The day that investors in GameStop (NYSE: GME) have been waiting for finally arrived this week, and it is turning out to be underwhelming. Shares of the video game retailer are down 7.3% at 11:33 a.m. ET on Friday, not quite the result many meme-stock traders were looking for today.

GameStop's stock split 4 for 1 after the market's close yesterday and began trading at the new split-adjusted price upon its opening this morning. Some investors had pinned their hopes on the split to trigger the "mother of all short squeezes," but it is not materializing.

Because GameStop shares are heavily shorted, with more than a fifth of its shares outstanding sold short, meme-stock traders thought the retailer's decision to package the split as a "dividend" would initiate some sort of financial pain for the short-sellers.

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Source Fool.com