GameStop (GME.US) stock surged more than 30% after the video game retailer confirmed today that activist investor Ryan Cohen (Chewy co-founder) will be leading a new committee to transform GameStop into an e-commerce business. The company said in the release that it wants to become a "technology business." The committee will evaluate "current operational objectives, capital structure and allocation priorities, digital capabilities, organizational footprint, and personnel," the statement added. It seems that Cohen's success with Chewy gave investors hope that he could replicate it with the video game retailer.
GameStop (GME.US) stock rose sharply today and buyers managed to break above the major resistance at $173.08. If the current sentiment prevails, upward move could be extended to the $219.73. On the other hand, if the sellers will manage to regain control then another downward impulse towards support at $134.19 could be launched. Source: xStation5
