US videogame retailing store GameStop stocks surge over 25% to 52-week high
- Videogame retailing store GameStop's stocks soared over 25% or $9.07 to trade at $44.57
- GameStop confirmed an agreement with investor firm RC Ventures LLC, which will see its board of directors increase from 10 to 13
- US stocks surged on Tuesday after financial gains reported by major banks and oil services firms
Shares of videogame retailing store GameStop soared over 25% or $9.07 to trade at $44.57 on Tuesday morning’s trade in the New York Stock Exchange.
According to a report on the Nasdaq website, the company’s shares earlier recorded a 52-week high of $44.95.
Last week, GameStop had confirmed an agreement with investor firm RC Ventures LLC, which will see an increase in the company’s board of directors from 10 to 13. RC Ventures, owned by activist Ryan Cohen, is one of GameStop’s biggest stockholders.
Also Read | Regime change, stimulus hopes boost US stocks
US stocks surged on Tuesday after financial gains reported by major banks and oil services firms, such as Goldman Sachs and Halliburton respectively.
Markets are also likely to be boosted by Treasury Secretary nominee Janet Yellen saying that the US needs to “act big” with its coronavirus pandemic stimulus package.
Yellen, the former Federal Reserve chief, will speak at her confirmation hearing before the Senate Financial Committee on Tuesday. She has been urging lawmakers to back President-elect Joe Biden’s $1.9 trillion stimulus package to help the pandemic-battered economy.
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