GameStop (GME) rose nearly 53 percent on Thursday, raised by investors’ hope that a board overhaul could turn the video game store into a digital-first system Amazon (AMZN) competitor. The company announced on Tuesday that Amazon’s former chief executive, Jenna Owens, will take over as GameStop’s chief operating officer.
The company also said it will replace its chief financial officer and reduce its board to nine of the current 13 directors. Eight of GameStop’s current directors will not apply for re-election at the company’s annual meeting later this year.
The company’s shares have risen in recent weeks – especially on Wednesday, when GameStop fell 33% following its miserable earnings ratio. Although it highlighted a few bright spots, including the explosion of digital growth, sales and overall profit did not exceed Wall Street expectations.
But the Reddit army on WallStreetBets subredits is a strong one and they hoped that GameStop would have been sold in excess. The company’s shares have fallen by 54% in the last two weeks and I think GameStop has become cheap.
As GameStop shares grew, so did other stocks of short-circuited memes that senders sent on a wild ride this year. E.g, I HAVE C (I HAVE C) the stock increased by 21% and Koss (KOSS) increased by 57%. Macy’s (M) increased by about 8%.
AMC was beaten at some point earlier this week, after Disney announced that it would delay “Black Widow” again and then simultaneously award the Marvel superhero movie to Disney + and theaters. Shares of the film company fell 35% this week.
Meme stocks rose sharply as the wider market struggled to figure out what to do. S&P 500 (SPX) was 0.5% higher and the value Dow (UNJUST) increased by 199 points, or 0.6%. But technology has lagged behind with Nasdaq (COMP) rising by only 0.1% per day after falling by 2% from renewed fears about rising bond yields.