New York, Jan 30, 2026, 05:17 EST — Premarket
- Shares of GameStop dropped roughly 3.6% in early trading following a report on CEO Ryan Cohen’s plans for acquisitions.
- Cohen told the Wall Street Journal he’s eyeing a big deal in consumer or retail.
- Investors are on the lookout for a filing that spells out the figures and timeline behind the plan.
Shares of GameStop Corp. slipped around 3.6% in premarket trading Friday, dropping to $22.81 following a $23.66 close.
The stock slid after the Wall Street Journal revealed that CEO Ryan Cohen is considering a “big” acquisition of a publicly traded company, probably in consumer or retail, as he aims to transform the videogame retailer. Cohen told the paper the deal could be “genius or totally, totally foolish,” adding he has several potential targets but refused to name them. 1
Why it matters now: Cohen’s incentive plan and the company’s strategy signal a shift from pure videogame retail to a deal-focused narrative that traders can follow and evaluate as it unfolds.
Earlier this month, GameStop revealed its board approved a performance-based option award for Cohen that only vests if the company meets specific market value and profit goals. A shareholder vote on the award is set for a special meeting in March or April 2026. The milestones include reaching a $100 billion market cap and $10 billion in cumulative “Performance EBITDA,” a profit metric excluding interest, taxes, depreciation, and amortization. 2
GameStop is cutting back its store count as part of a broader footprint review. The company disclosed in an annual filing that it shut 590 U.S. stores during fiscal 2024. It also warned of plans to close “a significant number” more in fiscal 2025, though it hasn’t pinpointed which outlets will be affected yet. 3
The signs are becoming clearer on the ground. A MySA report this week highlighted a string of store closures in the San Antonio area, noting that the company has yet to release an official list of planned shutdowns. 4
GameStop still stands as a classic “meme stock,” prone to swift moves whenever retail traders jump in. Its track record features the 2021 short squeeze, a moment when those betting against the stock scrambled to cover, driving prices sharply upward.
Traders are currently trying to pin down Cohen’s comments to something tangible—a target, a price, or a financing plan. So far, the company hasn’t revealed any deal.
Risks cut both ways. A big acquisition might drag out, meet valuation hurdles, or fall through altogether, leaving the stock stuck in speculation. Meanwhile, the core retail business continues to struggle with the ongoing shift toward digital game downloads.
Investors are eyeing any fresh SEC filings that detail talks or governance moves tied to the deal. They’re also waiting on the company to lock in a date for the anticipated March-or-April shareholder meeting focused on Cohen’s performance award.
