GME Stock News: GameStop Corp trades flat ahead of its annual shareholder meeting

  • NYSE:GME gained 0.85% amidst an unsettled day for the broader markets.
  • GameStop announces a corporate shakeup that sees Ryan Cohen takeover as Chairman of the Board.
  • Meme stocks take a step back on Wednesday, as Clover, AMC, and Wendy’s tumble.

NYSE:GME has finally provided a vision of who will be taking over the next phase of the company’s digital transformation. It also reported a 25% year-over-year rise in sales and a 14% growth in revenues, as video games were in high demand during the COVID-19 pandemic. Shares of GameStop edged slightly higher, gaining 0.85% to close the trading session at $302.56. After hours was a different story though as GameStop announced it would be selling up to 5 million shares from time to time to capitalize on the high stock price, which sent shares tumbling by as much as 7.5%.

Stay up to speed with hot stocks' news!

The big news of the day was the corporate shakeup that saw Ryan Cohen take over as Chairman of the Board. Cohen also announced that Matt Furlong would be the new CEO and Mike Recupero as the new CFO. Both were previous executives from Amazon (NASDAQ:AMZN), a sign that GameStop is pushing forward with its transformation into an eCommerce platform. Unfortunately, Cohen gave no details about the strategy for the ongoing transformation of the company, leaving investors in the dark about what lies ahead.

GME stock forecast

Aside from GameStop, most of the other meme stocks took a breather on Wednesday. AMC (NYSE:AMC) fell by 10.37%, Clover Health (NASDAQ:CLOV) dropped 23.61%, and Wendy’s (NASDAQ:WEN) lost 12.68%, after all ripping higher the day before. Not to be outdone, some new names appeared on the WallStreetBets target list including WWE (NYSE:WWE) which surged by 10.89% and Invesco Mortgage Capital (NYSE:IVR) soared by 17.51%.  

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD battles with 1.1700 as the market mood turns sour

Poor German data and renewed concerns about a default of the Chinese Evergrande property giant undermined investors’ sentiment, pushing them into the dollar’s safety.


GBP/USD accelerates its slump, trades around 1.3650

GBP/USD is under strong selling pressure, trimming most of its post-BOE gains. Concerns about the global financial health and slow moves towards tapering weigh on markets.


XAU/USD hangs near multi-week lows, around $1,745 ahead of Powell

Gold struggled to capitalize on its attempted intraday recovery move. Hawkish Fed/BoE, rising bond yields acted as a headwind for the metal. Resurgent USD demand exerted additional pressure on the commodity.

Gold News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

PBoC bans crypto trading activities and a plethora of associated services, labeling it “illegal.” Overseas cryptocurrency exchanges providing services to Chinese residents will be investigated in accordance with the law. 

Read more

Evergrande, VIX and yields make for choppy day ahead

Equity markets remain focused on Evergrande as rumours of a possible default on overseas debt swirl. The market appears to be on the hunt for negative news, which leads us to conclude that stocks are going lower in the short term.

Read more