Why GameStop Stock Sank Today
GameStop (NYSE: GME) shares were moving again on Thursday morning, but this time, that appears to be due to word from the company itself, rather than just pressure from online forums. The video game retailer provided investors with its latest quarterly update, but investors overall didn't find anything in that report that gave them a reason to buy the meme stock. As of 11:04 a.m. EDT Thursday, GameStop was trading down by about 12%.
Retail traders who might have been hoping for major surprises when GameStop delivered its fiscal first-quarter report after the close Wednesday were disappointed. The stock had run up more than 20% this week ahead of the report, amid trading volatility for meme stocks in general. The company reiterated its plans to transition its business toward e-commerce, and to help support that, announced the hiring of two new C-suite executives formerly with Amazon (NASDAQ: AMZN). But there was no big news dropped that investors could get excited about.
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Source Fool.com
