GME Stock Forecast: GameStop ekes out gain but underperforms markets and other meme names
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Subscribe to Premium- NYSE:GME gained 0.40% during Wednesday’s trading session.
- Meme stocks rally into the close after a slow start to the day.
- Coinbase stock rebounds after explaining its $1 billion net loss.
NYSE:GME managed to post a positive session on Wednesday, but its performance paled in comparison to its fellow meme stocks. Shares of GME gained 0.40% and closed the trading day at $40.53. Stocks were flying higher on Wednesday following the release of the July CPI Report. Overall inflation in the US economy came in at 8.5% for the month on a year over year basis. While still high, it slowed on a sequential monthly basis and also came in under consensus Wall Street estimates of 8.7%. The Dow Jones gained 535 basis points, the S&P 500 rose by 2.13%,, and the NASDAQ jumped higher by 2.89% during the session.
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Meme stocks looked to be extending their recent pullbacks during the morning session as AMC, GameStop (NYSE:GME), and Bed Bath and Beyond (NASDAQ:BBBY) all started the day below water. It took a late session surge for all three to finish in positive territory, with Bed Bath and Beyond leading the way with a 7.35% gain for the day. Meanwhile AMC continued its recent tear with a 5.20% gain of its own as CEO Adam Aron continues to push a narrative of a post-earnings short squeeze.
GameStop stock price
A day after Coinbase (NASDAQ:COIN) reported an inflated loss for the quarter and saw its shares fall by nearly 11%, the stock rebounded by 7.37% on Wednesday. Part of this is due to Bitcoin and the crypto markets rallying on the lower inflation number. The CFO also explained that much of the loss is due to an accounting impairment on the crypto assets that Coinbase holds. While it may soften the blow, it does not change the fact that the company has certainly been underperforming expectations as of late.
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- NYSE:GME gained 0.40% during Wednesday’s trading session.
- Meme stocks rally into the close after a slow start to the day.
- Coinbase stock rebounds after explaining its $1 billion net loss.
NYSE:GME managed to post a positive session on Wednesday, but its performance paled in comparison to its fellow meme stocks. Shares of GME gained 0.40% and closed the trading day at $40.53. Stocks were flying higher on Wednesday following the release of the July CPI Report. Overall inflation in the US economy came in at 8.5% for the month on a year over year basis. While still high, it slowed on a sequential monthly basis and also came in under consensus Wall Street estimates of 8.7%. The Dow Jones gained 535 basis points, the S&P 500 rose by 2.13%,, and the NASDAQ jumped higher by 2.89% during the session.
Stay up to speed with hot stocks' news!
Meme stocks looked to be extending their recent pullbacks during the morning session as AMC, GameStop (NYSE:GME), and Bed Bath and Beyond (NASDAQ:BBBY) all started the day below water. It took a late session surge for all three to finish in positive territory, with Bed Bath and Beyond leading the way with a 7.35% gain for the day. Meanwhile AMC continued its recent tear with a 5.20% gain of its own as CEO Adam Aron continues to push a narrative of a post-earnings short squeeze.
GameStop stock price
A day after Coinbase (NASDAQ:COIN) reported an inflated loss for the quarter and saw its shares fall by nearly 11%, the stock rebounded by 7.37% on Wednesday. Part of this is due to Bitcoin and the crypto markets rallying on the lower inflation number. The CFO also explained that much of the loss is due to an accounting impairment on the crypto assets that Coinbase holds. While it may soften the blow, it does not change the fact that the company has certainly been underperforming expectations as of late.
Like this article? Help us with some feedback by answering this survey:
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