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March 8, 2021, 8:21 a.m. EST

GameStop stock surges after tapping Chewy co-founder Ryan Cohen to chair new strategy committee

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By Tomi Kilgore

Shares of GameStop Corp. /zigman2/quotes/203755179/composite GME -0.47% ran up 10.7% in premarket trading Monday, putting them on track to push the videogame retailer's market capitalization back above $10 billion, after the company said it established a new strategy committee to identify ways to accelerate its transformation. The committee will be chaired by activist investor Ryan Cohen, manager of RC Ventures LLC and co-founder of Chewy Inc. /zigman2/quotes/212690528/composite CHWY +2.30% , and will also include Alan Attal and Kurt Wolf. Since the committee was formed, the company has appointed a chief technology officer and hired two executives to lead its e-commerce and customer care functions. GameStop stock has run up 239.3% over the past two weeks, which followed a three-week plunge of 87.5%. That selloff followed a historic surge to a record close of $347.51 on Jan. 27, as the poster child of trading frenzy engineered by Reddit's WallStreetBets forum that targeted heavily shorted stocks. GameStop's stock has hiked up 713.1% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.52% has tacked on 3.8%.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 157.79
-0.75 -0.47%
Volume: 2.44M
April 21, 2021 12:57p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.10 billion
Rev. per Employee
$424,150
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/zigman2/quotes/212690528/composite
US : U.S.: NYSE
$ 78.77
+1.77 +2.30%
Volume: 2.93M
April 21, 2021 12:57p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$31.98 billion
Rev. per Employee
$386,285
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/zigman2/quotes/210599714/realtime
US : S&P US
4,156.32
+21.38 +0.52%
Volume: 1.00B
April 21, 2021 12:57p
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