GameStop shares rise 8% after CEO resignation announcement

GameStop (GME.US) stock surged more than 8.0% after the video game retailer announced that Chief Executive Officer George Sherman will resign on July 31, or earlier if a successor is found before then. According to the Securities and Exchange Commission, Gamestop has been evaluating executive leadership to make sure it is suitable for a changing business landscape. "GameStop appreciates the valuable leadership that George has provided throughout his tenure. He took many decisive steps to stabilize the business during challenging times. The Company is much stronger today than when he joined," Chairman Cohen said in a statement. Meanwhile, Keith Gill aka “Roaring Kitty,” exercised options to buy 50,000 more company’s shares at a strike price of $12 per share, according to a Bloomberg report. Gill now holds 200,000 GameStop shares.

GameStop (GME.US) stock launched today's session higher and broke above resistance at $163.00 whch now acts as a support. Currently price is testing 50 SMA ( green line). If the current sentiment prevails, upward move may be extended towards the upper limit of the triangle formation. Source: xStation5

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