GameStop Surges Most Ever in Short Squeeze After Cohen Move
- Stock almost doubles as options, share trading volume picks up
- Ryan Cohen addition to board well received by Wall Street
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A rush of short covering and day trading fueled a record stock surge for GameStop Corp. just days after the addition of activist investor and Chewy Inc. co-founder Ryan Cohen to the video-game retailer’s board.
The Grapevine, Texas-based company spiked a record 94% Wednesday as retail investors flocked to the struggling company. Traders betting on Cohen’s plans to transform the chain in the image of his highly successful Chewy helped fuel the now three-day rally with the stock shaking off years of underperformance.