GameStop announces plan to split its stock – shares are up over 15% 🚀
Friday, 1st April 2022 by Gotrade
Hey Gotraders,
Happy Friday!
Meme stocks like AMC (AMC) and GameStonk… oops I mean GameStop (GME) have been surging again lately. Here we go again with meme stocks!
Amid this renewed meme stocks hype, GameStop has now announced that they plan to split its stock in the form of a stock dividend. They will seek approval from their shareholders at its next shareholder meeting to increase their number of Class A common stock from 300 million to 1 billion.
It was not clearly stated how much of the increased share count would be used for the stock split.
"GameStop also intends to request stockholder approval at the Annual Meeting for a new incentive plan (the “2022 Equity Plan”) to support future compensatory equity issuances…" - GameStop.
GameStop’s Board of Directors has approved both stockholder proposals, but the stock dividend will be contingent on final Board approval.
GameStop’s shares have been on fire this month. Their stock got a boost when news that its Chairman Ryan Cohen scooped up shares of GameStop recently.
Why is this important? Retail investors were enthusiastic about GameStop’s stock split and this was apparent by the surge of stock price in extended trading.
Shares are up 15.38% in extended trading at the time of writing.
📉 Intel plans to acquire Granulate for $650 million 💰
Chipmaker Intel (INTC) has announced that it is acquiring Granulate for an unconfirmed $650 million. Granulate is an Israeli startup that uses high-priority computing workloads to optimize how they travel across a customers’ cloud and on-premises networks. This acquisition will help both companies extend their operations in Israel and help customers there to better manage traffic on Intel-powered kits.
Shares of Intel closed at $49.56, down 6.86% year-to-date.
📉 Amazon renews Prime credit card tie-up with JPMorgan 💳
Amazon (AMZN) was looking to renew its flagship rewards credit card and was having heated arguments with JPMorgan Chase (JPM) for months now. Apparently, this credit card of theirs is a big deal for people who love shopping on Amazon. They have an estimated 150 million people in the U.S. who are subscribed to it! Holy moly!
They were even considering alternative issuers such as American Express (AXP) and Synchrony. Competitors like Mastercard (MA) were hoping to displace JPMorgan! In the end, Amazon went ahead & renewed the deal with JPMorgan. Bummer!
“This was a once-in-a-lifetime opportunity to penetrate Amazon and have a step-change in your card business… If Chase were to lose it, it would be the shot heard around the payments world. Any winner would gain instant credibility and a new growth story for Wall Street” - one of the alternative vendors.
Shares of Amazon closed at $3,259.95, down 1.99% for the day. JPM closed at $136.32, down 3% for the day.
Top movers & shakers 🎢
What else is making headline news 📰
Walgreens (WAL) shares fall as pandemic demand slows and health-care investments ramp up.
Amazon (AMZN) hired an influential Democratic pollster to fight Staten Island union drive.
Microsoft (MSFT) acquires process mining vendor Minit to grow its automation offerings.
Roblox (RBLX) backs Apple (AAPL) in antitrust case, says App Store offers privacy and security.
Occidental Petroleum’s best quarter ever blows away stock market.
Meta’s (FB) A.I. exodus: Top talent quits as the lab tries to keep pace with rivals.
Washington governor signs Uber (UBER), Lyft (LYFT) driver pay guarantee into law.
Ford (F), General Motors (GM) to halt production at two Michigan plants due to parts shortage.
The Toyota (TM) GR Corolla is a mean-looking high-performance hatchback.
IEA to hold emergency meeting following historic US oil release.
Shell’s (SHEL) board of directors sued for ‘failing to properly prepare’ for the energy transition.
Booking Holdings (BKNG) CEO says higher prices haven't dented summer travel demand yet.
Jim Cramer says market will find a bottom ‘far more quickly than you think’ and is poised to rally.
That’s all from us for now.
Signing out,
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