Items tagged with GameStop
Earlier this year, amateur investors over at the WallStreetBets subreddit drove GameStop stock to the moon, peaking around $350 in January this year from the prior $20. This led investment firms who bet against GameStop to lose quite a bit of money which subsequently had its own rippling effects. Now, one of these hedge funds that took a hit during the meme stock rally is shutting its doors. According to sources familiar with the situation who spoke to the Financial Times, White Square Capital, explained to its investors that it would be closing its main fund and returning capital this month after a business model review. This comes after the company, run by former Paulson & Co trader Florian...
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It has been a tough slog to lay hands on the latest consoles from Microsoft and Sony. While the Xbox Series S can often be found online during "console drops" without much trouble, there's always a mad rush to obtain the more powerful Xbox Series X and PlayStation 5. GameStop, however, is looking to take advantage of this incredible demand for the consoles and leverage the desperateness of some gamers to obtain one. This week, the company announced that its PowerUp Rewards Pro members would receive priority access to Xbox Series S/X and PlayStation 5. While the standard PowerUp Rewards program is free for anyone to join, the "Pro" tier costs $14.99/year. PowerUp Rewards members began receiving...
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I'm always disappointed when I walk into a GameStop store and see what little space is devoted to PC gaming, especially having grown up in the era of Software Etc., one of my favorite places to visit when it was still around. It seems a change is coming, however. GameStop announced it is expanding into PC hardware, and will sell a variety of related products, even GeForce RTX 30 series graphics cards. In time, anyway. Like every vendor on the planet, GameStop's listings for the latest generation graphics cards are out of stock. Nevertheless, GameStop's expansion into PC hardware gives customers another portal to find deals, outside of the usual suspects (Amazon, B&H Photo, Best Buy, Newegg,...
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Yesterday into today, GameStop stock soared up 163% to around $150 a share. This massive movement harkens back to the extreme GameStop stock increase we saw earlier this year, and it seems the Redditors with diamond hands at /r/WallStreetBets are at it again. In late January, Reddit users over at /r/WallStreetBets banded together to try and squeeze investors who had decided to short sell GameStop stock. What happened next was an amazing saga that led GameStop to rocket to around $350 a share and then fall back again. Furthermore, chaos ensued on the /r/WallStreetBets subreddit and Discord server with rumors of movie deals and moderation team coups. Now, could this roller coaster be happening...
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It has been a wild few weeks on Wall Street after the so-called "degenerates" over at the WallStreetBets subreddit decided to go all-in and prop up faltering gaming retailer GameStop. The company has been down on its luck, posting $267 million in losses through the first nine months of [fiscal] 2020. However, WallStreetBets looked to crush Wall Street hedge funds that shorted GameStop shares (NYSE: GME) in a sort of high-stakes revenge plot. GME shares were trading at around $19 a share at the start of the year, and then peaked at $347 on January 27th when WallStreetBets' had its strongest influence over the market. Not surprisingly, many people have been intrigued by WallStreetBets...
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A little over a week after Robinhood first began limiting trading for shares of GameStop (NYSE: GME), the company has now reversed its decision. Robinhood's initial move drew considerable backlash from the very same everyday investors that it claimed to support, and has even drawn negative attention from lawmakers and the SEC. Robinhood attempted to soften its image with the public by releasing its first-ever Super Bowl commercial early, but the reaction was hypercritical for its tone-deafness (it didn't even address the GME controversy). Now, Robinhood has finally lifted its GME trade restrictions, but the move only comes after shares of the game retailer have crashed...
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If you want to see an example of a popular company throwing away years of goodwill with its customers over a short span of time, look no further than Robinhood. The company says that it's on a mission to democratize finance for its users, but its recent actions flew in the face of those claims. Robinhood has just aired its upcoming Super Bowl commercial, entitled "We are all investors." In it, the company champions the everyman; the very people that it has always catered to and embraced during its 7 years of existence. After all, the company's mission statement reads, "At Robinhood, we believe the financial system should be built to work for everyone. That’s why we create products...
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Given the dramatic rise in share prices for so-called "meme stocks" like GameStop (NYSE: GME) and AMC Theaters (NYSE: AMC), there has been a flurry of activity from an influx of everyday traders. Spearheaded by the so-called "degenerates" from the WallStreetBets subreddit, GME has soared over 1,000 percent in value as hedge funds shorting the stock have in turn lost billions. One company that has been caught up in this rollercoaster ride has been Robinhood, which came under fire from all sides (WallStreetBets, lawmakers, everyday traders, etc.) when it restricted the purchase of a number of meme stocks like GameStop, AMC, BlackBerry, Bed Bath And Beyond, and Nokia. "Amid significant...
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In the last week, the GameStop fiasco has expanded to several other stocks and now cryptocurrencies. The whole event is becoming something of a meme, which has angered some people higher up the chain. Some companies, such as the now-infamous Robinhood, began to lock down what stocks and cryptocurrencies investors could buy, much to the ire of the internet and WallStreetBets. As Robinhood has fallen from grace, consumers are now looking for new platforms to buy stocks and cryptocurrency, and we have compiled some options to help you along. Buy Dogecoin And Other Cryptocurrencies Binance And Binance.US We list Binance and Binance.US first because it seems to be one of the most fully-featured cryptocurrency-buying...
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Last week was a crazy one for seemingly down and out companies that have been severely impacted by the COVID-19 pandemic. We're of course talking about GameStop, and to a lesser extent companies like AMC Theaters and BlackBerry. It's a long story, and we highly suggest that you catch-up on our previous coverage, if you're new to all Wall Street the drama. However, the Cliff's Notes version is that Wall Street hedge funds have been shorting GME shares for the long haul, hoping for the eventual demise of the company so that they can rake in billions in profit. Reddit community WallStreetBets, however, has decided to "stick it to the man" by rallying around shares of GME, which...
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Earlier today, we reported that Robinhood and TD Ameritrade were restricting trading for a rash of stocks including GameStop and AMC. At the time, Robinhood said that it was making the decision to help its users stay informed in its efforts to democratize access to financial institutions. "We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG," said Robinhood this morning. "We also raised margin requirements for certain securities." Now, the company is facing a couple...
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Is the party coming to the end for the "little guys" that banded together to take on some of the biggest hedge funds on Wall Street? Earlier this week, we reported on the meteoric rise of GameStop shares (NYSE:GME), which has been fueled by "degenerates" -- a title that the group has coined for themselves -- over at the WallStreetBets subreddit. They then moved on to push AMC Theaters (NYSE:AMC) and Nokia (NYSE:NOK) in a financial windstorm that has rocked Wall Street. However, there has been a lot of commotion raised about these degenerates and other everyday Americans that have joined in on this fascinating gold rush, as GME shot from $70 to $347 in a matter of days. This is a stock that...
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Yesterday, we reported on the subreddit /r/WallStreetBets that was effectively gaming the stock market and driving shares of GameStop stock to the moon. Today, it seems as though the crazy train just is not ending. The crowdsourced stock-mob has now driven (NYSE:GME) up approximately 129%, to around $350, at the time of publication. Who is behind the madness, and what is to come in the following days? The answer to the first part of the question is easy, the people behind the wildly growing reddit community, /r/WallStreetBets. They are a group of individual investors self-described as “degenerates,” but are now a crowdsourced stock-mob. Since the GME stock took off, Wall...
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While many gamers have been racking their brains trying to figure out what's going on with PlayStation 5 and Xbox Series X inventory, and how to get their hands on one of the consoles, a Wall Street firestorm has been brewing at GameStop. You know GameStop, the staple of [dying] malls and strip malls across America where you can buy new and used games/consoles, or even trade-in your old games and hardware for store credit. GameStop shares (GME) have been on a rollercoaster ride since the start of 2021, and even before then, the seeds of GameStop's remarkable run were planted during the latter half of 2020. In late July, GME was trading at around $4/share and slowly started creeping up as...
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Cyberpunk 2077’s launch was less than stellar by our accounts, and it left many disgruntled gamers in the wake. In an attempt to rectify the issue, many companies are now taking returns of Cyberpunk 2077, whether it is opened or not. Now, GameStop may be joining the list of companies refunding Cyberpunk 2077 in an interesting deviation from standard procedure. According to GameStop’s customer service portal, defective or damaged items can be returned or exchanged within 30 days of purchase if the item has not been opened. Now, according to a GameStop memo seen by Vice Games reporter Patrick Klepek, GameStop will be taking returns of Cyberpunk 2077 even if opened. Multiple GameStop...
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It is a tough time to be a gamer. There has been an extremely limited stock of computer parts (GPUs, CPUs) and next-gen consoles over the last several months. We even have some tips and tricks put together to help you snag a console, such as a PlayStation 5, but even that may not be enough. As GameStop continues to sell PS5 consoles at random, some people have had their orders canceled out from under them. Since the PS5 launched, GameStop and other retailers have been running “drops” where a certain number of consoles are thrown up onto the website for people to purchase. GameStop specifically has done some surprise and planned “drops,” and a few people have been lucky...
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If you've struck out numerous times in your efforts to secure a Sony PlayStation 5 or Xbox Series X up until now, we've got some good news for you. GameStop just confirmed that it will have both consoles available at its brick and mortar locations for Black Friday (November 27th). GameStop made the announcement when it revealed its Black Friday deals that it will be delivering this year. The Black Friday ad confirms that this is an in-store only promotion and that all of its physical locations will have at least two of each consoles in stock. The retailer also says that there's a limit of one console per customer, so if you're getting desperate to secure one of these two next-generation...
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If you haven't already bought an Xbox Series S/X or PlayStation 5, you may be in for a long wait to get your hands on when they launch early next week. Given that both consoles are going to be hot ticket items for gamers for the foreseeable future, it stands to reason that many stakeholders are jockeying for position to get in on a piece of the action. One such company is GameStop, which has signed a multi-year agreement with Microsoft that will see it receive a cut from every digital purchase made on an Xbox Series S or Xbox Series X for the life of the console. The first hints of this new tie-up between the two companies came in a press release last week, which confirmed a "strategic partnership...
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Earlier in September, Sony apologized for the PlayStation 5 preorder catastrophe and promised more console preorders soon. It seems; however, the preorder nightmare never ends as GameStop Ireland has begun to email customers stating they will likely not be getting a PS5 for quite some time. When the PlayStation 5 preorders kicked off, it was utterly chaotic. Preorders went out of stock near instantaneously, and Sony later apologized. Then, retailers such as Amazon began to crumble, announcing customers who preordered the PS5 may not get it on launch day. Now, our tech friends across the pond are encountering similar issues to a higher degree with Ireland’s GameStop chain indicating...
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Last week, HotHardware reported on preorders for the new Xbox consoles coming up on September 22nd. We also wrote about all the preorder snags with major device announcements, and it seems Microsoft will have its fair share too with limited availability of pre-orders at GameStop locations. Preorders seem to be a pain point for most major retailers, generally speaking. Between bots snatching up the orders, limited stock, and websites getting the “hug of death,” no one can pull off a launch where everyone is happy. It seems like this will be the case once more for Microsoft as Twitter user (and reliable leaker) Wario64 tweets that GameStop locations will be allocated a limited...
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GameStop has changed its mind on labeling itself "essential retail," and has announced that as of tomorrow, all of its stores that are still open will switch to a "delivery of the door" service. Notification of the change came from GameStop CEO George Sherman yesterday in a letter that was sent out to employees. The way GameStop intends to conduct business from now on is by allowing shoppers to order games online using the GameStop app or using QR codes at stores. Customers will be able to pick the games up curbside at stores that remain open during the coronavirus pandemic. In some states, GameStop has been forced to shut down locations entirely, such as California and Nevada. The struggling...
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California Governor Gavin Newsom announced a "statewide order" for nearly 40 million residents to "stay at home" amid the coronavirus pandemic, and in other states, school closings are common. Same goes for various retail businesses—many restaurants are now only offering delivery of pickup. Meanwhile, GameStop stirred up a bit of controversy when it reportedly instructed its employees to keep its stores open based on the notion that it is an "essential retail" chain. Say what, now? Hey, I love video games as much as the next person, and during this time of "social distancing" and self-quarantining, they are a welcome distraction, both from what is going on in the world and from going...
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