GameStop Gives Up "CTO Position" Gains, Tumbles Back To Double-Digits

GameStop Gives Up “CTO Position” Gains, Tumbles Back To Double-Digits

Update (1010ET): Well that de-escalated quickly. It seems – as we suggested below – that the announcement of the creation of a CTO position did not warrant a 25% surge in the stock after all…

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The buying-panic is back (albeit briefly perhaps) as headlines from GameStop that it has created (and appointed) a new Chief Technology Officer role sent the embattled share price up 20%-plus.

Pres Release:

GameStop today announced that it has appointed Matt Francis to the newly-created role of Chief Technology Officer. Mr. Francis has a start date of February 15, 2021.

Mr. Francis brings more than two decades of experience in e-commerce and consumer technology to GameStop. Most recently, he was an Engineering Leader at Amazon Web Services. He previously held senior-level technology roles at companies such as QVC and Zulily. At GameStop, Mr. Francis will be responsible for overseeing e-commerce and technology functions.

Additionally, GME’s pop could be related to news that online brokerage app Robinhood said on Wednesday it would allow buying of fractional shares in GameStop Corp and AMC Entertainment Holdings Inc.

AMC also popped…

However, what we find surprising to say the least is the fact that GME never had a CTO position previously?

The question we have for “the bulls” in GME? Is a new CTO position going to solve the collapse in foot traffic that is accelerating in recent weeks, despite the headline-making press.

Tyler Durden
Wed, 02/03/2021 – 10:10
Source: Zero Hedge News

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