Billionaire Ryan Cohen's investment company RC Ventures bought 100,000 shares of GameStop, a regulatory filing showed on Tuesday, sending the Texas-based video game retailer's shares 30.7 per cent higher to close at $123.14.
The meme stock surged another 16 per cent in extended trading overnight to register its biggest one-day percentage gain since March 25 last year, with trading volumes soaring and likely squeezing bearish investors who sold the stock short.
The purchase, worth $10 million, takes Mr Cohen's stake in the company marginally higher to 11.9 per cent, with the total number of shares owned at 9.1 million.
There was no clear reason for Tuesday's rally during normal trading hours, according to analysts.
Fuelled by an army of Reddit day traders looking to squeeze short sellers and giant hedge funds, GameStop came to prominence in January last year when its stock peaked at $483 a share. Only one week later, GameStop shares erased more than $27 billion in market value.
Since then, it has been a roller-coaster ride for the meme stock.
Last Thursday, the company reported a net loss of $147.5m for the fourth quarter of 2021, compared with a profit of $80.5m a year earlier, after it absorbed high costs from supply constraints and also raised spending to pivot its largely brick-and-mortar business towards e-commerce.
"The combination of supply chain issues and the Omicron variant had a sizeable impact on this past year's holiday season," chief executive Matt Furlong said on an earnings conference call at the time.
Usually, the holiday quarter is a strong one for the company as new Xboxes and PlayStations are launched and demand is high. But component shortages and other supply chain issues, which had hit console makers like Sony and Microsoft, affected GameStop's business.
Mr Cohen, who cofounded online pet products retailer Chewy and is GameStop's chairman, announced his stake increase in the video game retailer on Twitter, saying: “I put my money where my mouth is.”
Mr Cohen was appointed chairman of GameStop in June last year after he started investing in the company in 2020 in a bid to push it to focus on online sales and close unprofitable stores, which led to the Reddit-fuelled frenzy over the stock, according to CNBC.
BABYLON
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Company%20profile
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BIOSAFETY LABS SECURITY LEVELS
Biosafety Level 1
The lowest safety level. These labs work with viruses that are minimal risk to humans.
Hand washing is required on entry and exit and potentially infectious material decontaminated with bleach before thrown away.
Must have a lock. Access limited. Lab does not need to be isolated from other buildings.
Used as teaching spaces.
Study microorganisms such as Staphylococcus which causes food poisoning.
Biosafety Level 2
These labs deal with pathogens that can be harmful to people and the environment such as Hepatitis, HIV and salmonella.
Working in Level 2 requires special training in handling pathogenic agents.
Extra safety and security precautions are taken in addition to those at Level 1
Biosafety Level 3
These labs contain material that can be lethal if inhaled. This includes SARS coronavirus, MERS, and yellow fever.
Significant extra precautions are taken with staff given specific immunisations when dealing with certain diseases.
Infectious material is examined in a biological safety cabinet.
Personnel must wear protective gowns that must be discarded or decontaminated after use.
Strict safety and handling procedures are in place. There must be double entrances to the building and they must contain self-closing doors to reduce risk of pathogen aerosols escaping.
Windows must be sealed. Air from must be filtered before it can be recirculated.
Biosafety Level 4
The highest level for biosafety precautions. Scientist work with highly dangerous diseases that have no vaccine or cure.
All material must be decontaminated.
Personnel must wear a positive pressure suit for protection. On leaving the lab this must pass through decontamination shower before they have a personal shower.
Entry is severely restricted to trained and authorised personnel. All entries are recorded.
Entrance must be via airlocks.
Inside%20Out%202
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Killing of Qassem Suleimani
COMPANY%20PROFILE
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
