Shares of GameStop Corp. (NYS:GME) rallied 3.6% in premarket trading Wednesday, which puts the so-called "meme" stock on track to snap the longest losing streak in 3 1/2 years, after the videogame and consumer electronics retailer said it plans to retire some debt early. After a seesaw trading session on Tuesday, in which the stock was up as much as 3.0% and down as much as 6.4% intraday, the stock settled down 0.1% to suffer a seventh-straight decline, in which it shed 26.4%. That's the longest losing streak since the stock fell for 11-straight sessions to Nov. 6, 2017. Late Tuesday, the company said it will use cash on hand to retire more than $200 million worth of 10.0% senior notes due 2023. GameStop shares have lost 46.7% over the past month through Tuesday but have still rocketed 648.4% year to date, while the S&P 500 (S&P:SPX) has tacked on 5.0% the past month and gained 10.3% this year.
April 14, 2021, 8:49 a.m. EDT