GameStop Shuts Down Game Informer Magazine, Lays Off Entire Staff: Report
Portfolio Pulse from Anusuya Lahiri
GameStop Corp (NYSE:GME) announced the shutdown of Game Informer magazine, laying off the entire staff. The closure comes as part of CEO Ryan Cohen's strategy to scrutinize expenses. Analysts criticize GameStop's business model but note its strong cash position and upcoming console releases from Sony, Nintendo, and Microsoft. GME shares fell 12.01% premarket.
August 05, 2024 | 11:40 am
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NEGATIVE IMPACT
GameStop announced the shutdown of Game Informer magazine, laying off the entire staff. This move is part of CEO Ryan Cohen's strategy to scrutinize expenses. GME shares fell 12.01% premarket.
The shutdown of Game Informer and the layoffs are significant negative news for GameStop, reflecting cost-cutting measures. This has led to a 12.01% drop in GME shares premarket.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Investors can gain exposure to GameStop through iShares Core S&P Mid-Cap ETF (NYSE:IJH). The ETF may be impacted by the 12.01% drop in GME shares premarket.
IJH holds GameStop shares, and the significant drop in GME's stock price could negatively impact the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
Investors can gain exposure to GameStop through Vanguard Small-Cap ETF (NYSE:VB). The ETF may be impacted by the 12.01% drop in GME shares premarket.
VB holds GameStop shares, and the significant drop in GME's stock price could negatively impact the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Analysts anticipate support for GameStop from upcoming video game console releases from Microsoft Corp (NASDAQ:MSFT).
Upcoming console releases from Microsoft could positively impact GameStop's sales, providing some support despite the negative news.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
Analysts anticipate support for GameStop from upcoming video game console releases from Sony Group Corp (NYSE:SONY).
Upcoming console releases from Sony could positively impact GameStop's sales, providing some support despite the negative news.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30