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GameStop Tumbles on Stock Sale Plan and Unclear Strategy View

  • Shares slide as investors wait for details on turnaround plan
  • Retailer appoints new leadership duo, results beat estimates
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Ryan Cohen Let Ego Get in the Way Regarding GameStop: Pachter
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GameStop Corp.’s meteoric rally this year as one of the first meme-stock icons may be losing steam after the company said it planned to sell more shares and offered few details about its turnaround strategy.

The Grapevine, Texas-based video-game retailer fell 27% to $220.39 on Thursday in the biggest drop since March 24. The stock, which was among the first to get a huge Reddit and social media following earlier this year, has surged about 1,100% in 2021 as retail investors banded together to take on short sellers and amid optimism on a corporate turnaround.