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☆ Ryan Cohen 'doesn't have the first clue' how to turn GameStop around, says Wedbush's Michael Pachter
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyan Cohen 'doesn't have the first clue' how to turn GameStop around, says Wedbush's Michael PachterMichael Pachter, Wedbush Securities, joins 'Closing Bell Overtime' to breakdown what GameStop's leadership shake up means for the future of the company.

Persons: Ryan Cohen, doesn't, Wedbush's Michael Pachter Michael Pachter Organizations: GameStop, Wedbush Securities Locations: Wedbush

☆ GameStop's Strategy
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGameStop's StrategyGameStop will report quarterly earnings on Wednesday, June 7. Find out how the company – under chairman Ryan Cohen – has been handling its earnings calls a bit differently than traditional Wall Street. Watch Making of the Meme King on Tuesday, June 6 at 10pm ET on CNBC.

Persons: Ryan Cohen – Organizations: GameStop, CNBC

☆ Recasting the upcoming GameStop movie: Here's who should play Ken Griffin, Steve Cohen, and the rest of the gang
▼ + stars: | 2023-04-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Wall Street is getting the Hollywood treatment again. - Paul Giamatti as AMC's Adam Aron (This guy knows his way around Wall Street.) For more on the upcoming GameStop movie, including who is set to play the "pot-smoking retail trader," click here. Here's why the rest of Wall Street might be motivated to help First Republic. Meet the new generation of the ultra-rich on Wall Street.

☆ GameStop's surprise profit triggers short squeeze, meme stocks rally
▼ + stars: | 2023-03-22 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

AMC and GameStop were at the heart of a meme-stock frenzy in 2021 driven by small investors coordinating on social media. Among other highly shorted meme stocks, Koss Corp (KOSS.O) climbed 9.5%, Bed Bath & Beyond (BBBY.O) reversed course to slip 1.3%, while the Roundhill MEME ETF (MEME.P) rose 4.2%. "Luckily, this go around is not due to meme investors, but an actual tangible fundamental event," said David Wagner, portfolio manager at Aptus Capital Advisors. SOURING SHORT BETSWhen there is a rush of demand from short sellers looking to exit their bearish bets amid a rise in a stock's price, it pushes prices even higher, resulting in a short squeeze. Another favorite among retail investors - Carvana Co (CVNA.N) - jumped 22% after the used-car retailer said it expects a smaller core loss in the current quarter.

☆ Meme stock GameStop surges nearly 50% after it posted a surprise profit for the first time in 2 years
▼ + stars: | 2023-03-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

GameStop reported a surprise profit in the fourth quarter of 2022, boosting its share price. GameStop's share price surged nearly 50% in after-hours trade on Tuesday. GameStop skyrocketed in popularity in 2021 as investors used the WallStreetBets subreddit to pump so-called meme stocks. GameStop skyrocketed in popularity in 2021 as retail investors used the WallStreetBets subreddit to identify and pump the so-called meme stocks. GameStop share prices have come off since then but remain volatile.

☆ Don't chase meme stock GameStop here, says Jefferies
▼ + stars: | 2023-03-22 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

GameStop posted its first profitable quarter in two years, but the video game retailer still faces fundamental headwinds within its core business that will weigh on its stock, according to Jefferies. GME YTD mountain GameStop shares rallied Wednesday. Jefferies said software sales have been hurt by "the continued shift towards digital downloads and a lighter holiday release slate." And with 22.1% of GameStop's stock float being sold short, the short interest also could be boosting the share price Wednesday. When a stock is sold short , an investor borrows the shares with the hope the price will fall.

The retailer had been working to steer itself back to profitability, and got there in part by cutting costs. Selling, general and administrative expenses came in at $453.4 million for the quarter, or 20.4% of sales, compared to $538.9 million, or 23.9% of sales, in the year-earlier period. GameStop did not provide financial guidance and has not done so since the early days of the pandemic. For the quarter ended Jan. 28 , net sales dropped slightly to $2.23 billion from $2.25 billion in last year's fourth quarter. "GameStop is a much healthier business today than it was at the start of 2021," he said.

[1/2] A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermidMarch 21 (Reuters) - GameStop Corp (GME.N) on Tuesday posted a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the videogame retailer's bottom line, sending its shares nearly 50% higher in extended trading. The retailer posted an adjusted profit of 16 cents per share, compared with Wall Street expectations for a loss of 13 cents. The so-called "meme stock", which is the top trending ticker on retail trader forum Stocktwits, has declined 4% this year. Net profit for the quarter ended Jan. 29 was $48.2 million, compared with a loss of $147.50 million a year earlier.

☆ Wall Street watchdog set to adopt rules aimed at GameStop-type risk
▼ + stars: | 2023-02-15 | by ( Douglas Gillison | ) www.reuters.com time to read: +2 min

The U.S. Securities and Exchange Commission (SEC) was also due to vote on whether to propose changing rules protecting client assets held by investment managers. Trade groups have broadly welcomed the commission's proposal to cut the so-called settlement cycle to a single business day from two, six years after an earlier SEC rule shortened the period from three days. GameStop's share price tanked after its earlier volatility resulted in a multi-billion-dollar margin call on trading platform operators such as Robinhood Markets Inc (HOOD.O). A shorter settlement cycle should see fewer defaults and thus help cut margin deposit costs, thereby reducing the chances of such a scenario recurring, according to the SEC. Reporting by Douglas Gillison; Editing by Megan Davies and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ Ray Dalio's hedge fund nearly tripled its GameStop and AMC bets last quarter, while Bill Miller dumped Bed Bath & Beyond stock
▼ + stars: | 2023-02-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

The hedge fund nearly tripled its stake in the video-game retailer and the movie-theater chain. Meanwhile, Bill Miller's fund sold all of its remaining shares in Bed, Bath & Beyond. Dalio's Bridgewater Associates fund boosted its bets on GameStop and AMC Entertainment, while Miller Value Partners exited its Bed Bath & Beyond wager. Similarly, AMC shares surged from about $2 to over $59 during the first six months of 2021. For its part, Bed Bath & Beyond shares soared from under $4 in April 2020, to over $35 by January 2021.

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☆ Investor Ryan Cohen builds Alibaba stake, pushes for more share buybacks
▼ + stars: | 2023-01-16 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jan 16 (Reuters) - Billionaire investor Ryan Cohen has built a stake in China's Alibaba Group (9988.HK) worth hundreds of millions of dollars and is pushing the e-commerce giant to increase and speed up share buybacks, people familiar with the matter said on Monday. In his communications, Cohen told Alibaba he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years, according to the sources. Cohen felt the company's shares were undervalued at the time, according to the people, who declined to be identified because the investment is private. The people said that Cohen is eager to have a collaborative, long-term relationship with Alibaba and that he has praised management's capabilities. Over roughly the same period, Alibaba has steadily escalated its share buyback program.

☆ Exclusive: Hestia seeks to take control of Pitney Bowes board, oust CEO
▼ + stars: | 2022-12-12 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Hestia, which scored big gains on a bet on GameStop (GME.N), plans to nominate more than five candidates for election to the nine-person board of Pitney Bowes early next year. Marc Lautenbach has been CEO of Pitney Bowes for a decade and Michael Roth, the chair, has served on the board since 1995. A representative for Pitney Bowes was not immediately available for comment. read moreWolf suggested that the Pitney Bowes board consider selling the company's Global Ecommerce segment if its results did not improve, Reuters reported. Hestia believes Pitney Bowes should focus on cash-generating segments such as Presort Services, its mail aggregation business, and SendTech Solutions, its postal-meter business.

☆ GameStop's third quarter disappoints on lack of hit titles, inflation pinch
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

GameStop launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs. However, with crypto winter setting in and the value of cryptocurrencies plummeting, GameStop's digital wallet ambitions face a bleak future. GameStop posted revenue of $1.19 billion in the third quarter, missing estimates of $1.36 billion, according to Refinitiv IBES data. On an adjusted basis, the company lost 31 cents per share, compared with analysts' estimates of a loss of 28 cents per share. GameStop's expenses as a percentage of revenue was 32.7% in the quarter, down from 34.1% in the second quarter, as the company has tried to cut costs by reducing its workforce and shutting down stores.

☆ GameStop posts 9.4% fall in third-quarter revenue
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - GameStop Corp (GME.N) posted a 9.4% fall in quarterly revenue on Wednesday as consumers cut back spending on discretionary items amid stubbornly high inflation. The company launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs. However, with crypto winter setting in and the value of cryptocurrencies plummeting, GameStop's digital wallet ambitions face a bleak future. GameStop's revenue in the third quarter fell to $1.19 billion from $1.30 billion a year earlier. Reporting by Eva Mathews in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ GameStop reports decline in revenue and sharp decrease in cash
▼ + stars: | 2022-12-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022. GameStop said Wednesday its fiscal third quarter sales declined and its cash pile sharply dwindled, as the brick-and-mortar retailer has been working to expand its digital presence. The company's cash and cash equivalents fell to nearly $804 million from approximately $1.4 billion a year earlier. GameStop has been working to become profitable and revamp its brick-and-mortar retail business, after what executives have said were years of underinvestment. GameStop said last month that it had ended its partnership with FTX, after the crypto exchange filed for bankruptcy.

☆ Wedbush says sell GameStop shares before Wednesday's earnings, stock still very much irrational
▼ + stars: | 2022-12-06 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Retail investors have inflated GameStop 's price to a point that is "disconnected from the fundamentals of the business," according to Wedbush. Analyst Michael Pachter reiterated the stock at underperform with a price target of $6, which reflects a downside of 76.5% compared with where the stock closed Monday. Though trading feels disconnected from actual business trends, Pachter expects its challenges will be apparent in third-quarter earnings and beyond. "GameStop's transformation efforts have missed the mark so far, leaving it to rely on a challenged core business," Pachter said. Pachter expects inventory investments and the success of "Call of Duty: Modern Warfare II" will boost sales in the the third quarter, which will be announced after the bell Wednesday.

☆ Meme-stock billionaire Ryan Cohen explains why he bet on GameStop and dumped Bed Bath & Beyond in a new interview. Here are the 10 best quotes.
▼ + stars: | 2022-11-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Ryan Cohen reflected on his GameStop bet and explained his sudden sale of Bed Bath & Beyond stock. Chewy's billionaire cofounder emphasized the impact of higher interest rates on investors. "Higher interest rates are a game changer. "Before, you had 0% interest rates so there really was no discount rate, and there really wasn't much of a difference between long-term cash flows and short-term cash flows. Now you have a real discount rate, you've got the 10-year Treasury north of 4%, so the value of short-term cash flows is much greater than long-term cash flows."

☆ EXCLUSIVE Hedge fund Hestia wants Pitney Bowes to review capital spend, e-commerce segment
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

It is not clear whether Hestia, run by Kurt Wolf, plans to nominate director candidates for election to the company's nine-member board. A Pitney Bowes spokesperson was not immediately available for comment. Pitney Bowes, which is headquartered in Stamford, Connecticut, is valued at $628 million. Wolf believes Pitney Bowes should focus on cash-generating segments like Presort Services, its mail aggregation business, and SendTech Solutions, its postage meter business. Securities filings show that Permit Capital, LLC and Miller Value Partners LP, which were also investors in GameStop alongside Hestia, are also invested in Pitney Bowes.

☆ Upcoming live events at Insider
▼ + stars: | 2022-01-19 | by ( Business Insider | ) www.businessinsider.com time to read: +6 min

Below is a list of our upcoming in-person and virtual events, including exclusive fireside chats, compelling panels, and reporter Q&As. Featured Events for Sustainability & Climate ActionInsider Introducing the Optimist's Destination for Climate ActionApril 10, 2023 | 3 PM ETDetails to come! InsiderFor a Better Future: Bridging Culture, Business, and ClimatePresented by DeloitteApril 25, 2023 | 12 PM ETDetails to come! Panelists from Tinuiti, Jungle Scout, Bobsled Marketing, and Cure Hydration will discuss what this trend means — watch hereHow advertisers can navigate the death of the third-party cookie. To submit a potential speaker for an upcoming event, please complete this form.

☆ GOP Sen. Patrick Toomey's son poured money into GameStop during the stock's most volatile stretch — then sold out a day later as his father warned of a 'bubble' market
▼ + stars: | 2021-02-10 | by ( Jake Lahut | Dave Levinthal | ) www.businessinsider.com time to read: +6 min

Sen. Pat Toomey said Jan. 28 the GameStop stock surge "has all of the characteristics of a bubble." Toomey's son that same day sold GameStop stock for between $1,001 and $15,000, per financial disclosures. "I do think we should understand why the brokers made the decision they made, several of them, including Robinhood to limit the ability of people to buy stock," Toomey told Cavuto. Tom Williams/CQ Roll Call)'A classic bubble'In a statement to Insider, Toomey said that his son made the GameStop trades without his knowledge. In addition to GameStop stock, Toomey's son sold shares of Shopify and Tesla in late January, according to the senator's financial disclosure.

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