GameStop’s Holiday Sales

Plus, Litecoin ETF rumors erupt.

Together With

Source: GameStop

Today is Wednesday, March 27, 2024.

The Early Bird Index today is 73.30.

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GameStop’s Holiday Sales

The former meme stock GameStop (NYSE: GME) plummeted by 15.23% in after-hours trading on Tuesday after the company posted disappointing financial results.

Financials: GameStop reported earnings of 21 cents per share in the past quarter and revenue of $1.79 billion; both were lower than expected.

Powering the Story: Sales fell 19% from the previous year’s period, which included the holiday season. The company also had to cut jobs to keep expenses in check.

Yes, but: Net income totaled $6.7 million in 2023, better than the net loss of $313.1 million for 2022.

Stock Price: GameStop is down 7% in 2024, but up 9% in the last 30 days before these results.

Final Thoughts: Like other retailers, GameStop is struggling due to lower consumer spending. Also, it’s a tough time for the video game industry, especially as some games are delayed.

Notables

Notable Earnings Today: MillerKnoll (Nasdaq: MLKN), RH (NYSE: RH), Jefferies (NYSE: JEF), Carnival (NYSE: CCL), Cintas (Nasdaq: CTAS), Paychex (Nasdaq: PAYX), Braze (Nasdaq: BRZE), UniFirst (NYSE: UNF), Verint Systems (Nasdaq: VRNT), Sprinklr (NYSE: CXM), H.B. Fuller (NYSE: FUL), Altimmune (Nasdaq: ALT), Franklin Covey (NYSE: FC), Greenidge Generation Holdings (GREE), Lands’ End (Nasdaq: LE), PDS Biotechnology (Nasdaq: PDSB), Plby Group (Nasdaq: PLBY), Precision BioSciences (Nasdaq: DTIL), Rumble (Nasdaq: RUM), Syros Pharmaceuticals (Nasdaq: SYRS), Urban-Gro (Nasdaq: UGRO).

Notable IPOs Today: Binah Capital Group, Inc. Common Stock (Nasdaq: BCG), Keating Active ETF (Nasdaq: KEAT).

Notable Equity Crowdfunding Campaigns Ending Today: Wolf & Whiskey (Honeycomb), Zeehaus (Wefunder), Bardelia (Republic), Truth Arts (Republic).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET).

Litecoin ETF Rumors Erupt

The price of the cryptocurrency Litecoin jumped 5% on Tuesday as speculation surrounding the coin's future grew.

Details: Journalist Eleanor Terrett tweeted Tuesday that there have been rumblings on the institutional level about possible interest in a spot Litecoin ETF (exchange-traded fund), which would give investors direct exposure to Litecoin.

Background: Last week, Coinbase Derivatives announced plans to introduce futures trading for Litecoin and other cryptos on April 1. This is different from a spot ETF but is a step in that direction.

Price: Litecoin is up 32% in the last 30 days.

Final Thoughts: We’re a long way off before spot Litecoin ETFs are approved in the United States. We still don’t have spot Ethereum ETFs yet.

Merck Wins FDA Approval For New Drug 

The FDA approved a new drug from Merck (NYSE: MRK) on Tuesday for a rare lung condition called pulmonary arterial hypertension, sending shares up 4.84% in after-hours trading.

Stock Price: Merck is up 10% this year, but dipped 2% in the last 30 days.

Background: Financially, Merck is in comeback mode this year. It also has several other promising drugs in the pipeline.

Final Thoughts: Can Merck rise above the low expectations for the healthcare industry in 2024? So far, the answer is yes.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.