In a turn of events almost as crazy as coronavirus, Gamestop was pushed this year to the front of the stock market as its ticker value jumped to the moon (insert rocket ship emoji). This brick and mortar video game retailer was completely dead, and considered a joke amongst big companies like Citron, and Melvin Capitol. Yesterday, they posted their earnings report and it… didn’t go well.
The stock is down close to 50 percent of where it closed on Tuesday. If you go onto Reddit’s Wallstreet Bets, people will tell you to buy this dip. If you go just about anywhere else, people would say you are crazy for even having a robin hood account.
The stock immediately dropped half of its value after the report because they missed their earnings mark by… a lot. Since most of technology is digital these days, most people were not going into the store to buy video games and memorabilia.
Luckily for the holders of Gamestop (who call themselves Apes), a new COO was appointed and saved the death of their stock. Amazon and Google business vet, Jenny Owens stepped into the company and saved the dumpster fire that was happening after the markets closed. The company is turning itself into something more digital and modern, which might just save them yet.
Some traders will say earnings report, shmurnings report. Others will say not to warm yourselves by the dumpster fire of that stock because you might get burned by the explosive gasoline inside. In the end, time will pick a winner, and we will all have to live with the knowledge that we could have gotten rich, or be glad we stayed away and didn’t lose everything.