GameStop Shares Slump After Announcing New Chairman and NIO Shares Rise After Good News From CEO
On Thursday, shares of GameStop slumped, closing down 4.34%.
Shares of the video game and electronics retailer fell after the company announced its intentions to elect Ryan Cohen to serve as chair.
In a statement, GameStop said at their annual shareholder meeting on June 9, Ryan Cohen will stand for election as chairman. Cohen is the co-founder and former CEO of pet e-commerce company Chewy.
Just last month, GameStop announced Ryan Cohen would lead the company to transition to an e-commerce company. As part of the transition away from brick-and-mortar retail, GameStop has added new executives and technological experience.
Shares of GameStop have exploded over 800% this year.
On Thursday, shares of NIO jumped, closing up 3.84%.
Shares of the Chinese electric vehicle manufacturer rose after its CEO discussed NIO’s plans for 2021.
After an event on Wednesday, CEO William Bin Li told investors that NIO and the Chinese city of Hefei would start building a new industrial park for electric vehicles on April 29. The park will be home to a new NIO factory, and the plan to create the new park is part of a larger plan to establish Hefei as a hub for electric vehicle production.
Li also updated investors on the company’s plans to expand its battery-swapping stations in China. NIO hopes to have at least 500 automated battery-swapping stations operating by the end of this year, more than double the number of stations it had operating at the end of 2020.
Shares of NIO are down 20% this year.
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