Latest news with #GameStop
Yahoo
20 hours ago
- Business
- Yahoo
Opendoor stock is another AMC or Gamestop
Opendoor stock is another AMC or Gamestop originally appeared on TheStreet. GameStop has been a dying business for more than a decade. Once it became viable to download video games directly to your device, the retail chain began its slow march to irrelevancy. Stock prices, however, do not have to correlate with a business's actual prospects. If people want to buy shares in a company that's in steady decline — really a managed death, in the case of GameStop — there's nothing stopping them from doing does have some positives. It has mostly short-term leases, which allows the chain to close down failing stores relatively quickly. That's positive for a CEO looking to wring any remaining value from the brand or one who wants to try finding something else to sell. GameStop has not been a brand with an idea toward making a major pivot. 💵💰💰💵 It's a dying business that has remained solvent partially by selling shares of its stock, which was driven high by Reddit groups. These groups, although they sometimes pretend otherwise, didn't buy shares becuse they believe this is a strong company that will make a huge turnaround. Instead, many bought shares because they believed they could manipulate the stock price higher. That worked, at least for a while, but it's rare that social media memes can actually push a stock price higher. Failing real estate business next target Opendoor is one of those business ideas that seemed promising, but which never really panned out. It's one of a number of companies, along with Zillow and RedFin, that attempted to disrupt the traditional real estate model. Under the traditional system, someone selling a home uses a traditional Realtor to list their home for sale. That professional looks at comparable sales and tries to get the seller the best price possible. In most cases, the buyer has their own Realtor as well, and when a deal gets made, the seller pays a commission of 3% to both the buyer's and their own Realtor. That's a total of 6%, which seems steep, so countless businesses over the years have tried to find a better model. Opendoor tried to do that by making sellers an offer on their home, before it gets listed. "When you work with us, you can explore the market knowing you already have an offer on your home. All of our selling options include a built-in cash offer from Opendoor," the company shared on its website. More experts: Fed official sends strong message about interest-rate cuts Billionaire fund manager sends surprising message on trade deficit Hedge-fund manager sees U.S. becoming Greece Basically, the company was supposed to disrupt the real estate market by making it easier for people to sell their homes. Zillow had a similar idea, but the problem for both companies quickly became obvious. Buying a home directly left little wiggle room, so offers had to be low compared to what the seller might find on the open market. It was a business idea that simply did not pass the "real life" test. Opendoor makes a meme comeback Opendoor has undergone mass layoffs and continues to exist, but it's a shadow of its former ambitions. The company's stock has been trading below $1 since April and below $2 for much of the year. On Friday, July 18, it made a miraculous comeback. "Digital real estate platform Opendoor Technologies has recently exploded in popularity among retail investors, as its stock has jumped by 180% over the past week. The surge came after a bullish X post on July 14 by Eric Jackson, the head of EMJ Capital and an early Carvana bull, who shared a turnaround thesis for the struggling company and placed a long-term price target of $82 per share. Since that post, trading activity in Opendoor shares has soared by 140% compared to the previous month," Tipranks reported. The problem is that Opendoor's history has shown it's a niche business. It has sold about 3,000 homes for each of the past two years. There's no reason to believe that its business will grow meaningfully over the next few years, and while its stock may be worth more than the $0.78 it was trading for on July 11, an $82 target is a fantasy from an investor looking to make a media splash. He cited that the company will be the only player in iBuying after Zillow and Redfin have exited that market. What he doesn't say is that they stopped buying homes because it's capital-intensive and has a massive downside risk. Jackson provided cover for Reddit memes and other speculators to push Opendoor, despite its limited upside opportunity. Analysts agree on a broad basis that the company has limited potential."Turning to Wall Street, analysts have a Hold consensus rating on OPEN the average OPEN price target of $0.83 per share implies 63.1% downside risk," Tipranks added. Much like GameStop and AMC, Opendoor has a limited business model. It might build a sustainable upside, but the opportunity isn't anywhere close to what many people thought years ago. Just because Reddit and social media have jumped on Opendoor using Jackson's prediction as cover does not mean this is a good stock with strong upside. It's another failing brand with a flawed business model and a stock price low enough to be manipulated. Opendoor stock is another AMC or Gamestop first appeared on TheStreet on Jul 20, 2025 This story was originally reported by TheStreet on Jul 20, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
2 days ago
- Business
- Business Insider
Nintendo (NTDOF) Switch 2 Boosts Retail Store Sales
Nintendo (NTDOF) isn't the only company that has benefited from the release of the Switch 2. The video game company's latest handheld/home console hybrid also boosted sales at retail stores in the U.S., including GameStop (GME) and Best Buy (BBY). Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. According to The Wall Street Journal, GameStop sales in June jumped 73% year over year, largely thanks to the launch of the Switch 2 last month. Best Buy also saw a sales boost in June, though not as large as the one GameStop achieved. Its sales that month were up 9.2% compared to June 2024. This has both of these retailers on track to surpass Wall Street's earnings estimates. It makes sense that retailers would see a surprise sales boost when the Switch 2 launched. The console broke records by selling roughly 3.5 million units after four days on the market. On top of that, sales of the Nintendo console reportedly hit 5 million units during the prior month. Nintendo anticipates 15 million unit sales by March 2026, but could surpass that if it can increase production to meet demand. Nintendo Stock Movement Today Nintendo stock was up 0.3% as of Friday morning, extending a 43.24% year-to-date rally. The stock has also risen 61.75% over the past 12 months. Much of those gains can be tied to the pre-release and post-launch hype surrounding the Switch 2. With demand still high and plenty of games coming out, NTDOF stock could still have more room to run. Is Nintendo Stock a Buy, Sell, or Hold? Turning to Wall Street, the analysts' consensus rating for Nintendo is Moderate Buy, based on eight Buy, two Hold, and a single Sell rating over the past three months. With that comes an average NTDOF stock price target of $94.59, representing a potential 6% upside for the shares.
Yahoo
3 days ago
- Business
- Yahoo
Ethereum Treasuries Boom as Companies Look Beyond Bitcoin
In crypto, coming in second can pay even better than winning, as long as Peter Thiel is writing the checks. The tech billionaire's venture capital firm Founder's Fund has snatched up a 9% stake in BitMine Immersion Technologies. BitMine recently pivoted its focus from Bitcoin mining to building up its treasury stash of ether, disclosing this week that it now holds more than $500 million worth of the second-biggest crypto by market cap. Companies have been racing to bulk up their Ethereum treasuries as they look to copy-and-paste strategies that worked for Bitcoin, the No. 1 crypto. READ ALSO: Uber Paying $300M Fare in Robotaxi Deal and Gaming Platform Roblox Adds Age-Verification to Safeguard Kids Mimicking Michael Saylor Michael Saylor pioneered crypto treasuries in 2020 while leading Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin by far, with more than 600,000 Bitcoin in its stash. For investors, buying Strategy shares is a way to get indirect exposure to Bitcoin without directly investing in the digital asset. Dozens of companies have copied Strategy's model in recent months — even GameStop bought more than $500 million worth of Bitcoin. Now, companies are jockeying to become the Strategy of Ethereum: In the past 30 days, Ethereum treasury companies scooped up more than 545,000 ether worth at least $1.6 billion, CoinTelegraph reported. As companies piled into ethereum, the asset rallied to a five-month high yesterday, breaking the $3,200 mark for the first time since February. SharpLink now controls the largest corporate treasury of ether, even though the gaming and crypto company only started buying the asset last month. The firm has quickly accumulated 280,000 ether worth $846 million. But ether and Bitcoin are fundamentally different, and so are their treasuries. While Bitcoin acts as a digital store of value that sits in a vault, ether has myriad uses on the blockchain. For instance, SharpLink revealed that nearly 100% of its ether stash is staked, meaning it's being actively used to generate more ether. Shifting Spotlight: Bitcoin miners like BitMine could be looking for new sources of revenue after the crypto last year underwent its latest 'halving,' an event that cuts mining rewards in half. At the same time, Bitcoin has become crowded with investors piling into its ongoing rally (it broke past $120,000 for the first time Monday). Meanwhile, Ethereum, which many stablecoins are built on, could soon see an influx of traditional finance investors once the stablecoin regulatory framework that has been moving through the House gets President Trump's official green light. Treasury firms are ready and waiting … with giant piles of ether. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
4 days ago
- Entertainment
- Time of India
Stapler that ‘damaged' Nintendo Switch 2 has been sold for $250,000 on ebay
A stapler that damaged a highly-anticipated Nintendo Switch 2 console at a New York City GameStop in June has become the centrepiece of a viral charity auction. The stapler has raised $250,000 on eBay, a report has said. The incident in which the console was damaged is being dubbed " staplegate ," and it upset fans who had already faced delays for the new console. How Nintendo Switch 2 were 'damaged' by stapler According to a report by Business Insider, the saga began last month when some customers received their $499 Nintendo Switch 2 consoles with puncture holes in the screen. The damage was traced to a stapler used at a Staten Island GameStop to attach receipts to console boxes. This incident occurred after fans had waited eight years for a new Switch model, enduring a tariff-related delay for the latest version. While GameStop replaced the damaged consoles, a company spokesperson stated they wanted to 'turn the snafu into something for a good cause.' The resulting auction, which closed on Wednesday (July 16) after 282 bids, included four items: a repaired, stapled Nintendo Switch 2, its original box with staple marks, the stapler itself and the 'carefully extracted' staple. A GameStop spokesperson called the auction a form of "corporate accountability" and noted the idea "pitched itself." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gleiten Sie in Ihre finanzielle Zukunft eToro Click Here Undo "Once the story took off, the stapler basically demanded an agent," the spokesperson added. The company said that the public response "exceeded our expectations." All proceeds from the auction will be donated to the Children's Miracle Network Hospitals . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Bloomberg
4 days ago
- Business
- Bloomberg
Nintendo Switch Ignites Sales Spikes at GameStop, Best Buy
Call it the Switch effect. The release of Nintendo Co. 's $450 Switch 2 has sparked much-needed sales booms at GameStop Corp. and Best Buy Co., according to data from Bloomberg Second Measure.
