The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
GameStop Corp fell, wrapping up its longest losing streak in a year, amid growing skepticism over its long-term potential despite activist Ryan Cohen’s latest efforts to revitalise the company.
Shares fell 11% in New York to close at $141.09, their lowest level in more than two weeks, as Reuters reported the video-game retailer is seeking a replacement for the current CEO George Sherman, without naming sources.
GameStop didn’t immediately respond to a request for comment on the Reuters
report.
GameStop’s Reddit-trading surge is likely to fade and shares will tumble in the long run “to match its current weak results and outlook,†he wrote.