![]() "We remain convinced that GameStop is doomed, with declining physical software sales and a shift of sales to subscription services and digital downloads sealing its fate," Wedbush managing director Michael Pachter wrote in a note to clients on Thursday. ![]() Shares of the company fell 18% at the market open on Thursday. The company didn't hold an earnings call, typically an industry standard, to explain its quarterly results or the executive shakeup. ![]() Financially, GameStop's first quarter came in worse than Wall Street had hoped for, with revenue of $1.24 billion coming in short of analysts' expectations for $1.4 billion. GameStop board chairman Ryan Cohen was named executive chairman. In single stock moves, GameStop, a meme stock favorite, reported first quarter earnings and announced the firing of CEO Matthew Furlong as part of the release. The S&P 500 has been chasing bull-market territory all week, needing a close above 4,292.44. The Nasdaq 100 snapped a four-day winning streak on Wednesday as the artificial intelligence-infused rally appears to have hit a standstill. The S&P 500 has now increased more than 20% from its October 2022 lows. The S&P rose 0.62% while the Nasdaq Composite ( ^IXIC) popped 1.02% and the Dow Jones Industrial Average ( ^DJI) was up 0.50%, or 168 points. Stocks ended the day higher, and the S&P 500 ( ^GSPC) entered a bull market on Thursday as investors digested fresh economic data ahead of next week's Federal Reserve meeting and a leadership shakeup at GameStop ( GME).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |