Why GameStop Stock Reversed Course Again Today

Shares of GameStop (NYSE: GME) are continuing on their tumultuous path of the past two weeks. After the Reddit-inspired short squeeze drove shares up more than 750% in just a week, the trading has been unwinding this week, with shares dropping more than 70% over the last two days. 

But buyers are back today, with the stock jumping 26% before giving back much of those gains. The volatile shares were up 5% as of 10 a.m. EST.

The retail traders participating in the remarkable rise may have taken profits this week, but GameStop announced a new executive position today. This gives supporters hope that the underlying business itself may indeed be able to transform in the digital era.

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Source Fool.com