Ryan Cohen; New Gamestop CEO

Market Overview
Read time 1.1 minutes

Year To Date Performances:

1. As GameStop embarks on its next chapter, Ryan Cohen takes the helm as its CEO, highlighting his crucial role in the meme stock wave. Earning recognition as an activist investor during 2021's meme stock frenzy, Cohen's appointment to GameStop's board coincided with Reddit-driven investors catapulting the stock's value. Though the company's recent quarterly results revealed a larger loss per share than expected and missed revenue forecasts, there was a marginal year-over-year improvement. With former CEO Matthew Furlong previously seen as pivotal for digital transformation, Cohen's leadership marks a critical phase in GameStop's rejuvenation efforts.

2. Tensions are escalating between Detroit carmakers and the United Auto Workers union, with the possibility of expanding U.S. plant strikes looming. After two weeks of standstill and diminishing hopes of a quick resolution, the UAW is gearing up to announce more potential strike sites by 10 a.m. ET on Friday unless major progress is made in discussions with General Motors, Ford Motor, and Stellantis. With contracts for 146,000 autoworkers at stake, UAW President Shawn Fain will update members via a Facebook Live session. Inside sources cite ongoing disputes over economic conditions and perceived union hesitations as primary roadblocks to reaching an agreement.

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4. Headlines

   1. Costco is now selling gold bars. Their first bath sold out in just a few hours as everyone seems to be looking for a hedge against inflation.

   2. 2023 has the most days of labour lost to labour strikes since the year 2000.

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