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S&P lifts GameStop credit rating, helping push into e-commerce
By Svea Herbst-Bayliss
Reuters
BOSTON (Reuters) - Ratings agency S&P Global Ratings on Wednesday raised GameStop s credit rating by one notch, a critical step in the video retailer s transformation into an e-commerce company.
S&P Global Ratings said in a note that it lifted GameStop s credit rating to B from B- and removed it from CreditWatch after the company issued $550 million in equity and redeemed all balance sheet debt. We expect these actions to provide additional runway to achieve its business transformation initiatives, provide liquidity, and improve GameStop s financial risk profile, S&P analysts wrote.
Why an ice cream cone tweet sent more than doubled a stock s price in a day
Other so-called stonks - an intentional misspelling of stocks - favored by retail traders on sites such as Reddit s WallStreetBets, also shot higher
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GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.
The shares soared nearly 104% during the session in which trading was halted several times, then jumped another 85% after hours. The rally began after 2:30 p.m. (1930 GMT).
Economic shutdowns in response to COVID-19 pandemic lockdowns have created fertile hunting grounds for Wall Street short-sellers, who bet that what they believe to be.