GameStop’s $9 Billion Cash Pile Just Put Its Stock Back In Play
GameStop shares rose to $26.61 Friday in New York, extending gains above the 200-day moving average as investors speculated on CEO Ryan Cohen’s plans for $9 billion in cash and securities. Fiscal fourth-quarter results showed net sales down to $1.104 billion, but operating income climbed to $135.2 million. Collectibles revenue jumped 47.7% year over year, now making up 29.2% of sales.