Tag Archives: GameStop

GameStop’s (GME) stock surged as much as 30% in after hours after a report that the video game retailer is launching a marketplace for non-fungible tokens (NFTs), a move which had been telegraphed last year.  GameStop is also reportedly creating partnerships with two crypto companies to “share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects,” according to people familiar with the plans who spoke to the… Source link

(Bloomberg) — Robinhood Markets Inc. and Citadel Securities responded to renewed criticism of their actions during January’s meme-stock frenzy, after retail investors filed a class-action lawsuit last week. Most Read from Bloomberg Citadel Securities, whose founder Ken Griffin testified about the episode during a February congressional hearing, fired off a series of tweets late Monday denying allegations that it pressured Robinhood to restrict trading. Robinhood, led by Chief Executive… Source link

Not even speculation of a partnership with fellow meme stock trader favorite AMC Entertainment has been enough to arrest the selling pressure in shares of one-time 2021 market darling GameStop (GME).  Shares of the gaming retailer turn self-described tech company have dropped 12% so far in September, far worse than the 2% respective drops in the S&P 500 and Nasdaq Composite. GameStop’s stock is also among the laggards of the popular meme stock group this month — AMC’s stock has gained 8.5%… Source link

The GameStop phenomenon hit corporate America in the coffers this week. On Sept. 16, MassMutual paid a $4 million fine to settle a litigation with Massachusetts securities regulators, according to a Wall Street Journal report.  The financial-services company got busted for not properly supervising Keith Gill, the 34-year-old MassMutual employee and YouTuber, who went by the alias “Roaring Kitty” on social media. Gill gained a cult-like following among retail investors on Reddit for posting… Source link

GameStop (GME) shares turned positive Thursday afternoon after dipping as much as 10% post quarterly earnings. The stock closed fractionally higher at $199.18 each.  Shares of the video-game retailer had opened lower on Thursday after the company reported an adjusted loss per share of 76 cents with revenue of $1.18 billion for its 2nd quarter. The stock rallied back just above the flat line by the afternoon to end the session in the green.  On Wednesday management said the company has enough… Source link

GameStop (GME) apparently no longer sees itself as a retailer under the dual leadership of new chairman Ryan Cohen and CEO Matt Furlong, but rather as a tech company perhaps some day worthy of being in the same discussion as an Apple (AAPL), Microsoft (MSFT), and Google (GOOG, GOOGL).  “GameStop has two long-term goals: delighting customers and delivering value for stockholders. We are evolving from a video game retailer to a technology company that connects customers with games,… Source link

(Bloomberg) — A basket of so-called meme stocks is surging, fueled by afternoon rallies for GameStop Corp. and AMC Entertainment Holdings Inc. The group of 37 retail-trader favorites tracked by Bloomberg soared 10% Tuesday, the most since early June, as trading volumes accelerated. GameStop and AMC, two of the most closely-followed meme stocks, surged 28% and 20% respectively. The afternoon rally caught most analysts by surprise as investors await insights from Federal Reserve Chairman Jerome… Source link

Loop Capital Markets analyst Anthony Chukumba was among the first analysts on Wall Street to drop coverage of GameStop in February as the rise of meme traders overran the stock and sent it to dizzying new heights for no real fundamental reason.  But despite a new management team and board arriving to GameStop in recent weeks, don’t look for Chukumba to be re-launching coverage anytime soon.  “I will never cover GameStop ever again, there is just no point,” Chukumba said on Yahoo Finance… Source link

(Bloomberg) — GameStop Corp. will join the FTSE Russell 1000 Index of large-capitalization stocks and AMC Entertainment Holdings Inc. will remain in the Russell 2000 after both companies saw billions of dollars added to their market values amid frenzied rallies this year. GameStop will be transferred into the Russell 1000 and out of the Russell 2000 as part of FTSE’s annual reconstitution, according to a list released by the global index provider on Friday. Due to the timing of a rally in… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Wednesday, June 23, 2021 GameStop saves money by raising money The “meme trade” has been one of the market’s defining trades this year.  And while some investors have chosen to ignore the action we’ve seen in shares of GameStop (GME) or AMC (AMC) amid a value rotation, rising bond yields, and a booming economy, these retail-driven trading frenzies… Source link