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The Sports Index stock of the week: GameStop Corp (GME:NYSE)
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The Sports Index sports stock market and sports business news posted Friday after closing bell. Year-to-date performance chart for 12-index composite, individual indices, and related market sectors. Full list of charts in weekly newsletter and at STOCKS link
The Sports Index stock of the week: GameStop Corp (GME:NYSE)
The Sports Index sports stock market benchmark BULL-BEAR Leaderboard
The Sports Index stock of the week: GameStop Corp (GME:NYSE)
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The Wall Street Journal reported this week that retailer and rising game and sports collectibles purveyor GameStop Corp. (GME:NYSE) made a $56 billion unsolicited offer to buy ecommerce giant eBay Inc. (EBAY:NASDAQ). The bid was $125 per share, per Stock Titan, which was a $9 premium over Friday's close. Non-paywall at Reuters. Rumors that GameStop had been targeting eBay had been floating around for weeks. GameStop's aggressive new CEO is incentivized to grow GameStop into a $100 billion company. Landing eBay fits into GameStop's vision of becoming a multi-platform retailer of both video games and collectibles, but it could go far beyond mere games and collectibles. GameStop might be aiming to go after ecommerce giant Amazon.com Inc. (AMZN:NASDAQ) by converting GameStop's nationwide network of brick-and-mortar locations into fulfillment centers, blanketing the map with hyper-local delivery infrastructure. But what about the vehicle fleet? If GameStop could pull it off, such a scenario would be a win for competition and consumers. Rumors have circulated for years that big box retailer Walmart Inc. (WMT:NASDAQ) has wanted to go head-to-head with Amazon yet the fleet issue is something they'd have to incorporate as well. If Walmart hasn't figured it out by now, that casts further doubt on GameStop's aggressive foray. Meanwhile, eBay is the bigger fish than GameStop, though GameStop does have a reported $9 billion cash reserve and a crypto treasury in excess of $500 million. During Monday's session, investors sent GME shares down nearly 9%, while EBAY shares were up nearly 6%. Bitcoin rallied on Monday to surpass the $80,000 mark, a value not seen since late January. Some think tokenization of stocks are at a turning point and might signal the end of so-called "crypto winter." Still, digital assets would have to appreciate 1000% for GameStop's crypto reserve to make a dent in the big picture. On Tuesday, the inverse occurred in the stock market which sent eBay shares lower and GameStoper higher. "GameStop's $56 billion eBay bid raises financing doubts among investors," writes Reuters. Some analysts are beginning to doubt the deal will go through, which may explain the Tuesday turn of events in the markets for both stocks. In any event, the proposal was to be presented to eBay shareholders midweek for consideration. The main question, however, is if GameStop will be able to locate debt capital at favorable interest rates to fund the purchase. Company CEO Ryan Cohen "sidesteps questions on how company will pay for eBay deal," writes Yahoo Finance. Famous investor Michael Burry of "The Big Short" film fame offloaded his entire position in GME shares following news of the buyout offer, per TradingView.
The Sports Index sports stock market benchmark BULL-BEAR Leaderboard
The Sports Index sports stock market benchmark BULL-BEAR Leaderboard
The Sports Index sports stock market benchmark BULL-BEAR Leaderboard
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BULL-BEAR Leaderboard by The Sports Index sports stock market and sports business. Top gainers and laggards in each category index