GameStop Announces Four-For-One Stock Split; Shares Rise




  • In Business
  • 2022-07-06 20:41:39Z
  • By Bloomberg
 

(Bloomberg) -- GameStop Corp. announced a four-for-one stock split in the form of a dividend, becoming one of the latest companies to do so as the practice has gained in popularity.

Most Read from Bloomberg

  • Natural Gas Soars 700%, Becoming Driving Force in the New Cold War

  • Citi Says Oil May Collapse to $65 by the Year-End on Recession

  • Oil Plummets Below $100 as Recession Risks Come to Forefront

  • US Wants Dutch Supplier to Stop Selling Chipmaking Gear to China

  • Wall Street Says a Recession Is Coming. Consumers Say It's Already Here

Share splits had almost disappeared from U.S. stock markets before Apple Inc. and Tesla Inc. revived the practice after splitting their stocks in 2020. Amazon.com Inc. followed suit earlier this year. The moves helped trigger rallies in the companies' shares as retail investors, who tend to favor stocks with lower price tags, flocked to them.

GameStop has been beleaguered by questions about its business model and direction. At a time when consumers prefer to purchase video games digitally in online stores, GameStop has experimented with pivots into esports and even crypto. The company became the poster child for so-called meme stocks, seeing volatile swings in the share price over the last year that have had little to do with its business fundamentals.

GameStop signaled plans to split the stock in March. At the time, the company said the split would "provide flexibility for future corporate needs."

The dividend will be distributed after the close of trading on July 21, the company said Wednesday in a statement. The shares, which are down 21% this year, rose about 5% in extended trading.

(Updates with background and context from second paragraph.)

Most Read from Bloomberg Businessweek

  • The Lottery Lawyer Won Their Trust, Then Lost Their Mega Millions

  • Google Is Going to Let Politicians Spam Your Inbox

  • Geely Is Launching Satellites in a Bid to Bring Driverless Cars to China

  • Gangs Are Fake-Killing People in India for Insurance Payouts

  • Did Razzlekhan and Dutch Pull Off History's Biggest Crypto Heist?

©2022 Bloomberg L.P.

COMMENTS

More Related News

US-Taiwan Trade Talks Kick Off in Long-Planned Counter to China
US-Taiwan Trade Talks Kick Off in Long-Planned Counter to China

(Bloomberg) -- The US and Taiwan will start formal talks on a trade and economic initiative, following through on a long-planned promise to deepen ties amid ...

Philippines Plans First Retail Bond Under Marcos Presidency
Philippines Plans First Retail Bond Under Marcos Presidency

(Bloomberg) -- The Philippines is planning to sell its first local-currency bonds to retail investors since Ferdinand Marcos Jr. became president, in a debt ...

Rhine Reopens in Germany for Vessels Moving Goods Upstream
Rhine Reopens in Germany for Vessels Moving Goods Upstream

(Bloomberg) -- The Rhine has reopened at St. Goar, Germany for barges moving goods inland, according to the WSA water authority.Most Read from BloombergApple...

Renesas Said to Explore Sale of Military
Renesas Said to Explore Sale of Military 'Rad Hard' Business

(Bloomberg) -- Renesas Electronics Corp. is exploring the sale of a US unit with military applications, which could fetch as much as $1 billion, according to...

Truss Planning Review of Regulators in City of London Shakeup
Truss Planning Review of Regulators in City of London Shakeup

(Bloomberg) -- Most Read from BloombergApple Targets Sept. 7 for iPhone 14 Launch in Flurry of New DevicesLiz Cheney Prepares for Next Act in GOP Where Trump...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • 博奕遊戲
    (2022-07-11 07:48:45Z)

    很多人對博奕遊戲還是不太了解,你知道要玩哪種博弈遊戲才好賺錢嗎?我們常見的一些博弈遊戲有哪幾種,到底哪些適合我們玩。玩博奕遊戲要注意哪些地方?就跟我來一探究竟博弈產業不為人知的秘密吧。

    REPLY

Top News: Business