GME has been beaten down most of the year. It's great to see positive news but unfortunate that they had to do fat trimming at the expense of employees. Either way, the news that Michael Burry is invested hasn't hurt (yet). We'll have to see if it has a lasting impact still. Overall, the chart looks interesting.
Video game retailer GameStop Corp. (GME Stock Report) has been in the middle of an impressive rally since last week. This has been due to two major factors. First, it announced that it is going to lay off as many as 120 workers as part of a cost-cutting process. This actually proved to be a huge positive. We reported on this last week in the article, “2 Penny Stocks Trying To Bounce Back In August.”
However, later on, ace investor Michael Burry told Barron’s that he is bullish on GameStop and owns as many as 3 million shares at the time. He stated that as many as 90% of the stores owned by the company are cash flow positive and he believes that the market has not valued the stock fairly. If you don’t know Michael Burry, watch the movie, “The Big Short,” and I think you’ll be surprised. Over the course of the past week, GME stock rose by 20%. However, don’t forget that the stock is still down over 70% year-to-date.
From PennyStocks.com - 3 Penny Stocks Catching Investors’ Attention This Week
Video game retailer GameStop Corp. (GME Stock Report) has been in the middle of an impressive rally since last week. This has been due to two major factors. First, it announced that it is going to lay off as many as 120 workers as part of a cost-cutting process. This actually proved to be a huge positive. We reported on this last week in the article, “2 Penny Stocks Trying To Bounce Back In August.”
However, later on, ace investor Michael Burry told Barron’s that he is bullish on GameStop and owns as many as 3 million shares at the time. He stated that as many as 90% of the stores owned by the company are cash flow positive and he believes that the market has not valued the stock fairly. If you don’t know Michael Burry, watch the movie, “The Big Short,” and I think you’ll be surprised. Over the course of the past week, GME stock rose by 20%. However, don’t forget that the stock is still down over 70% year-to-date.
From PennyStocks.com - 3 Penny Stocks Catching Investors’ Attention This Week