- July 16, 2021
- Posted by: Stratford Team
- Category: Business
Wedbush Securities analyst Michael Pachter discusses meme stock speculation on ‘Barron’s Roundtable’
GameStop Corp. shares were under pressure Thursday following a report that streaming giant Netflix is planning to enter the video-game industry.
A streaming video game service from Netflix would serve as competition for GameStop, which sells video games and related items at its more than 4,000 stores and thorough its e-commerce properties across 10 countries.
Shares of the Grapevine, Texas-based GameStop fell as much as 5.7% before paring their losses.
Ticker Security Last Change Change %GME GAMESTOP CORP. 166.82 -0.80 -0.48%NFLX NETFLIX, INC. 542.95 -5.00 -0.91%
Netflix on Wednesday hired Mike Verdu, a former Electronic Arts and Facebook executive, as vice president of game development.
The company plans to begin streaming video games within the next year, Bloomberg News reported, citing a person familiar with the situation.