DASH - Wall Street Breakfast: GameStop Comeback
Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Stitcher and Spotify. GameStop comebackIt was the catalyst the WSB/Reddit crowd had been waiting for... GameStop (NYSE:GME) announced Wednesday that its chief financial officer Jim Bell would resign on March 26. Several sources indicating that the board pushed him out to execute its turnaround more quickly, but an outsized reaction ensued amid a sudden burst of activity. Shares surged more than 104% following two afternoon halts, and even rose another 83% in AH trading to $168.13, before paring some gains to $130.58 in today's premarket session.When all was said and done, more than 82M GameStop shares traded hands on Wednesday, the highest level since January 27. Derivatives trading also seemed to exacerbate the move in GameStop, according to Susquehanna's Christopher Jacobson, with some 262,000 call options contracts trading hands.
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Wall Street Breakfast: GameStop Comeback