Consumers cos climb as GameStop rises again – Consumers review
Shares of retailers and other consumer companies rose amid a resurgence in the main “meme” stock.
GameStop shares rose more than 40% after its board chose Chewy co-founder Ryan Cohen to lead a committee dedicated to the retailer’s transformation.
The trigger for a day trader’s GameStop stock raid was Mr. Cohen’s investment in the video game chain’s stocks, and hopes he will help him reshape himself as as online retailer in the Chewy mold.
Speculative buying activity, seen as manipulation by some strategists, has led to some outliers in GameStop stocks, like Monday’s extreme move.
Singapore-listed retail conglomerate Jardine Matheson Holdings has offered $ 5.5 billion to buy the remainder of its subsidiary Jardine Strategic Holdings to streamline its corporate structure.
Christian Louboutin, the high heel brand known for its red soles, sells a 24% stake to the investment company controlled by the Italian family Agnelli, in a deal that values the French company at around 2.73 billions of dollars.
American Airlines Group has said it will raise $ 7.5 billion backed by its frequent flyer program to repay a loan the carrier took out from the federal government during an earlier round of pandemic relief.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires