FOX Business’ Charlie Gasparino said GameStop’s recent “Craman Countdown” earnings weren’t that great.
GameStop shares soared for the second day in a row, with retail investor “Roaring Kitty”‘s unexpected return to social media after a three-year hiatus fueling a 74% rally on Monday.
Other meme stocks such as AMC and Beyond Meat also rose significantly. Heavy trading has resulted in multiple trading suspensions for many of these stocks.
Roaring Kitty, also known as Keith Gill, marked his return by posting a picture of two gamers on X on Sunday. One person appears to be leaning forward, indicated by a red arrow. This has sparked a buying frenzy in stocks that Reddit users and other retail investors like, as well as stocks that are heavily shorted or that investors are betting on, despite the lack of concrete news. Ta.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| GME | GameStop Co., Ltd. | 49.40 | +18.94 | +62.18% |
| AMC | AMC Entertainment | 9.42 | +4.19 | +80.11% |
| bind | Beyond Meat Co., Ltd. | 9.18 | +1.22 | +15.30% |
Gamestop Frenzy: Who is Roaring Kitty?
“GME wasn’t the only stock that rose yesterday; many of the most heavily shorted stocks in the market rose,” Bespoke Investment Group said in a note to clients. “This type of behavior without fundamental basis is not worth pursuing at all because you will end up getting burned. Please be very careful outside.”
In the hours that followed, Roaring Kitty posted veiled posts that were mostly battle-themed, using clips from “Ferris Bueller’s Day Off.” which one deformed into the “breaking news bad” Cillian Murphy’s emotional “No Fighting” scene from Peaky Blinders and Tombstone, starring Kurt Russell.
On Tuesday, social forum StockTwits noted that AMC and GameStop are leading the top trending symbols along with Mullen Automotive and Alibaba.
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Since the beginning of May, short sellers, or those who bet on GameStop stock falling, have lost $2.53 billion, according to data compiled by Autex. More than $1.28 billion had been raised on Monday.
The video game retailer’s stock has risen more than 244% this year, but is still 30.5% below its all-time closing high of $86.88 on Jan. 27, 2021, as tracked by Dow Jones Market Data Group.
In terms of GameStop’s fundamentals, fourth-quarter sales were $1.79 billion, compared to $2.2 billion in the year-ago period. Net income was $63 million, up from $48 million in the year-ago period. The company did not hold a conference call with investors in March.
GameStop Chairman Ryan Cohen (FBN)
CEO Ryan Cohen, who is also the co-founder of Chewy.com, was appointed in September 2023. His RC Ventures is the company’s largest individual shareholder, with about 37 million shares, according to Thomson One.
FOX Business contacted GameStop and did not immediately receive a response.
