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GameStop Corp

GameStop raises about $1bn in latest equity offering
Markets

GameStop raises about $1bn in latest equity offering

  • The company will use the net proceeds from the offering for general corporate purposes as well as for investing in growth initiatives, the company said.
  • Shares of the company were up 9.3% in premarket trading on Tuesday.
Updated 22 Jun, 2021 04:46pm
AMC courts Reddit crowd again after hedge fund share deal
Business & Finance

AMC courts Reddit crowd again after hedge fund share deal

  • Mudrick Capital Management bought 8.5 million new AMC shares for $230 million on Tuesday before later selling them at a profit.
  • AMC has been among the biggest gainers from a vigorous market battle since January involving both hedge funds and a new generation of social media centric small-time traders.
  • AMC has been among the biggest gainers from a vigorous market battle since January involving both hedge funds and a new generation of social media centric small-time traders.
Published 02 Jun, 2021 07:03pm
GameStop boosts teen interest in investing: survey
Business & Finance

GameStop boosts teen interest in investing: survey

  • A third of teens say they are learning financial lessons from the internet and social media, according to the survey of 13 to 17 year olds and parents of teenagers.
  • About 45% of teens said "the GameStop social media situation" boosted their interest in investing with 53% of boys claiming increased interest and 40% of teen girls, according to Wells Fargo.
Published 02 Jun, 2021 06:57pm
Morgan Stanley profit blows past estimates, flags credit event loss
Business & Finance

Morgan Stanley profit blows past estimates, flags credit event loss

  • The Wall Street powerhouse, however, recorded a total one-off loss of over $900 million that it said was related to a credit event and subsequent losses from "a single prime brokerage client."
  • Morgan Stanley was one of six banks who had exposure to Archegos Capital Management, a family office fund that defaulted on margin calls late last month and triggered a firesale of stocks across Wall Street.
Published 16 Apr, 2021 05:21pm
GameStop plans to elect activist investor Cohen as chairman
Business & Finance

GameStop plans to elect activist investor Cohen as chairman

  • The company also said on Thursday it was nominating six people, including Cohen, to stand for election to its board at the annual meeting of stockholders on June 9.
  • The announcement comes after GameStop on Monday increased the value of the new stock it may sell to $1 billion from $100 million, as it seeks to capitalize on a surge in its shares from the Reddit-driven rally.
Published 08 Apr, 2021 06:50pm
GameStop plans $1bn stock sale, shares slide
Markets

GameStop plans $1bn stock sale, shares slide

  • The company said it would sell up to 3.5 million shares and use the proceeds to speed up the shift in its business model to e-commerce in an overhaul being led by top shareholder and board member Ryan Cohen.
  • GameStop's stock has gained more than 900% so far this year, giving the company a valuation of as much as $34 billion at one point as retail traders bet against Wall Street hedge funds that had shorted its shares.
Published 05 Apr, 2021 05:26pm
GameStop tumbles as Reddit darling considers share sale
Markets

GameStop tumbles as Reddit darling considers share sale

  • GameStop has surged nearly 900% so far this year and at the peak of the trading frenzy on Jan. 28 the shares had touched $483 a piece.
  • GameStop previously decided against the move as it was restricted under US financial regulations from selling shares because it had not yet updated investors on its earnings.
Published 24 Mar, 2021 08:13pm
GameStop, other ‘meme stocks’ soar as markets eye stimulus boost
Markets

GameStop, other ‘meme stocks’ soar as markets eye stimulus boost

  • GameStop was trading 14.5% higher at $282.73 before the bell, on course for a sixth straight session of gains, while shares of cinema operator AMC Entertainment rose 10% and headphones maker Koss Corp soared about 40%.
  • GameStop retains a legion of devout followers after a social media frenzy in January triggered a massive rally in which its shares surged more than 1,600%.
Published 10 Mar, 2021 08:09pm
GameStop shares climb in early deals, on track for second best week
Markets

GameStop shares climb in early deals, on track for second best week

  • Options market activity in the stock, which has returned to the top of the list in a social media-driven retail trading frenzy, suggested investors were betting on higher prices or higher volatility, or both.
  • GameStop shares touched $120.60 and were on track to nearly triple this week in an equity market where falling bond prices have weakened general investor sentiment towards US stocks.
Published 26 Feb, 2021 06:15pm
GameStop shares rise in early trade before being halted
Markets

GameStop shares rise in early trade before being halted

  • The stock hit $160 at the open before being halted after several minutes of trading. Shares were changing hands at around $129 before the second halt.
  • A short squeeze takes place when the price of a heavily shorted stock rises sharply, forcing short-sellers who had bet against the stock to buy it at those prices to avoid further losses.
Published 25 Feb, 2021 08:13pm
GameStop situation unlikely in France, says market regulator
Markets

GameStop situation unlikely in France, says market regulator

  • "It is improbable in France and Europe, but it is a situation to which we have to pay close attention," AMF head Robert Ophele told Boursorama TV.
  • Investors who followed popular Reddit forum WallStreetBets helped push GameStop shares to a closing high of $347.51 on Jan. 27.
Published 12 Feb, 2021 06:23pm
Robinhood to allow buying fractional shares of GameStop, AMC
Markets

Robinhood to allow buying fractional shares of GameStop, AMC

  • The move allows buying parts of shares, often to encourage participation from smaller investors by reducing the size of the amount they have to bet.
  • Trading limit on GameStop shares was increased to 100 from 20 on Tuesday, while restrictions on Express Inc, Naked Brand Group Ltd and Nokia were also eased.
Published 03 Feb, 2021 07:32pm
European shares rise
Markets

European shares rise

MILAN/FRANKFURT: European shares rose on Tuesday as investors were hopeful of a faster economic recovery, while...
Published 03 Feb, 2021 04:35am