GameStop lays off 120 corporate staffers as stock continues to tumble

Discussion in 'hardware' started by mood, Aug 20, 2019.

  1. mood

    mood Updates Team

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    GameStop lays off 120 corporate staffers as stock continues to tumble
    Game Informer staff also affected by retailer's "Reboot Initiative"
    August 21, 2019
    https://arstechnica.com/gaming/2019...porate-staffers-as-stock-continues-to-tumble/
     
  2. mood

    mood Updates Team

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    Video game retailer GameStop closing 180 to 200 stores globally
    September 10, 2019
    https://eu.usatoday.com/story/money...19-retailer-closing-up-200-stores/2279343001/
     
  3. hawki

    hawki Registered Member

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    Former President of Nintendo of America appointed to GameStop Board of Directors

    "Nintendo of America’s former president and taker of names is joining GameStop’s board of directors. The huge gaming retail company announced today that Reggie Fils-Aimé is joining its board to help turn the company around. Fils-Aimé is best known as his time as president of Nintendo of America, when he was the face of the company in North America..."

    https://venturebeat.com/2020/03/09/reggie-fils-aime-gamestop/
     
  4. mood

    mood Updates Team

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    GameStop tells employees it's 'essential' and can stay open during lockdowns
    March 20, 2020
    https://www.engadget.com/2020/03/20/gamestop-essential/
     
  5. mood

    mood Updates Team

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    GameStop closes California stores despite earlier defiance
    Turns out a game store isn't very essential during the COVID-19 pandemic
    March 20, 2020

    https://www.engadget.com/2020/03/20/gamestop-closes-california-stores/
     
  6. mood

    mood Updates Team

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    GameStop Finally Closes Stores To Customers
    March 21, 2020
    https://kotaku.com/gamestop-finally-closes-stores-to-customers-1842440935
     
  7. mood

    mood Updates Team

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    GameStop restricts customer access to stores, enables curbside pick-up
    GameStop Provides US Store Operations and Customer Service Update (March 21, 2020)
     
  8. mood

    mood Updates Team

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    GameStop instructs employees to tape plastic bags around hands while at work
    March 30, 2020
    https://mspoweruser.com/gamestop-employees-plastic-bags-coronavirus/
     
  9. mood

    mood Updates Team

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    Console options without disc drives could be GameStop’s final death knell
    September 10, 2020
    https://arstechnica.com/gaming/2020...-drives-could-be-gamestops-final-death-knell/
     
  10. mood

    mood Updates Team

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    GameStop will offer multiple ways to buy next-gen Xbox and PlayStation
    Next-gen consoles could be the most accessible ever for buyers
    September 15, 2020

    https://www.techspot.com/news/86754-gamestop-offer-multiple-payment-options-next-gen-consoles.html
    GameStop: GameStop Reports Second Quarter Results And Strong Progress Toward Strategic Objectives
     
  11. mood

    mood Updates Team

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    GameStop Surges After Forming Strategic Accord With Microsoft
    October 8, 2020
    https://www.bloomberg.com/news/arti...after-forming-strategic-accord-with-microsoft
    Microsoft / GameStop: GameStop announces major multiyear partnership with Microsoft
     
  12. mood

    mood Updates Team

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    Why GameStop declined as video games boomed
    October 10, 2020
    https://www.cnbc.com/2020/10/10/why-gamestop-declined-as-video-games-boomed.html
     
  13. mood

    mood Updates Team

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    GameStop Is Having A TikTok Competition For Its Employees And One Of The Prizes Is 10 Extra Labor Hours
    Novembe 3, 2020
    https://www.thegamer.com/gamestop-black-friday-hours/
     
  14. mood

    mood Updates Team

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    GameStop signs deal with investor, refreshes board to focus on e-commerce
    January 11, 2021
    https://www.reuters.com/article/us-...es-board-to-focus-on-e-commerce-idUSKBN29G1EP
     
  15. hawki

    hawki Registered Member

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    So there is an interesting story involving GameStop stock.

    This month the stock has risen over 400%, from $17.50 to $88.00. (At one point today the stock was selling for $146.00.)

    https://www.marketwatch.com/investing/stock/gme?mod=over_search

    Here's the explanation:

    "...It has nothing to do with fundamentals. Rather, it’s the mother of all short squeezes. Bearish investors, believing GameStop is the next Blockbuster, got so bearish that they sold every single share—and then some—of the company short.

    But a little bit of good news—in this case the arrival of Chewy co-founder Ryan Cohen—provided a spark that sent shares higher. That spark was fanned into flames by investors on Reddit, who continue to push the stock..."

    [A"https://www.marketwatch.com/article...nexplicable-run-51611580557?mod=mw_quote_news

    Here's the Reddit board that's been fanning the flames and causing the young, speculative investor crowd to buy the stock with their smartphones using the free trading platform, Robinhood.

    https://www.reddit.com/r/wallstreetbets/

    This story is unlikely to end well for many.
     
  16. hawki

    hawki Registered Member

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    The story continues.

    In aftermarket trading GameStop stock is selling for $226/share up $147 (145%) on the day.

    Here's further insight:

    "Why GameStop shares are on a wild, Reddit-driven run..."

    https://www.washingtonpost.com/business/2021/01/25/gamestop-stock-short-squeeze/

    "Is GameStop stock being manipulated by social-media users or is it free speech?..."

    https://www.marketwatch.com/story/i...xperts-weigh-in-11611636278?mod=mw_quote_news
     
  17. hawki

    hawki Registered Member

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    "GameStop Stock Frenzy Continues As Share Price Tops $350 In Pre-Market...

    The stock’s surge has, in large part, been fueled by an army of Reddit-charged day traders who used the website "WallStreetBets" forum to pump up shares and fight back against the huge levels of short sellers..."

    https://www.baystreet.ca/articles/techinsider.aspx?articleid=63787&mod=mw_quote_news

    GameStop Corp.

    $354.80

    + $206.82
    +139.76%

    Last Updated: Jan 27, 2021 at 9:29 a.m. EST Delayed quote

    https://www.marketwatch.com/investing/stock/gme?mod=mw_quote_recentlyviewed

    The stock of GameStop was trading at $17.50 at the beginning of January.
     
  18. hawki

    hawki Registered Member

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    "GameStop, AMC surge after Reddit users lead chaotic revolt against big Wall Street funds

    Users on online trading communities are claiming victory for wrecking costly Wall Street gambles...

    Shares of video game retailer GameStop and movie theater giant AMC Entertainment soared to astronomical levels Wednesday as an apparent swarm of ordinary investors, spurred on by a Reddit message board, took on big Wall Street funds that had bet the companies’ stock prices would fall...

    The inexplicable rise in AMC and GameStop’s stock prices has become one of Wall Street’s most-watched dramas, pitting an apparent army of retail investors against seasoned Wall Street traders. Some of the Reddit participants, who had organized in the message board WallStreetBets, claimed they were punishing Wall Street and “democratizing” trading...

    For weeks, users posting onWallStreetBets have been rallying support for GameStop, which has been targeted by short sellers as it struggles to adapt its brick-and-mortar busines..."

    https://www.washingtonpost.com/business/2021/01/27/gamestop-amc-reddit-short-sellers-wallstreetbets/
     
  19. hawki

    hawki Registered Member

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  20. hawki

    hawki Registered Member

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    "WallStreetBets", the Reddit group that drove GameStop shares has reopened -- no longer private.

    https://www.marketwatch.com/article...uts-down-server-51611792059?mod=mw_latestnews
     
  21. hawki

    hawki Registered Member

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  22. hawki

    hawki Registered Member

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    Robinhood, the commission-free, smartphone trading platform, popular with younger retail investors and the Reddit crowd, this morning banned the purchase of GameStop stock.

    As a result, the stock fell from it's pre-market high of $480 to a current price of $196.

    https://www.marketwatch.com/investing/stock/gme?mod=over_search
     
  23. stapp

    stapp Global Moderator

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  24. hawki

    hawki Registered Member

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    "GameStop back on the rise as Robinhood eases trading ban..."

    https://www.reuters.com/article/ret...hood-eases-trading-ban-idUSL4N2K432U?rpc=401&

    GameStop Corp.
    Premarket

    $352.00

    + $158.40
    + 81.82%

    Last Updated: Jan 29, 2021 8:38 a.m. EST Delayed quote

    https://www.marketwatch.com/investing/stock/gme?mod=mw_quote_recentlyviewed
     
  25. Rasheed187

    Rasheed187 Registered Member

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    I believe trading should be halted and there should be more rules against stock market manipulation from both retail investors and hedge funds, because this is crazy, it doesn't make any sense. And don't forget, because these hedge funds are now losing billions, they may eventually start to sell other well known stocks, which will cause the market to crash. These so called retail investors are a bunch of idiots if you ask me.
     
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