T3 Live

Coffee With Greta: Meme King Takes Over GME


Register now for next week's free Q&A with Scott Redler on LinkedIn!

DJIA Futures: -30 (-0.1%)

SPX Futures: +2 (+0.1%)

NASDAQ Futures: +28 (+0.2%)

Good morning friends!

Futures are mostly flat as the recent rally takes a pause.

Let’s get right to it!

GameStop Plunges After Executive Shakeup

GameStop (GME) shares are plunging 21.5% ahead of the open after the video game retailer reported Q1 earnings and fired its CEO on Wednesday. 

The company reported a net loss of $0.17 per share on $1.24 billion in revenue and canceled its earnings conference call. 

GameStop fired CEO Matthew Furlong and appointed Ryan Cohen as executive chairman effective immediately. 

The quarterly securities filing said, “We believe the combination of these efforts to stabilize and optimize our core business and achieve sustained profitability while also focusing on capital allocation under Mr. Cohen’s leadership will further unlock long-term value creation for our stockholders.”

Furlong also resigned from the company’s board upon his firing. 

GameStop said Cohen will be in charge of capital allocation, evaluating potential investments and acquisitions and overseeing the managers of GameStop’s holdings.

Weekly Jobless Claims Jump

Weekly jobless claims jumped more than expected last week. 

The Labor Department reported 261,000 Americans filed initial claims for unemployment benefits. 

That was up by 28,000 from the previous week and the highest level since October 2021. 

Economists were expecting claims to rise to 236,000.

Eurozone Enters Recession

Revised data shows the Eurozone entered a recession in the first quarter of the year.

The bloc reported GDP of -0.1% in Q1, down from the first estimate of +0.1%. 

That marked two consecutive quarters of contraction after Europe also saw a 0.1% contraction in Q4 2022.

Lucid Looks To Enter Chinese Market

Lucid (LCID) shares are up 3.4% in premarket trade following reports the electric automaker is looking to enter the Chinese market. 

The company’s head of China operations, Zhu Jiang, confirmed those reports with Reuters. 

He declined to comment on other reports that Lucid is considering plans for local production in China.

Zhu said the funding from its recently announced stock offering would help “bring the advanced EV technology and product experience to the industry and users globally at a faster pace.”

Leave a Comment: