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The Associated Press
ap photo
Pedestrians pass a GameStop store on 14th Street at Union Square Thursday in the Manhattan borough of New York.
NEW YORK Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming.
GameStop has been swept up in a battle between big-moneyed hedge funds betting against it and small investors trying to prop it up. That has caused GameStop’s share price to soar despite the shaky financials underneath.
Flailing companies like AMC Entertainment and American Airlines have likewise enjoyed a stock surge, but GameStop has been the primary battleground between the Davids and the Goliaths. Shares rocketed 1,600 percent in the last three weeks, closing at $325 per share on Friday and giving GameStop a market cap of nearly $17 billion. Shares have since cratered. On Tuesday, they fell 60 percent to close at $90.
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Feb 4, 2021
FILE - Pedestrians pass a GameStop store on 14th Street at Union Square, Thursday, Jan. 28, 2021, in the Manhattan borough of New York. Behind GameStop’s stock surge is the grim reality that the video game retailer is floundering even as the industry around it is booming. Many investors fully understand the contradiction between GameStop’s stock price and its business fundamentals. But for those who imagine it to be the next Tesla or Amazon, the truth is: It’s likely not. (AP Photo/John Minchillo, File)
NEW YORK (AP) Behind GameStop’s stock surge is the grim reality of its prospects: The video game retailer is floundering even as the industry around it is booming.
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