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'Mad Money' host Jim Cramer talks the sell off of former high flyer GameStop.
Analysts at Wedbush have repeated their ‘Underperform' rating on GameStop Corp (NYSE:GME) after the video game retailer's quarterly sales disappointed and it unveiled plans to fast-track store closures. “GameStop announced accelerated store closures with its earnings, but with no replacement strategy in sight, management indirectly indicates that it is no longer beholden to shareholder interests,” analysts wrote in a note to clients.
GME's Q2 net sales fall y/y, with declines across all major categories, including hardware, software and collectibles.
GameStop Corp (NYSE:GME) stock is near the bottom of the New York Stock Exchange (NYSE) today, last seen down 17.7% to trade at $19.36.
A GameStop Corporation GME analyst is questioning why the video game retailer is trading at a premium to its cash as it works through managing operating losses, but provided no strategy in its second-quarter earnings report.
GameStop Corp. surprised investors with a quarterly profit in its second-quarter results Tuesday, but the videogame retailer still has many challenges ahead, according to analyst firm Wedbush.
GameStop (NYSE: GME) found itself in hot water on September 11, with shares plummeting 15.09% to $19.95 at market open following a shaky Q2 earnings report. While the company managed to beat EPS expectations with a slim $0.01 per share (compared to estimates of a -$0.09 loss), it wasn't enough to offset other troubling figures.
GameStop (GME) shares plunged in premarket trading on Wednesday after the brick-and-mortar video gamer retailer announced a 20 million share offering and reported a 31% drop in quarterly sales, as consumers continue to pivot from physical discs to digital downloads and game streaming.
Shares of GameStop , a widely watched meme stock, tumbled 10% in premarket trading on Wednesday after the video game retailer reported a bigger drop in quarterly revenue, questioning its ability to revitalize its business.
U.S. stock futures were lower this morning, with the Dow futures falling around 150 points on Wednesday.