GameStop Shares Skyrocket After Ryan Cohen Joins Company and Zoom Shares Fall as Recovery Continues
On Monday, shares of GameStop skyrocketed yet again, closing up 41.21%.
Shares of the GameStop company rose as the gaming company said it recruited the co-founder of Chewy, Ryan Cohen, to lead its transition to e-commerce. Chewy is an American online pet product supplier — shares are down over 15% this year.
Cohen was appointed to be chairman of a planning committee created by GameStop’s board to transition the company to an e-commerce company.
Last year, Cohen acquired a 12.9% stake in GameStop for $76 million.
Shares of GameStop are up over 900% this year.
Zoom Video Communications
On Monday, shares of American communications technology company Zoom Video Communications closed down 7.85%. Also, Eric Yuan, CEO of Zoom Video Communications, donated $6 billion worth of shares.
Shares of Zoom fell as economic recovery speeds up, and COVID-19 infections and hospitalization rates begin to decline. Additionally, with President Joe Biden’s $1.9 trillion stimulus plan that includes more funding for vaccine distribution, many investors have begun to sell stocks of companies that performed well during the pandemic, like Zoom.
Shares of Zoom are down over 7% this year.
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.