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Investors Hit Pause as GameStop Goes Quiet on Reorg

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Video game retailer GameStop Corp tumbled 8 percent in early trading on Thursday as the company’s silence on its turnaround plan left its army of small-time investors questioning the meteoric rise in its share price this year. Although the company posted a 25 percent jump in quarterly sales late on Wednesday, executives failed to lay out fresh details about how it will refashion itself into a gaming and entertainment retailer. Shares fell 7.6 percent to $183.70 in premarket, still far below the $482.95 that some investors paid in January, but well above the $18 they traded at in December. Thursday’s drop was also subdued compared with the 30 percent move in its shares after each of its previous two earnings reports. “When this meme trade ends (if ever) this will likely be a steep, ugly fall,” Jake Dollarhide, chief executive officer at Longbow Asset Management, said in a LinkedIn post. …

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