GameStop Company Turnaround

Since 2021, GameStop has been undergoing a transformation: fewer stores, higher value, renewed profitability

By June 2021, Ryan Cohen and the new board of directors were in the position to initiate the turnaround of the company. This has involved extensive cutting of costs, closing of stores, and modernization of a company that had previously failed to adapt with the modern era.

"We inherited a bunch of legacy everything, and under-investment across the entire business –- people, the entire technology stack, just decades of neglect, and so it’s hard to turn around a brick and mortar retailer that’s under the kind of pressure that GameStop was and continues to be under,

Interesting excerpt... "Emporium Centre San Francisco’s auction follows the 2023 decision by owners Brookfield Properties and Westfield to walk away from their debt, citing “challenging operating conditions in downtown San Francisco.” "

And thanks to the wrinklies who cook up the well-composed templates that say what we want in legalese most of us don't speak.

things look good

images source

Institutional ownership increased from 87.4 M shares as of June 13 to 97.6 M shares as of June 30

Bernie's legacy lives on

The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale.

The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.

LONDON (AP) — The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased.

In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to 5%, from the 16-year high of 5.25%.

It's the latest central bank to cut interest rates following a long stretch of increases. The U.S. Federal Reserve has yet to take the step but many think it will be ready to next month.

Many economists thought that the Bank of England, which is independent of government, would join the Fed in keeping rates on hold once again given persistent price pressures in the services sector, which accounts for around 80% of the British economy.

... Though those concerns remain, certainly among the four opting to keep borrowing rates on hold, the majority on the panel think the hard medicine of higher borrowing costs has worked, w

i'm curious how much it's grown

I think these Trump/Kamala tweets have 1 important message with 2 secondary meanings:

1. Nothing big will happen before the November 5th US general election. There's too much on the line, politically, for the powers that be.
2. He's simply posting who he thinks will win the November election, not who he's actually advocating, perhaps even indicating Trump is evil (666).
3. RC sex-related tweets have been associated with price improvement, so perhaps RC expects a Kamala administration to benefit Gamestop and/or his broader plans. Also there's no US presidential election in 2069, with 2068 & 2072 being the closest. Sorry Greg.

• Following the assassination attempt, RC tweeted "Trump 2024 🇺🇸": https://nitter.poast.org/ryancohen/status/1812259501665648873#m The shooting did result in rampant speculation it'd push voters in Trump's favor, and perhaps RC agreed. This tweet did result in a shitstorm of WTF-RC & anti-RC sentiment in the GME community, though, leading to the next t

Two of the largest banks in the US are declaring a loss on a whopping $3.5 billion in debts that customers can’t pay back.

JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.

Meanwhile, Wells Fargo says its net charge-offs surged from $764 million in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.

Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo says many customers are clearly struggling as their credit card balances rise and savings dwindle, reports the New York Times.

“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”

In addition to its charge-offs, JPMorgan declared an additional $500 mi

Once taboo but now all the rage.