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GME

GameStop Corporation New York Stock Exchange
$138.3
Open: $122.55 High: $151.53 Low: $115.3 Close: $138.28
Range: 2021-03-04 - 2021-03-05
Volume: 63,180,546
Market: Closed
Powered by Finage Stock APIDelayed data
GME
GameStop Corporation 625 Westport Parkway Grapevine TX, 76051 http://www.gamestopcorp.com
GameStop Corp is an multichannel video game retailer. It sells new and pre-owned video game hardware, physical and digital video game software and accessories through GameStop, EB Games and Micromania stores.
  • CEO:
  • Employees: 22,000
  • Sector: Consumer Cyclical
  • Industry: Retail - Apparel & Specialty
GME News
Latest news about the GME
  • Biggest Players in the Short-Selling Game Are Getting a Pass

    (Bloomberg) -- It’s in the air again, on Reddit, in Congress, in the C-suite: Hedge funds that get rich off short-selling are the enemy. The odd thing is, the biggest players in the game are getting a pass.Those would be the asset managers, pension plans and sovereign wealth funds that provide the vast majority of securities used to take bearish positions. Without the likes of BlackRock Inc. and State Street Corp., the California Public Employees’ Retirement System and the Kuwait Investment Authority filling such an elemental role, investors such as Gabe Plotkin, whose Melvin Capital Management became a piñata for day traders in the GameStop Corp. saga, wouldn’t have shares to sell short.“Anytime we short a stock, we locate a borrow,” Plotkin said Feb. 18 at the House Financial Services Committee hearing on the GameStop short squeeze.There’s plenty to choose from. As of mid-2020, some $24 trillion of stocks and bonds were available for such borrowing, with $1.2 trillion in shares -- equal to a third of all hedge-fund assets -- actually out on loan, according to the International Securities Lending Association.It’s a situation that on the surface defies logic. Given the popular belief that short sellers create unjustified losses in some stocks, why would shareholders want to supply the ammunition for attacks against their investments? The explanation is fairly straight forward: By loaning out securities for a small fee plus interest, they can generate extra income that boosts returns. That’s key in an industry where fund managers are paid to beat benchmarks and especially valuable in a world of low yields.The trade-off is simple: For investors with large, diversified portfolios, a single stock plummeting under the weight of a short-selling campaign has little impact over the long run. And in the nearer term, the greater the number of aggregate bets against a stock -- the so-called short interest -- the higher the fee a lender can charge.In the case of GameStop, short interest was unusually high and shares on loan were generating an annualized return of 25% to 30%, Ken Griffin testified at the Feb. 18 hearing. Griffin operates a market maker, Citadel Securities, as well as Citadel, one of the world’s largest hedge funds. “Securities lending is a way for long holders to generate additional alpha,” said Nancy Allen of DataLend, which compiles data on securities financing. “Originally, it was a way to cover costs, but over the last 10 to 15 years it’s become an investment function.”Not everyone is comfortable with the inherent conflict. In December 2019, Japan’s $1.6 trillion Government Pension Investment Fund stopped lending its international stock holdings to short sellers, calling the practice inconsistent with its responsibilities as a fiduciary. At the time, the decision cost GPIF about $100 million a year in lost revenue.The U.S. Securities and Exchange Commission has regulated short-selling since the 1930s and polices the market for abuses such as naked shorting, which involves taking a short position without borrowing shares. Proponents of legal shorting argue that its use enhances liquidity, improves pricing and serves a critical role as a bulwark against fraud and hype.Chief executives, whose pay packages often depend on share performance, routinely decry short sellers as vultures. More recently, shorting has come under fire in the emotionally charged banter on Reddit’s WallStreetBets forum. Some speculators ran up the prices of GameStock, AMC Entertainment Holdings Inc. and other meme stocks in January to punish the hedge funds that bet against them, and they delighted when the rampant buying led to bruising losses at Melvin, Maplelane Capital and Citron Research.Many of the key actors in the GameStop frenzy testified at the Feb. 18 hearing. Plotkin was grilled by committee members over Melvin’s short position. Citadel’s Griffin and others faced broader questions about short-selling. Yet no one asked about the supply of borrowed shares and there were no witnesses called from the securities-lending industry.There’s a symbiotic relationship between hedge funds and the prime-brokerage units of Wall Street firms, much of it built on securities lending. Prime brokers act as intermediaries, sourcing stocks and bonds for borrowers who want to short them and facilitate the trades. According to DataLend, securities lending generated $2.9 billion of broker-to-broker revenue in 2020, almost the same as in 2019.Demand for short positions was already expected to drop as stock prices surged to all-time highs. Now, with the threat of retribution from the Reddit crowd, it may weaken even further. Griffin said he has “no doubt” there’ll be less short-selling as a consequence of the GameStop squeeze.“I think the whole industry will have to adapt,” Plotkin said at the hearing. “I don’t think investors like myself want to be susceptible to these types of dynamics.”This could not only threaten the dealers who broker stock lending but also the holders who supply the securities and share in the revenue. They reaped $7.7 billion globally in 2020, down from a record of nearly $10 billion in 2018, according to DataLend.While securities lending accounted for $652 million, or just 4%, of BlackRock’s revenue in the fourth quarter of 2020, there’s little cost involved and the risks are low because borrowers have to put up collateral that equals or exceeds the value of the loan. At both BlackRock and State Street Corp., the second-largest custody bank, the value of securities on loan as of Dec. 31 jumped at least 20% from a year earlier, to $352 billion and $441 billion, respectively.“Every little bit counts with indexes,” said John Rekenthaler, vice president of research at Morningstar. “You’re scraping nickels off the street, but there’s a whole lot of nickels.”Others could take a hit, too. Just as Robinhood Markets is able to offer zero-commission trades by selling its order flow to Citadel and other market makers, asset managers typically pass on some of their securities-lending revenue as a type of client rebate.“It’s very important to remember that institutional investors earn substantial returns from participating in the securities-lending market,” Citadel’s Griffin said at the GameStop hearing. “That accrues to the benefit of pension plans, of ETFs, of other pools of institutional lending that participate in the securities lending market.”(Updates with distinction between Citadel Securities and Citadel in the seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Timely GameStop Sale Lifts Senvest Hedge Fund to 60% Return

    (Bloomberg) -- A hedge fund that was one of GameStop Corp.’s top shareholders gained about 60% in the first two months of the year after selling its stake during the retailer’s Reddit-fueled surge.Senvest Management LLC’s Senvest Master Fund LP returned 15.3% in February, according to a preliminary estimate published by Montreal-based Senvest Capital Inc., avoiding a big loss on GameStop, which fell 69% during the month.New York-based Senvest Management held just over 5 million shares of GameStop, making it the fourth largest holder, according to Bloomberg data and a February 13G filing. The firm told the Wall Street Journal in early February that it had exited the position in late January. The fund gained 38.5% that month.Senvest Capital, which seeded fund manager Senvest Management and shares in the revenue from it, was used by some investors as another way to play the GameStop phenomenon. Senvest Capital’s Toronto-listed stock has risen over 76% this year to about C$307, trading near a record high.Richard Mashaal and his father Victor Mashaal collectively own about 55% of Senvest Capital, according to the latest filings.Read more: GameStop Frenzy Delivers $123 Million Windfall to Canada DuoThe company’s New York-based money management unit was founded in 1997 and manages more than $3 billion in assets as of March 1, with a strategy of “contrarian, value-based” investing, according to its website. Steve Bruce, an outside spokesman for Senvest, declined to comment.Senvest has stakes in Tower Semiconductor Ltd. and DSP Group Inc., according to Bloomberg data. Meanwhile, the fund took a 1.4% position in Flagstar Bancorp Inc. during the fourth quarter, according to last month’s 13F filing.GameStop closed as high as $347.51 in late January as frenetic buying created a short squeeze, then plunged to below $41 on Feb. 18. A new wave of Reddit users has pushed the shares back up to their highest level since early February, closing at $132.35 on Thursday.Read More: Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain(Adds information on revenue-sharing from Senvest entities in fourth paragraph and updated AUM number for Senvest Management in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • 1 Retail Stock to Avoid No Matter What

    GameStop's (NYSE: GME) stock has been on an incredible ride this year. It's tempting to jump in and buy shares, particularly when you read about people making a lot of money. While it's difficult to accurately predict a stock's short-term movements, I urge you to resist the urge to purchase GameStop shares, based on the company's fundamentals.

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  • 5 Stocks That Turned $100,000 Into $3 Million (or More) in 1 Year

    The market's top-performing stocks over the trailing 12 months have risen between 3,000% and 5,600%.

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  • ARK’s Cathie Wood Disrupted Investment Management. She’s Not Done Yet.

    Within a few months, he made enough for a down payment on a second home, in sunny Tampa, Fla. “I looked her up, and it all sounded really good,” he tells Barron’s. “I started investing with ARK just three days later.” The “her” is Cathie Wood, who founded ARK Investment Management seven years ago, and joins our list of the 100 Most Influential Women in U.S. Finance this year. It isn’t just that ARK’s actively managed funds have done well, although they have—phenomenally so: Last year, five of its seven ETFs returned an average of 141%; three were the top performers among all U.S. funds.

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  • These Are The Best Robinhood Stocks To Buy Or Watch Now

    Buying a stock is easy, but purchasing the right stock without a proven strategy is incredibly hard. Here are the best Robinhood stocks to buy now.

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  • GameStop stock settles shy of $10 billion market cap with 35% weekly gain

    GameStop Corp. flirted with a $10 billion market cap Friday, but fell about $400 million by the close, in what would have been the first time in more than a month as volatility in the videogame retailer's stock eases.

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  • Reddit Hires the CFO Who Helped Snap to Go Public

    Drew Vollero will join the social-media company this month. He will report to Jen Wong, the chief operating officer.

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  • Reddit Takes Step Toward Eventual IPO, Naming Vollero First CFO

    (Bloomberg) -- Reddit Inc., one of the world’s most popular internet forums, appointed Drew Vollero as its first chief financial officer, taking a step closer toward an initial public offering.Vollero led Snap Inc.’s IPO preparations when he served as CFO at the social media company from 2015 to 2018. He has also lead finances for Mattel Inc. and most recently at security and facilities services firm Allied Universal Corp. At Reddit, Vollero will expand the finance team as the company grows and looks toward an IPO.Steve Huffman, Reddit’s chief executive officer, said in an interview with the New York Times Friday that the company didn’t have a timeline for going public. “We’re thinking about it. We’re working toward that moment,” Huffman said. In a 2017 interview with Variety, Huffman called an eventual IPO, which he saw as possible for 2020, as “the only responsible choice.”“Drew is an industry thought leader, who brings a track record of building a global finance organization for high growth companies,” Huffman said in a statement Friday.Founded in 2005, Reddit has been seeing strong growth, even before it found itself at the center of a stock-trading frenzy around GameStop Corp. The fourth quarter of 2020 saw a 90% increase in advertising revenue from a year earlier and daily active users grew to more than 52 million. In February, Reddit said it raised $368 million in a private stock sale, bringing its valuation to more than $6 billion.WallStreetBets is the Reddit forum best known for promoting GameStop stock, vaulting it nearly 3,000% in January and drawing regulatory attention. But the 15-year-old company hosts more than 2 million message boards, or subreddits, on topics ranging from woodworking to fashion. Some subreddits have been criticized for racist environments, leading Huffman to ban hate speech for the first time in 2020.A list of Vollero’s favorite subreddits was devoid of any such controversies. They include r/dadjokes, r/worldnews and r/travel.Read more: Reddit’s Populist Stock Movement Was 15 Years in the MakingFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Day-trading Reddit readers nearly crashed the stock market. Now they’ve been packaged into a new ETF.

    An ETF that's backed in part by Dave Portnoy, self-proclaimed head of the hordes of retail investors who have upended markets in recent weeks, raises questions about market manipulation.

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  • Don't Gamble on GameStop. Buy These 2 Surefire Growth Stocks Instead

    They may not double in value in just one day, but these stocks also aren't likely to suddenly crash either.

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  • UPDATE 2-Reddit hires former Snap exec Drew Vollero as first CFO

    Reddit, the social media platform at the heart of a recent retail stock trading frenzy, on Friday named former Snap Inc executive Drew Vollero as its first chief financial officer. The appointment of Vollero, who as the first finance chief of Snap guided its transition to a public company, comes amid rising expectations of Reddit's initial public offering. Reddit on Friday also disclosed a 90% surge in advertising revenue during the fourth quarter, while daily active users jumped to more than 52 million.

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  • Why Suze Orman says she 'loves Bitcoin'

    Personal finance expert Suze Orman joins 'Influencers with Andy Serwer' to tell us why she loves Bitcoin.

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  • Morning Bell With Jim Cramer: Has Tesla Hit the Bottom?

    Jim Cramer shares stock-market news including Tanger's short squeeze, the dip in Tesla and GameStop's makeover.

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  • Hong Kong police arrest 12 in stock manipulation scheme

    Hong Kong police have arrested 12 people for running a stock manipulation scheme that duped investors on social media into buying shares at inflated prices before the stock was dumped, authorities said on Friday. Raids across Hong Kong this week in a joint investigation by police and the Securities and Futures Commission (SFC) led to the arrests, although no formal charges have yet been made, and the freezing of assets of up to HK$900 million. "Our estimate is there is a large number of victims but many of those victims might not want to come forward because they might feel embarrassed about being duped in this way," Ashley Alder, the chief executive of SFC, told a news conference.

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  • GameStop Bucks Market’s Slump Amid Renewed Reddit Chatter

    (Bloomberg) -- GameStop Corp. erased earlier losses to rise to the highest level since Feb. 1 as a wave of Reddit users appeared to rush back into its shares.Shares of the video-game retailer quickly accelerated starting around 2:25 p.m. in New York amid a renewed rush of Reddit posts touting the stocks. Movie theater chain AMC Entertainment Holdings Inc. and headphone maker Koss Corp., both retail investor favorites, jumped alongside GameStop to briefly turn positive Thursday before closing lower.The mid-afternoon rally came despite a bloody session for stocks and bonds with the S&P 500 briefly erasing its gain for 2021. GameStop ended Thursday up 6.6% to $132.35, its best close in about a month. Shares rose to $134.88 in after-hours trading.Thursday’s spike came minutes after activist investor and GameStop board member Ryan Cohen tweeted an apparent screenshot from a Pets.com television ad. Some Twitter users speculated that the image was a cryptic message about GameStop’s outlook.The last time Cohen posted on the social media platform -- a picture of an ice cream cone -- shares soared amid a flurry of day trader activity. That tweet helped propel the Grapevine, Texas-based company to its second best week ever and a 142% rally over two days.(Updates share movement in throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • GameStop spikes as investors eye cryptic tweet by shareholder

    GameStop shares closed up 6.4% at $131.93 after earlier hitting $147.87, their highest since a surge in the heavily shorted stock late last month. One analyst and some Twitter users pointed to a cryptic tweet by Ryan Cohen, a major shareholder of GameStop and founder of e-commerce firm Chewy.com, as a plausible reason for the move, although Reuters could not independently determine causation. The late afternoon rally in GameStop began roughly around the time that Cohen tweeted what appeared to be a screenshot with the puppet dog advertising mascot of Pets.com, a famous casualty of the dotcom bubble two decades ago.

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  • Tanger Is the New GameStop as Its Shares Take a Wild Ride

    The outlet mall operator soared to a new 52-week high and then tumbled into negative territory in the latest Reddit-inspired trade.

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  • Trading Options on the Reddit/Robinhoood Stocks Requires Discipline

    Trading Options on the Reddit/Robinhoood Stocks Requires Discipline

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  • Suze Orman: GameStop frenzy is ‘a game,’ not investing

    Personal finance guru Suze Orman derided the GameStop trading spree as "stupid" and "crazy," saying that the effort to short squeeze the company turned investing into a game.

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