(Reuters) -GameStop on Wednesday named the head of Amazon's Australian business as its CEO and said the struggling videogame retailer may sell new shares, sending its volatile stock down 7% in extended trade and disappointing some of its ardent fan base of individual investors.
GameStop's stock jumped 7% on Wednesday before the company was due to release its quarterly results, which a cult following of individual investors will scrutinize for progress in the videogame retailer's turnaround amid this year's rally in its shares.
June 9 GameStop is set to report its
quarterly results after the bell on Wednesday, with a cult
following of individual investors looking for progress in
turning around the struggling videogame retailer following its
recent share price surge.
* Indexes: Dow -0.92%, S&P 500 -0.71%, Nasdaq -0.39%
(Adds details, update share prices)
* Indexes: Dow -0.75%, S&P 500 -0.52%, Nasdaq -0.21%
(Updates after release of Fed minutes)
Shares of Airbnb dropped almost 6% in a busy session on Monday after insiders in the home rental firm became free to sell their shares for the first time since the company's December IPO.
As retail investors pump less money into blank-check companies, returns on those stocks are badly underperforming versus the S&P 500.
Wall Street ended lower on Friday, with Amazon, Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports. | Video