Here's Why GameStop Stock Tanked Today
GameStop (NYSE: GME) reported its second-quarter 2021 financial results last night. Investors still closely watch the original meme stock to see if the anticipated turnaround spurred by the hiring of online retailing executive Ryan Cohen as chairman can justify the stock's high valuation. The reaction pretty much tells the story this morning: As of 10 a.m. EDT on Thursday, shares were down more than 9%.
It wasn't so much what management said that disappointed investors as what it didn't say. The first quarterly conference call under new CEO Matt Furlong lasted less than 10 minutes, and the company didn't take questions from analysts. Retail traders who pushed shares to new heights and created the meme stock genre might now be losing faith.
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Source Fool.com
