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Summary
- Score Media stocks catapulted by nearly 11 per cent during intraday trading on Monday, a day before it was set to release its financial results for the first quarter of fiscal 2021.
- GameStop stocks also zoomed by almost 13 per cent on Monday.
- The surge came after news broke that Chewy Inc founder Ryan Cohen was getting a seat at GameStop Corporation’s board of directors.
Gaming companies Score Media (TSX:SCR) and GameStop Corporation (NYSE: GME, GME:US) are currently making a lot buzz on the stock markets following their latest operational developments.
Gaming and esports stocks propelled to new heights as homebound users sought online entertainment amid the coronavirus pandemic.
Let’s find out what’s going on in each of the companies that led to their latest stock price boost.
Score Media and Gaming Inc (TSX:SCR) To Release Financial Results
Stocks of the Toronto-based digital media firm catapulted by nearly 11 per cent to C$ 2.29 in Monday’s trading, a day before it was set to release its financial results for the first quarter of fiscal 2021.
In its Q4 2020 report, Score Media posted a noticeable dip in its total revenue of C$ 2.5 million, down from that of C$ 6.4 million year-over-year. The company had attributed the decline to the pandemic-triggered disruptions in its operations.
Score Media stocks have been trending high on the Toronto Stock Exchange (TSX) for a while now, recording an average trading volume of 4.5 million over the past month.
The gaming stock has ballooned by about 218 per cent in the last six months.
©Kalkine Group 2020
GameStop Corporation (NYSE: GME, GME:US) Brings Aboard New Board Members
Stocks of this Texas-based video game retailer zoomed by almost 13 per cent on Monday after news broke that Chewy Inc (NYSE:CHWY) founder Ryan Cohen was getting a seat at its board of directors.
GameStop Corp said that it has signed a deal with Cohen's RC Ventures LLC, which holds a 13 per cent stake in the company, to bring aboard three new directors including Cohen.
While being the world’s largest video game retailer, GameStop’s business has taken a hit amid the rising practice of digital downloads and heated market competition. RC Ventures had reportedly advised the company to strategically review its business back in November last year.
Its operational crises aside, GameStop stocks surged by nearly 66 per cent in the last three months and almost 360 per cent in the last six months.
