GameStop Wants to Buy Stocks

Plus,’s momentum loses steam.

Today is Thursday, December 7, 2023.

The Early Bird Index today is 61.59.

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GameStop Wants to Buy Stocks

GameStop (NYSE: GME) posted mixed financial results on Wednesday, sending shares down by 5.93% in after-hours trading, but the company is closer to becoming profitable.

Financials: GameStop reported a loss of one cent per share in the past quarter, which was better than expected. Revenue reached $1.08 billion, which was lower than expected.

Details: The company lost $3.1 million during the quarter, better than the net loss of $94.7 million in the previous quarter last year.

Powering the Story: GameStop, considered to be the ultimate meme stock, announced Wednesday that the board gave the company permission to invest in other stocks…oh, the irony here. The company has basically transformed into a meme investor.

Stock Price: GameStop is down 13% this year, but up 8% in the last 30 days.

Final Thoughts: GameStop still has problems, but the profitability is finally in sight.

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Notable Earnings Today: Broadcom (Nasdaq: AVGO), Lululemon Athletica (Nasdaq: LULU), Dollar General (NYSE: DG), Ciena (NYSE: CIEN), Smith & Wesson Brands (Nasdaq: SWBI), RH (NYSE: RH), Cooper (Nasdaq: COOP), Vail Resorts (NYSE: MTN), GMS (NYSE: GMS), Hooker Furnishings (Nasdq: HOFT), HashiCorp (Nasdaq: HCP), Guidewire Software (NYSE: GWRE), Liquidity Services (Nasdaq: LQDT), Secureworks (Nasdaq: SCWX), Smartsheet (NYSE: SMAR), Methode Electronics (NYSE: MEI).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Ghost Boards (StartEngine), Cinelounge (SMBX).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Fed's Balance Sheet (4:30 p.m. ET).’s Momentum Loses Steam

The strong year for (NYSE: AI) came crashing down on Wednesday with mixed financial results, sending shares down by 8.09% in after-hours trading.

Financials: reported a loss of 13 cents per share, which was better than expected. Revenue was $73.2 million, which was lower than expected.

Outlook: The company says that revenue will be between $74 million to $78 million in the current quarter, which is lower than expected.

Background: rode the 2023 AI train to success this year. Before the earnings report on Wednesday, the stock was up 163% in 2023.

Final Thoughts: While is touting its transition to a new pricing model, investors are freaked out about the lower outlook.

Chewy Posts Weaker Guidance

Shares of Chewy (NYSE: CHWY) fell by 10.65% in after-hours trading on Wednesday after the pet product retailer posted mixed financial earnings results.

Financials: Chewy reported earnings of 15 cents per share in the past quarter, which was better than expected. But revenue was only $2.74 billion, which was below estimates.

Outlook: The company expects revenue for the full year to go up to $11.1 billion. Investors wanted a higher number, especially with the holiday shopping season in full swing.

Final Thoughts: Chewy is down 45% this year. A weak holiday season outlook is weighing down the stock.

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