4.5301 +0.11 (2.49%)
Pre-market: 8:38AM EDT
|Bid||4.5300 x 1300|
|Ask||4.6500 x 1400|
|Day's range||4.3300 - 4.6100|
|52-week range||2.5700 - 7.8500|
|Beta (5Y monthly)||1.16|
|PE ratio (TTM)||N/A|
|Earnings date||02 Jun 2020 - 08 Jun 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||14 Mar 2019|
|1y target est||3.99|
GameStop Corp. (GME) (the “Company”) today issued a letter to stockholders highlighting its comprehensively refreshed Board of Directors that possesses the diverse array of perspectives and requisite skillsets, including deep industry and institutional knowledge, to execute the transformation and continued growth of its omni-channel video-game business. The letter notes that Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP have nominated two candidates who lack the qualifications or experience to serve on GameStop’s Board of Directors.
GameStop Corp. (GME) (the “Company”) today announced that it has filed a detailed investor presentation titled “Driving Value for All Stockholders,” highlighting GameStop’s significant recent refreshment of the Board and management, as well as leadership’s successful progress on executing the business transformation plan “GameStop Reboot.” The information provided in the presentation supports the Board’s contention that its slate of experienced director nominees are better qualified than the two candidates nominated by Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP’s (“Hestia Capital” and “Permit Capital,” or collectively, the “Dissident Stockholders”) to guide GameStop through its turnaround and deliver returns to all stockholders.
They also allege the board dumped their own shares while the video game retailer was buying back stock.
GameStop (NYSE: GME) business was hurting even before the COVID-19 outbreak, so a pandemic bursting on the scene that closed all nonessential retail should have brought it to its knees, if not killed it off. While the conventional wisdom says the migration of video game play to digital and downloads has the retailer biding its time until the console upgrade cycle kicks in, a new report suggests that not only has the coronavirus not done in GameStop, it may have actually taught it how to thrive in this new economy. With schools closed, businesses shuttered, and everyone on lockdown and in self-isolation, video game sales and gameplay are soaring.
GameStop Corp. (GME) (the “Company”) today issued a letter to stockholders highlighting the significant progress that it has made advancing GameStop Reboot, its business transformation plan, and the critical importance of having a stable, skilled, and informed Board for continued diligent execution of the plan and the Company’s long-term success. The letter notes that Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP’s (“Hestia Capital” and “Permit Capital,” or collectively, the “Dissident Stockholders”) campaign distracts from leadership’s ability to continue to execute GameStop Reboot and deliver returns to all stockholders.
GameStop (NYSE: GME), Foot Locker (NYSE: FL), and The Michaels Companies (NASDAQ: MIK) plunged today with only Foot Locker avoiding a 10% intraday drop, after comments from Federal Reserve Chair Jerome Powell shook the markets. Retailers, among other hard-hit industries during the COVID-19 economic slowdown, were hoping for a swift rebound in consumer activity as some states slowly reopen parts of the economy.
GameStop Corp. (GME) (the “Company”) today issued a letter to stockholders reiterating its history of extensive engagement with all stockholders, including Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP (“Hestia Capital” and “Permit Capital,” or collectively, the “Dissident Stockholders”), and outlining the significant steps it has taken to comprehensively refresh its Board, management team, and corporate governance practices within the last two years. The letter urges stockholders to use the BLUE proxy card to vote “FOR ALL” of GameStop’s 10 highly qualified director nominees in connection with the Company’s upcoming Annual Meeting of Stockholders (the “Annual Meeting”) to be held at 8:00 a.m. CT on June 12, 2020.
What happened Shares of GameStop (NYSE: GME) opened sharply lower this morning, and it only got worse from there. Heading into the last hour of trading Monday, the video game retailer was down more than 10%, giving back a part of the massive run-up it enjoyed in April.
Shares of video game retailer GameStop (NYSE: GME) rose a whopping 63.7% in April, according to data from S&P Global Market Intelligence. Like most other stocks, GameStop was hit terribly hard in March as COVID-19 swept across the world, so it experienced a bit of a bounceback in April. In fact, GameStop experienced several notable events during April that gave it even more of a turbocharge, even though it didn't have an earnings release.
GameStop (NYSE: GME) recently provided an update on its results for the first fiscal quarter (the period ending in early May) in the wake of the novel coronavirus. One bright spot that management pointed out was that U.S. comps were up 3% in the first three weeks of March (just prior to the store closures), but this is too short a period of time to draw any conclusions.
GameStop Corp. (GME) (the “Company”) today filed its definitive proxy statement and issued a letter to stockholders highlighting the successful results generated by its strategy of effective execution and thoughtful capital allocation, as well as the guidance of its comprehensively refreshed, independent Board of Directors (the “Board”). This recently refreshed Board already includes two directors proposed pursuant to the previous cooperative agreement reached with Hestia Capital Partners, LP and Permit Capital Enterprise Fund, LP (“Hestia Capital” and “Permit Capital,” or collectively, “Hestia and Permit”).
Shares of GameStop (NYSE: GME), Hanesbrands (NYSE: HBI), and The Michaels Companies (NASDAQ: MIK), a handful of consumer goods and retail businesses, all jumped well over 10% Monday afternoon, with GameStop and Michaels topping 20%, after investors seemed encouraged by COVID-19 data and some states' plans to cautiously reopen parts of their economy. Gov. Andrew Cuomo announced the total hospitalization rate was essentially flat and that the death toll has continued to drop since its April 9 peak. The mere mention of states considering reopening parts of their economy sooner rather than later had shares of many hard-hit retail and consumer goods businesses jumping today.
Executive pay is running out of control and the company could do more with its portfolio of valuable assets, according to the investor group.
Mr. Sherman concluded, “The situation remains very fluid and a great deal of uncertainty remains, however, we entered into this time with a strong balance sheet and believe that we have sufficient cash and liquidity for the foreseeable future and will continue to take all of the necessary steps to ensure GameStop remains a strong and vibrant company at the end of this crisis.” The Board of Directors has temporarily reduced cash compensation to directors by 50%.
GameStop (GME) continues to grapple with dismal top-line performance in the fourth quarter. Net sales miss the Zacks Consensus Estimate for the fifth quarter in row and decline year over year.
GameStop (GME) delivered earnings and revenue surprises of 51.19% and -7.14%, respectively, for the quarter ended January 2020. Do the numbers hold clues to what lies ahead for the stock?
GRAPEVINE, Texas (AP) _ GameStop Corp. (GME) on Thursday reported fiscal fourth-quarter net income of $21 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Grapevine, Texas-based company said it had profit of 32 cents. The results exceeded Wall Street expectations.