U.S. stocks were muted ahead of Fed rate decision

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Go back to U.S. stocks were muted ahead of Fed rate decision

GameStop (GME) leads meme stock rally after posting surprise 4Q profit

March 22, 2023 12:27 PM EDT

Shares of GameStop are up 37.28% in mid-day trading on Wednesday after the video game retailer posted its first profitable quarter since January 2021. The company reported a net income of $48.2 million, compared to a net loss of $147.5 million for the prior years fourth quarter.

Shares for other meme stocks popularized during the pandemic, including AMC Entertainment and Bed Bath & Beyond, also increased as a result.

GameStop CEO Matt Furlong told investors during a post-earnings call Tuesday that the companys profit was impacted mainly by a decision to cut costs,... More