Arab Press

بالشعب و للشعب
Monday, Apr 06, 2026

GameStop shares surge 53%, other 'meme stocks' rally on stimulus hopes

GameStop shares surge 53%, other 'meme stocks' rally on stimulus hopes

Shares of GameStop jumped more than 40% on Monday and other so-called meme stocks rallied, lifted by news from the video game retailer and expectations that investors may plow funds from coming stimulus checks into the equity market.
GameStop shares last traded up 41.2% at $194.50, their highest closing level since Feb. 1, after the company tapped shareholder and Chewy co-founder Ryan Cohen to spearhead a new committee to help the video game retail chain’s transition to e-commerce. The stock was up as much as 53% at the session high.

Other stocks favored by retail investors on forums such as Reddit’s WallStreetBets also rallied. Some market watchers cited the U.S. Senate’s passage of a $1.9 trillion stimulus bill including $1,400 direct payments to Americans.

“Maybe there’s a thought that if people are going to get a lot of money in their stimulus checks, that some of it’s going into the stock market,” said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group. “Some of it might go into those same names that we saw in late January, those message board Reddit-type stocks.”

Retail investors surveyed by Deutsche Bank last month said they would put more than a third of their stimulus checks into the stock market, which could represent inflows of around $170 billion, the bank said in a research note.

Retail buying of stocks and options has been among the factors driving markets higher over the past year, analysts said. Some 53% of respondents in the Deutsche Bank survey said they invested some funds from past stimulus checks in the stock market.

Other stocks popular on Reddit also soared, with AMC Entertainment up 15.4%, headphone maker Koss Corp climbing 27.5% and Rocket Companies up 3.0%.

The U.S. government should be able to start delivering $1,400 checks almost immediately once the aid bill is finalized and President Joe Biden signs it, tax experts say.

GameStop’s latest rally followed several wild swings in the share price from January. GameStop has become one of the hottest and most visible “meme stocks” followed on social media sites.

Cohen, a major shareholder who has pushed Gametop’s move away from its brick-and-mortar model, joined the board in January shortly before a social media frenzy drove a meteoric rise in which GameStop shares surged more than 1,600%.

Hedge funds that had bet against the stock were forced to unwind their short positions, a situation known as a “short squeeze.” GameStop pared most of those gains the following month.

Some analysts believe another short squeeze may be adding fuel to the stock’s recent gains. Short interest in GameStop was valued at $1.9 billion, or 25.38% of the stock’s float on Monday, compared to 32.56% about a week ago, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.

Over the past week, short bets worth $538 million were covered, Dusaniwsky said.

“Shorts will continue to be squeezed out of their positions as GME’s stock price continues to trend upwards,” Dusaniwsky said in an email.

Recently, Cohen posted a cryptic tweet of an ice-cream cone, which some analysts viewed as a possible trigger for GameStop’s most recent rally.

Cohen’s RC Ventures activist firm reached a settlement with GameStop in January, giving Cohen seats on the company’s board.

GameStop said its Strategic Planning and Capital committee will help drive the latest e-commerce push. Along with Cohen, the committee will include Alan Attal, a Chewy alumni who joined the board as part of the RC Ventures settlement, and another board member Kurt Wolf.

GameStop’s sales through brick-and-mortar stores are under increasing pressure, as more customers gravitate toward digital downloads of console games.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Iranian Drone Strike on US Embassy in Saudi Arabia Reportedly Targeted Intelligence Facility
Saudi Deputy Foreign Minister Meets French Embassy Official to Strengthen Bilateral Engagement
Saudi Arabia Calls on United States to Seize Strategic Opportunity to Reshape Middle East
Dating Apps Surge in Saudi Arabia as Social Norms Rapidly Evolve Among Youth
Saudi Arabia Detains Over Fourteen Thousand Illegal Residents in Week-Long Enforcement Drive
Saudi Foreign Minister Engages in Diplomatic Talks with Pakistan, Kuwait and Latvia on Regional Developments
Saudi Arabia Intercepts Cruise Missile as Regional Tensions Intensify
Saudi Stock Market Edges Higher as Tadawul Index Records Modest Gain
Underlying Rivalry Between Saudi Arabia and UAE Persists Despite Temporary Calm
Saudi Arabia’s Non-Oil Sector Contracts in March as Regional Tensions Weigh on Business Activity
Saudi Arabia Unveils Ambition to Establish Prestigious Global Prize Rivaling the Nobel
Saudi Crown Prince to Engage Wall Street in Push for Investment and Economic Expansion
Iran Accuses Saudi Arabia and UAE After Downing of Chinese-Made Drone
Saudi Arabia Condemns Attack on Hospital in Sudan, Calls for Protection of Civilians
Coordinated Drone Strike Targets CIA Facility Within US Embassy in Saudi Arabia
Italy’s Meloni Prioritises Energy Security and Strait of Hormuz Stability During Gulf Tour
Uncertainty Emerges Over Timeline and Direction of Saudi Arabia’s Ambitious Ski Resort Project
UAE and Saudi Arabia Escalate Strategy with Drone Operations Targeting Iran
Trump Delivers Characteristic Remarks on Saudi Crown Prince Amid Intensifying Iran Conflict
Drone Strike on US Embassy in Riyadh Caused Greater Damage Than First Reported
Saudi Arabia Introduces Flexible Solutions for Expired Visas Amid Regional Disruptions
Saudi Arabia’s Online Car Market Accelerates with AI Pricing and Fully Digital Buying Experience
Saudi Arabia Reassesses Defence Strategy as Iranian Drone Threat Drives Shift in Military Partnerships
Drone Strikes Target Saudi Arabia, Kuwait and Bahrain as Regional Conflict Intensifies
Japan and Saudi Arabia Align Efforts to Ease Rising Tensions with Iran
Saudi Crown Prince and Italy’s Meloni Strengthen Strategic Ties in High-Level Talks
SpaceX Explores Potential Five Billion Dollar Investment from Saudi Sovereign Wealth Fund Ahead of IPO
Saudi Arabia Lifts Key Import Barriers to Expand Access for U.S. Beef Exports
Saudi Arabia Enforces Strict Travel Penalties for Visits to Restricted Countries
Italy’s Meloni Embarks on Strategic Gulf Tour to Address Energy Security and Regional Stability
Saudi Film Festival Rescheduled to Summer as Regional Tensions Continue
Saudi Arabia Reports Forty Two Point Six Billion Dollars in Foreign Tourist Spending in 2025
Saudi Crown Prince and Russian President Hold Strategic Call on Escalating Regional Crisis
Saudi Arabia Advances Rail Network as Strategic Alternative to Strait of Hormuz Shipping Route
Ruanyun Edai Launches Saudi Arabia Hub With Forecast of Ten Percent Revenue Growth
Greek Defence Minister Visits Troops in Saudi Arabia Following Successful Missile Interception
Saudi Arabia Expands Global Strategy With Focus on African Critical Minerals
SpaceX Explores Potential Five Billion Dollar Investment From Saudi Fund Ahead of Possible IPO
US Central Command Dismisses Iranian Claim of Mass Casualties Among American Personnel in Saudi Arabia
Co-Diagnostics to Establish Molecular Diagnostics Facility in Saudi Arabia Through Joint Venture
Trump Engages Saudi Crown Prince in Talks on Potential Iran Ceasefire
Saudi Arabia’s Sadara Suspends Operations as Supply Chain Disruptions Intensify
Saudi Arabia Accelerates Energy Shift by Trading Oil Revenues for Battery Investments
Saudi Arabia Introduces Flexible Options for Expired Visas Amid Regional Disruptions
Online Narratives Surge as Iran–US Tensions Spill Into Digital Arena Following Trump Remarks
Saudi Arabia Urges Trump to Seize Strategic Moment as UAE Weighs Ground Deployment
Saudi Arabia Redirects Nearly One Million Barrels of Oil Daily Away from Strait of Hormuz
Saudi Arabia Carries Out Execution of Businessman Linked to 2011 Qatif Unrest
Ukraine–Saudi Defense Pact Signals Rising Demand for Battlefield Expertise
Saudi Arabia Balances Diplomacy and Defense Preparedness Amid Iran Conflict
×