After the video game retailer reported quarterly earnings and signed a new partnership with Sam Bankman-Fried, its shares jumped as much as 12% in premarket trading.
As the company posted its second-quarter earnings late Wednesday, it showed losses ballooned.
At last check, the stock was 9.8% higher at $26.42, after hitting $26.86 earlier in the day. Before the financial update and FTX news, thememe stock closed down 4.4% at $24.04.
They said in a press release that they want to introduce more of their customers to FTX. They will work with the giant on new e- commerce and online marketing initiatives.
In the second quarter, the retailer's net sales slid 4% year-on-year to $1.14 billion.
Increased sales of collectibles, lower overheads, and more inventory are positive steps towards revitalizing the store.
The company has launched a digital wallet and its own non-fungible token marketplace in recent months as it seeks to broaden its revenue streams and appeal to a new generation of customers
Its stock price was down 42% at $24 as of Wednesday's close, a fraction of the peak it reached in January 2021. Its shares have more than doubled since the end of the year.
After votes of confidence from Michael Burry of "The Big Short" fame, "Roaring Kitty" YouTuber, and Chewy cofounder Ryan Cohen helped spur an army of retail investors to buy the stock, the stock skyrocketed as much as 2,500%.
AMC Entertainment and Bed Bath & Beyond are examples of struggling businesses that have high levels of short interest.
Retail investors pile into meme stocks because they want to boost their prices and get rich overnight, punish hedge funds for betting against their favorite companies, and thumb their noses at Wall Street by embracing bankrupt or deeply distressed companies.
There are 4 reasons why buying ether in anticipation of the merge is not a good strategy.
All Rights Reserved © 2024
