GameStop's Demise Assured With New CEO, Wedbush Says; Cohen Calls for "Extreme Frugality"

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GameStop's Demise Assured With New CEO, Wedbush Says; Cohen Calls for "Extreme Frugality"

Seeking Alpha2023-09-29

GameStop (NYSE:GME) will continue its path to oblivion with its new and unimpressive leadership, Wedbush said.Shares dropped 1.8% on Thursday afternoon.The video game retailer announced the ...

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Elgigante
·2023-09-30
Mate have a look at what happened with Bed Bath and Beyond...I'm buying puts, it's just a question of how far out to set the strike
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NealRiggers
·2023-09-29
Whoever wrote this article clearly has no idea what they're talking about hahah! It's an embarrassment to even publish such articles. Whoever i short GME is coming out strong after the movie Dumb Money is expected to raise people's interest in the stock again.
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Cohen, who will not receive compensation for the job, founded Chewy (CHWY).\"The appointment of the controlling shareholder reflects the difficulty GameStop has had in attracting competent executives,\" analysts Michael Pachter and Nick McKay wrote in a September 28 note.Cohen was elected to the position by the board of directors, which consist mainly of colleagues from CHWY, \"suggesting that his appointment was more of a coronation by his believers.\"GameStop (GME) shares have been subject to the trend of meme stocks, surging and dropping dramatically as investors react to social media. The company's revenue has been shrinking as video games move online without the requirement of physical consoles and game cartridges.Shares are down 38% over the past 12 months.Wedbush noted that executives at GME have not stuck around long and \"We are unaware of any recruiting activity, and can only surmise that the company could not convince any competent replacements to jump onto the sinking ship. The lack of clear direction and the callous termination of Mr. Furlong all but ensures that Mr. Cohen will have difficulty in surrounding himself with competent colleagues going forward.\"The firm also said GME's initiatives have failed \"spectacularly,\" including an effort to \"be like Amazon” and the recruitment of since departed Amazon.com (AMZN) executives. The company has also \"made no progress whatsoever in growing sales.\"Welcome to oblivion\"With no experienced retail executives to advise him, we suspect that GameStop will continue its path to oblivion,\" the analysts said. \"We remain convinced that GameStop is doomed, as declining physical software sales and a shift of sales to subscriptions and digital downloads seal its fate.\"The Wedbush analysts have an Underperform on the stock, which has little other Wall Street coverage.\"Mr. Cohen has no significant experience managing a physical retailer, and we are skeptical that he was GameStop’s first choice for its CEO. With no path to a turnaround and the inevitable migration of physical software sales to digital downloads, we think Mr. Cohen’s appointment ensures GameStop’s demise.\"","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":225094882177096,"gmtCreate":1696033588238,"gmtModify":1696041258541,"author":{"id":"4156905473068432","authorId":"4156905473068432","name":"Elgigante","avatar":"https://community-static.tradeup.com/news/4175b9dc5b8b1058e65d454d2afbbb21","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4156905473068432","authorIdStr":"4156905473068432"},"htmlText":"Mate have a look at what happened with Bed Bath and Beyond...I'm buying puts, it's just a question of how far out to set the strike","listText":"Mate have a look at what happened with Bed Bath and Beyond...I'm buying puts, it's just a question of how far out to set the strike","text":"Mate have a look at what happened with Bed Bath and Beyond...I'm buying puts, it's just a question of how far out to set the strike","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/225094882177096","repostId":2371220700,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":224794142756880,"gmtCreate":1695959706171,"gmtModify":1695961717615,"author":{"id":"4152496098951332","authorId":"4152496098951332","name":"NealRiggers","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4152496098951332","authorIdStr":"4152496098951332"},"htmlText":"Whoever wrote this article clearly has no idea what they're talking about hahah! It's an embarrassment to even publish such articles. Whoever i short GME is coming out strong after the movie Dumb Money is expected to raise people's interest in the stock again.&nbsp;","listText":"Whoever wrote this article clearly has no idea what they're talking about hahah! It's an embarrassment to even publish such articles. Whoever i short GME is coming out strong after the movie Dumb Money is expected to raise people's interest in the stock again.&nbsp;","text":"Whoever wrote this article clearly has no idea what they're talking about hahah! It's an embarrassment to even publish such articles. Whoever i short GME is coming out strong after the movie Dumb Money is expected to raise people's interest in the stock again.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/224794142756880","repostId":2371220700,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":3,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}