- NYSE: GME fell by 5.05% during Friday’s trading session.
- Robinhood allegations are dismissed by a Miami Judge.
- GameStop stock is struggling ahead of its earnings call next week.
NYSE: GME failed to stay positive to close the week as it reversed course on its short-lived rebound from Thursday’s session. Shares of GME fell by 5.05% and closed the tumultuous week at $172.39. As with most other stocks, GameStop tumbled this week, losing over 15% during what was one of the worst trading weeks of the calendar year. On Friday, there was more blood on the streets as a weaker than expected jobs report for the month of November caused all three major indices to give way once again. The NASDAQ fell the hardest as the tech-heavy index tanked by a further 1.92%, while the benchmark S&P 500 also fell by 0.84% during the session.
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Earlier this week, the class-action lawsuit that had been filed by a group of retail investors was dismissed by a Judge in a Miami Federal Court. The allegations were against Citadel Securities as well as investment brokerage Robinhood (NASDAQ: HOOD), and claimed that the retail investors were prevented by the platforms from buying shares of GameStop and AMC (NYSE: AMC) during the short squeeze. The Judge cited that the group did not present enough direct evidence that the companies were involved in an antitrust conspiracy. Shares of Robinhood were down 10.95% on Friday.
GME stock news
GameStop’s stock is at a vulnerable point ahead of the company’s third quarter earnings call next week. Not only is the retail sector being heavily affected by the emergence of the Omicron variant of the coronavirus, but the company hasn’t provided much of an update on its ongoing digital transformation. Shareholders will be looking for news on the NFT and Blockchain integration that Chairman Ryan Cohen has been teasing.
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