SPWR, KOSS and LIDR among pre-market losers
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
0mins
Source: SeekingAlpha
- Losers: Several companies experienced stock price declines, including Amplitech Group (AMPG), DXC Technology Co (DXC), Gamestop Corporation (GME), E-Home Household Service Holdings Ltd (EJH), Cracker Barrel Old Country Store (CBRL), Edible Garden (EDBL), Lucy Scientific Discovery (LSDI), BYND Cannasoft Enterprises (BCAN), Koss Corp. (KOSS), EZGO Technologies Ltd (EZGO), AGBA Group Holding Limited (AGBA), Jiade Limited (JDZG), Sunpower Corp (SPWR), Siyata Mobile (SYTA), and AEye (LIDR).
- Reasons for Decline: DXC Technology Co (DXC) dropped 25% after Q4 earnings release, Gamestop Corporation (GME) fell 22% due to an agreement to sell up to 45M shares, and Cracker Barrel Old Country Store (CBRL) decreased by 14% as it reduced its dividend by 80% to fund a restaurant overhaul.
- Specific Companies: AEye, Inc. (LIDR) faced losses, with news related to Q1 2024 Earnings Call Transcript and Q4 2023 Earnings Call Transcript affecting its stock performance.
- SunPower: The company's shares cooled down after a significant rally, leading to a downgrade by Wolfe, despite potential benefits from tariffs.
- Analyst Recommendations: Investors were advised to avoid SunPower's meme stock short squeeze, indicating caution in light of recent market trends.
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Analyst Views on GME
About GME
GameStop Corp. offers games and entertainment products through its stores and ecommerce platforms. The Company operates in four geographic segments: United States, Canada, Australia and Europe. Each segment consists primarily of retail operations, with the significant majority focused on games, entertainment products and technology. The Company has a total of approximately 3,203 stores across all of its segments: 2,325 in the United States, 193 in Canada, 374 in Australia, and 311 in Europe. Its stores and ecommerce sites operate primarily under the names GameStop, EB Games and Micromania. Its Australia and Europe segments also include 38 pop culture-themed stores selling collectibles, apparel, gadgets, electronics, toys and other retail products for technology enthusiasts and general consumers in international markets operating under the Zing Pop Culture brand. Its retail stores are generally located in strip centers, shopping malls and pedestrian areas.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GameStop Considers Acquiring Retail Company to Revive Business
- Acquisition Strategy: GameStop CEO Ryan Cohen stated in a Wall Street Journal interview that the company is considering acquiring a retail firm to leverage its growing cash reserves, aiming to revive the business and boost stock prices by reducing its physical store footprint.
- Shareholder Confidence: Noted investor Michael Burry expressed support for Cohen's acquisition strategy, revealing a long position in GameStop and suggesting the company should consider spending over $10 billion to acquire a quality business for long-term transformation.
- Financial Performance: GameStop's stock declined 36% in 2025, although it has risen nearly 14% in early 2024, yet investors remain cautious about the company's turnaround amid weakening core business and store closures.
- Market Sentiment: Despite challenges, GameStop's cost-cutting measures, expansion into new areas, and a cash reserve that includes nearly 5,000 bitcoins are viewed positively, with the stock trending among the top five tickers on Stocktwits and receiving an 'extremely bullish' sentiment rating, indicating market optimism for its future.
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GameStop CEO Plans Major Acquisition Targeting Consumer Sector
- Acquisition Plans: GameStop CEO Ryan Cohen revealed he is eyeing a major acquisition of a publicly traded company, focusing on the consumer or retail sector, which aligns with his career focus, aiming to boost the company's market cap from $11 billion to over $100 billion.
- Financial Strength: GameStop holds approximately $9 billion in cash and liquid securities, providing robust funding support for potential acquisitions, with Cohen emphasizing that this capital will be crucial for achieving acquisition goals.
- Market Reaction: Following Cohen's acquisition intentions, GameStop's shares rose 1.4% in premarket trading on Friday, indicating a positive market response to his strategic vision, which may enhance investor confidence.
- Investor Support: Notable investor Michael Burry praised Cohen's capital allocation and potential acquisitions as key drivers of shareholder value, further solidifying market expectations for GameStop's future growth.
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