The Kobeissi Letter
@KobeissiLetter
BREAKING: GameStop stock, $GME, erases massive 40% premarket gain and falls 20% after reporting weak earnings.
That's a 60% swing in the stock in a matter of hours after Gamestop reported that it lost $32 million in Q1 2024.
They also announced another share issuance of 75 million shares.
Quarterly sales dropped to $881.8 million from $1.24 billion a year ago.
All eyes are on the upcoming "Roaring Kitty" livestream.
GameStop, $GME, pre-released their earnings this morning.
This is likely because the results were so weak yet the market is so strong.
Can the meme stock rally continue to push higher after this report?
The Kobeissi Le…
2024/06/07 23:56
The Kobeissi Letter @KobeissiLetter BREAKING: GameStop stock, $GME, erases massive 40% premarket gain and falls 20% after reporting weak earnings. That's a 60% swing in the stock in a matter of hours after Gamestop reported that it lost $32 million in Q1 2024. They also announced another share issuance of 75 million shares. Quarterly sales dropped to $881.8 million from $1.24 billion a year ago. All eyes are on the upcoming "Roaring Kitty" livestream. GameStop, $GME, pre-released their earnings this morning. This is likely because the results were so weak yet the market is so strong. Can the meme stock rally continue to push higher after this report?