Why GameStop’s Shares Jumped 93.7% Today

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Shares of video game retailer GameStop (NYSE: GME) continued its incredible run on Wednesday, climbing as much as 93.7% in morning trading. By midday, shares had settled slightly and were “only” up 63.2% at 12:55 p.m. EST. 

The biggest reason for GameStop’s rise this week was a Monday announcement of holiday sales and new board members. Holiday quarter sales rose 4.8% on a comparable-store basis and e-commerce sales jumped 308%. Management didn’t give guidance for the full quarter, but did say it expected comparable-store sales and profits to rise in the fourth quarter of fiscal 2020.

Image source: Getty Images.

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