GameStop GME, -0.67% is set to report earnings after market close on Wednesday, as if it mattered to the company’s stock price.
While GameStop is expected to report an earnings per share loss of $0.82 despite a nearly 22% increase in sales for the quarter and tout the launching of new gaming consoles as an opportunity fro growth gooing forward, it might have already made its biggest news of the day by officially announcing at Wednesday’s shareholder meeting that 35-year-old Chewy co-founder turned private equity investor Ryan Cohen has been voted in as GameStop’s new chairman of the board.
“I literally started to get emotional/borderline tears when I heard he said that,” user noyogapants posted on Reddit board Superstonk in response to Cohen’s quote. “Then I took a deep breath and told myself to get it together because it hasn’t even started yet!” Cohen is a central to that narrative and has been heralded as savior that will take the stock “to the moon,” a prime driver in the huge buying surge that reignited in late May and now has the company trading over $300 a share for the first time since January.
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