We recently compiled a list of the These 10 Firms Were Last Week’s Worst Performers. In this article, we are going to take a look at where GameStop Corp. (NYSE:GME) stands against the other stocks.
Wall Street’s main indices finished firmer on Friday, with all main indices settling in the green territory ahead of President-elect Donald Trump’s return to the White House.
Week-on-week, the Dow eked out a 3.81-percent gain, the S&P rallied 3.79 percent, while the Nasdaq increased by 3.84 percent.
Ten companies from diverse sectors, however, ended Friday weaker, posting notable declines versus the week prior. In this article, let’s look at which firms suffered a bloodbath and the reasons that dragged their performance.
For this week’s list, we only focused on companies with a market capitalization of at least $2 billion and a minimum trading volume of $5 million.
A gamer playing a game on one of the specialty retail company’s gaming platforms.
GameStop Corp. (NYSE:GME)
Shares of GameStop Corp. fell by 14.8 percent on Friday to close at $27.51 versus the $32.31 week-on-week amid reports that it was closing stores in the US, often with little to no warning. According to reports, the closure announcements were reported by employees on their social media platforms.
Since 2020 alone, GameStop has been shutting down more than 700 stores as the COVID-19 pandemic heavily weighed on its profits. This was further aggravated by the continued rise in the digital age particularly online sales, and video game makers resorting to digital-only access to games.
This year alone, GameStop reportedly will close dozens of stores across Texas, and it is uncertain whether other states will see similar store closures.
GameStop is a retailer that sells video games, consumer electronics, and collectibles, with stores across the US, Canada, Australia, New Zealand, and Europe.
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This article is originally published at Insider Monkey.