Gamestop reverses course after stock offering; 'Roaring Kitty' to host livestream

BlackBerry

07/06/2024 12:00

(Updates)
    ** Videogame retailer Gamestop's  GME.N  shares reverse
premarket gains, and were last down 9.6% premarket 
        ** Company announces an additional offering of 75 mln
common shares
  
        ** GME 
    reports
     Q1 net sales of $881.8 mln, down from $1.24 bln a year ago
  
        ** Also misses analysts' estimates of $995.3 mln - LSEG
data
  
        ** Company reported Q1 results ahead of its scheduled
release on June 11; says will not hold a conference call on
Friday  
  
        ** Stock influencer Keith Gill, who goes by "Roaring
Kitty", posted on Youtube that he would host a livestream,
scheduled for 12 p.m. ET (1600 GMT) on Friday
    ** Gill, on June 2, posted a screenshot on his Reddit
account making a $116-mln bet on GME
    ** Gill was key driver of a retail trading frenzy or "meme
stock rally" in 2021 by sparking bullish calls on Gamestop
    ** ** Other memestocks also turn negative after GME's Q1
results; AMC Entertainment  AMC.N , Koss Corp  KOSS.N  and
U.S.-listed shares of Blackberry  BB.N  lost between 1% -7%
premarket
        ** Retail trading platform Robinhood Markets  HOOD.O 
was last up 1.2% premarket
  
    ** Up to last close, GME stock was up 165.5% YTD

 (Reporting by Nikhil Sharma and Purvi Agarwal in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))