GameStop stock plummets 27 percent following earnings report
Al Jazeera
The stock was among the first to get a huge Reddit and social media following earlier this year and has surged about 1,100 percent in 2021.
GameStop Corp.’s meteoric rally this year as one of the first meme-stock icons may be losing steam after the company said it planned to sell more shares and offered few details about its turnaround strategy. The Grapevine, Texas-based video-game retailer fell 27% to $220.39 on Thursday in the biggest drop since March 24. The stock, which was among the first to get a huge Reddit and social media following earlier this year, has surged about 1,100% in 2021 as retail investors banded together to take on short sellers and amid optimism on a corporate turnaround. With the stock about 50% from its intraday record high of $483, investors are still waiting for a clear strategy from newly appointed chairman and activist investor Ryan Cohen. GameStop did announce a pair of new leaders from Amazon.com Inc. to help with turning the brick-and-mortar chain into an e-commerce powerhouse.
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