GameStop Shares Fall After Winning Streak and Big Lots Shares Fall After Earnings Beat
On Friday, shares of GameStop plunged, closing down 12.64%.
The past few months have been quiet for meme stocks, but they are back with a vengeance.
After soaring high for five days to show proof of a second short squeeze in less than six months, shares of the American video game retailer fell, ending its six-session winning streak. It was GameStop’s third significant price increase since the frantic short squeeze in January made the company a household brand.
Despite Friday’s 12.64% loss, shares of GameStop have risen over 25% in the past week.
On Friday, shares of Big Lots fell, closing down 5.58%.
Shares of the American retail company fell after the company beat analysts’ expectations in its first-quarter earnings report.
The company reported earnings of $2.62 per share on revenue of $1.63 billion, beating analysts’ expectations of $1.69 per share on $1.53 billion. Earnings per share more than doubled from the same quarter last year when earnings were $1.26 per share. Net sales increased 13% year over year, owing to strong comparable sales growth of 11.3%.
Shares of Big Lots have fallen slightly over 4% in the last three months.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.