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GameStop is back on the radar!
What happened?
GameStop is back! On Tuesday, the stock reached its highest level since late January. As a result, its market cap jumped back above $17 billion. Today, GameStop has already surged by 14% in pre-trade hours. Just to remind you, the meme stock skyrocketed in January to the unbelievable level of $347.51 with the help of people from Reddit, but after that lost about 90% of its value. And, it seemed that the story has ended, but no. Here we go again, but this time without Reddit’s help. Even other meme stocks, that people from Reddit dragged up in January, also rose today in pre-market hours: AMC and BlackBerry.
Why?
The long lockdowns have changed consumer preferences forever: the majority of people will continue shopping online. That’s why almost every company has to adapt to global digitalization, especially now. Here’s the response from GameStop. Its CEO Cohen announced on Monday that it established a "Strategic Planning and Capital Allocation Committee" to develop its e-commerce capabilities.
Besides, Biden’s $1.9 trillion Covid-19 stimulus package is on the final step to be passed and that added optimism to the market and underpinned riskier assets like stocks.
What does it mean for trader?
The recent surge of GameStop signals the risk-on sentiment on the market. Therefore, we should expect the further rise of other stocks and stock indices such as the S&P 500, Nasdaq, and Dow Jones. Perhaps, silver (XAG/USD) will join this tendency as well as in January.
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