GameStop shares erase premarket gains as earnings dampen ‘Roaring Kitty' anticipation

GameStop shares had jumped over 30% in premarket trade early Friday before falling into the red after the company reported a quarterly loss.

Traders are awaiting a YouTube livestream scheduled by meme stock leader"Roaring Kitty," real name Keith Gill, a key figure in the famed"meme stock" rally of 2021.Shares were volatile in the early hours, and by 6:45 a.m. ET were 5% lower, shedding earlier gains of more than 30%.a $32.3 million loss for the first quarter. That was narrower than the $50.5 million loss reported in the same period last year, while net sales of $881.8 million missed analyst expectations.

The livestream is due to begin at noon ET on Friday and by 6 a.m. ET, almost 14,000 YouTube accounts were in the queue.The former marketer for Massachusetts Mutual Life Insurance was depicted in the 2023 film"Dumb Money," and testified in congressional hearings on brokers' practices and gamifying retail trading.

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