GameStop Stock Rises Again. It's Looking Good for an 8-Day Winning Streak. -- Barrons.com

Dow Jones07-17

By George Glover

GameStop looked set to extend its recent hot streak on Wednesday as the videogame retailer's somewhat baffling rally continued.

Shares rose 1.6% to $29 ahead of the opening bell, putting the stock on course for an eighth straight day in the green. It's still trading about two-thirds lower than its record close from January 2021.

Before Wednesday's move, GameStop was already up 63% for the year, powered higher by excitement surrounding the dramatic return of longtime bull Keith Gill to social media. Gill, known as either Roaring Kitty or DeepF -- value, broke a three-year hiatus with a series of cryptic posts on X in May, and has since revealed that he holds a sizable stake in the company.

Signs that the Federal Reserve might soon start cutting interest rates have also likely fueled GameStop's recent surge, because lower borrowing costs tend to drive up market speculation. The stock is notoriously volatile and is often seen a gauge of day traders' exuberance, rather than an asset valued on fundamentals like its earnings growth and cash flows.

Other so-called meme stocks had a tougher time of it in early-morning trading on Wednesday. Cinema chain AMC Entertainment fell 0.4% and online used car seller Carvana dropped 0.9% ahead of the opening bell.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

July 17, 2024 05:07 ET (09:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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It's still trading about two-thirds lower than its record close from January 2021. \n</p>\n<p>\n     Before Wednesday's move, GameStop was already up 63% for the year, powered higher by excitement surrounding the dramatic return of longtime bull Keith Gill to social media. Gill, known as either Roaring Kitty or DeepF -- value, broke a three-year hiatus with a series of cryptic posts on X in May, and has since revealed that he holds a sizable stake in the company. \n</p>\n<p>\n     Signs that the Federal Reserve might soon start cutting interest rates have also likely fueled GameStop's recent surge, because lower borrowing costs tend to drive up market speculation. The stock is notoriously volatile and is often seen a gauge of day traders' exuberance, rather than an asset valued on fundamentals like its earnings growth and cash flows. \n</p>\n<p>\n     Other so-called meme stocks had a tougher time of it in early-morning trading on Wednesday. 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It's still trading about two-thirds lower than its record close from January 2021. \n\n\n     Before Wednesday's move, GameStop was already up 63% for the year, powered higher by excitement surrounding the dramatic return of longtime bull Keith Gill to social media. Gill, known as either Roaring Kitty or DeepF -- value, broke a three-year hiatus with a series of cryptic posts on X in May, and has since revealed that he holds a sizable stake in the company. \n\n\n     Signs that the Federal Reserve might soon start cutting interest rates have also likely fueled GameStop's recent surge, because lower borrowing costs tend to drive up market speculation. The stock is notoriously volatile and is often seen a gauge of day traders' exuberance, rather than an asset valued on fundamentals like its earnings growth and cash flows. \n\n\n     Other so-called meme stocks had a tougher time of it in early-morning trading on Wednesday. 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