GameStop Extends Surge as Chewy.com Founder’s Arrival Stirs Buzz
- Four-day surge adds $1.2 billion to market capitalization
- Short-squeeze may also be fanning company’s sharp rally
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A four-day surge in GameStop Corp. on the back of retail-investor demand has added $1.2 billion in market value to the vide-game seller since activist investor and Chewy Inc. co-founder Ryan Cohen joined its board on Monday.
The stock jumped as much as 23% Thursday and touched a high at $38.55, more than double its Friday’s closing price. Demand from day traders propping the company’s outlook on message boards and social media, combined with short covering, is fueling the seemingly unstoppable run.