New York, Jan 31, 2026, 05:05 EST — The market has closed.
- GameStop shares ended Friday up 4.7%, pushing higher in after-hours trading.
- According to The Wall Street Journal, Ryan Cohen is aiming for a major acquisition.
- Investors await further details before a shareholder vote on Cohen’s performance award, likely set for March or April.
GameStop shares climbed 4.7% to finish Friday at $23.88, hitting an intraday high of $24.01. The stock extended gains in after-hours trading, reaching $24.84.
With U.S. markets closed for the weekend, all eyes turn to what’s next: can Cohen turn discussions into a concrete deal, and how fast? A formal step could reshape a company still struggling to expand beyond its shrinking core retail base.
Cohen told the Journal he aims to grow the roughly $11 billion company into a $100 billion-plus business by acquiring a publicly traded firm, likely in consumer or retail, Fortune reported. “Either going to be genius or totally, totally foolish,” Cohen said to the Journal, according to Fortune. Michael Pachter at Wedbush Securities dismissed the $100 billion target as “not going to happen.” Fortune
The company disclosed $7.84 billion in cash and cash equivalents as of Nov. 1 in its latest quarterly filing. It emphasized that deploying this liquidity to boost shareholder value, potentially through investments or acquisitions, remains a top priority. The report also confirmed the fiscal year will close on Saturday, Jan. 31.
Earlier this month, GameStop’s board greenlit a performance-based stock option deal for Cohen, linked to market value and operating goals, with no guaranteed salary. The plan involves options to purchase 171.5 million shares at $20.66 each and will be presented to shareholders at a special meeting slated for March or April.
Traders are drawn by a straightforward reason: GameStop boasts a hefty cash reserve and a CEO ready to aim beyond traditional game stores. This dynamic has kept the stock buzzing on momentum screens, despite the retail side struggling to find a solid growth trajectory.
But the plan carries risks. A major acquisition might fall through, come with a price tag investors balk at, or bring integration challenges that wipe out any potential gains from the deal. And if the market senses too much talk without follow-through, those stock gains can evaporate fast.
Trading kicks back in on Monday, and investors will be looking for updates from GameStop on possible targets and fresh filings that clarify the acquisition plan. The next key milestone is the proxy and scheduling info for the special meeting on Cohen’s award, expected sometime in March or April.
