jazeera  

Retail traders using social media site Reddit have quickly overturned conventional wisdom about who holds sway in US equity markets. An unlikely company has found itself at the centre of a much-heralded sea change in investment trends, as video game retailer GameStop’s stock continues to skyrocket – at least for now. But the bizarre spectacle around the surge in the …

GameStop stock has surged thanks to enthusiastic WallStreetBets Reddit users. Here's what you need to know
3 years, 10 months ago

GameStop stock has surged thanks to enthusiastic WallStreetBets Reddit users. Here's what you need to know

ABC  

It's a story with all the makings of a Hollywood blockbuster: the little guys beat the corporate titans at their own game, expose hypocrisy and get insanely rich in the process. If the company's share price suddenly surges, the "short seller" can buy those shares back at a slightly higher price. That's when "short sellers" — realising they've made the …

Everything you need to know about how a Reddit group blew up GameStop’s stock
3 years, 10 months ago

Everything you need to know about how a Reddit group blew up GameStop’s stock

CNN  

New York CNN Business — The GameStop frenzy on Wall Street has investors, and much of the internet, enraptured — not unlike a good horror movie. On one side you have a band of mostly young day traders who coordinate on Reddit to drive up the share price of struggling companies, including GameStop, but also BlackBerry, Macy’s and AMC. The …

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