GME Stock Movement Summary GameStop (GME) stock pulled back after initial acquisition excitement faded without new details. Facts: - CEO Ryan Cohen announced GameStop plans to acquire an undervalued, publicly traded consumer company that is larger than GameStop - Cohen described the potential deal as "very, very, very big" and told CNBC it could increase the company's value tenfold - The target company has not been identified - Cohen did not disclose whether GameStop would sell its bitcoin holdings to fund the acquisition - GameStop shares initially rose 4.8% on Friday following the acquisition announcement - The stock subsequently pulled back as no additional details or specifics about the target company were provided The initial positive market reaction to the acquisition announcement reversed as investors awaited concrete information about the deal's specifics and timeline.
Read full analysisGME Stock Movement Summary GameStop (GME) stock pulled back after initial acquisition excitement faded without new details. Facts: - CEO Ryan Cohen announced GameStop plans to acquire an undervalued, publicly traded consumer company that is larger than GameStop - Cohen described the potential deal as "very, very, very big" and told CNBC it could increase the company's value tenfold - The target company has not been identified - Cohen did not disclose whether GameStop would sell its bitcoin holdings to fund the acquisition - GameStop shares initially rose 4.8% on Friday following the acquisition announcement - The stock subsequently pulled back as no additional details or specifics about the target company were provided The initial positive market reaction to the acquisition announcement reversed as investors awaited concrete information about the deal's specifics and timeline.
Gamestop Corp. (GME) is a publicly traded company in the Broad Market sector.