Why GameStop Stock Popped 13% Today
Shares of GameStop (NYSE: GME) have been hammered this year, falling from January highs approaching $16 to a new number about 75% lower -- $4. But the video game retailer's stock is getting a lift today, rising 13.4% as of 12:10 p.m. EDT, apparently boosted by two positive news items.
First, details are filtering out about a round of layoffs at GameStop -- more than 120 workers, or about 14% of the company's corporate staff. Second, Barron's reports that subprime mortgage shorter Michael Burry is taking a shine to GameStop stock, and believes the company has a "very good" balance sheet and "cash flow [sufficient] to justify a much higher share price."
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Source Fool.com
