Market Pulse
GameStop stock extends sharp bounce off 2-year low ahead of earnings report
Shares of GameStop Corp. (GME) ran up 6.0% in afternoon trading Tuesday, and have hiked up 12.0% in the four days since they closed at a two-year low, ahead of the consumer electronics retailer's earnings report, which is due out after the close. The average estimates of analysts surveyed by FactSet are for fiscal fourth-quarter per-share losses to narrow to 13 cents from 47 cents and for sales to fall 3.3% to $2.18 billion. GameStop has reported wider-than-expected loss in three of the past four quarters, but the has gained the day average each of the past four reports, by an average of 8.2%, according to FactSet data. The former "meme" stock, which closed March 15 ($15.95) at the lowest price since February 2020, last has slumped 13.1% the past three months, while the S&P 500 has gained 2.6%.
-Tomi Kilgore
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March 21, 2023 14:11 ET (18:11 GMT)
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