Now that witching is behind us, we can look ahead to a real catalyst. I'm sure a lot of you have seen me post most of this in the daily threads, but it would be nice to get this some real visibility ahead of Tuesday:
Just a reminder that there hasn't been a Gamestop news catalyst in a while and tomorrow is the next confirmed date for more. Catalysts drive volume which drives price.
Last big news catalysts?
`````New Edit 3/23`````
3/23 - Breaking news this morning, SEC filings indicate that Gamestop Chief Customer officer Frank Hamlin is stepping down after a transition ending 31 March. Who could possibly replace him? How about Kelli Durkin, Chewy’s prior Vice President of Customer Service who was brought on with Gamestop March 1 as Senior VP of Customer Care. There is no confirmation that she is the replacement at this time.
No known impact on volume yet from this breaking news.
3/8 - Gamestop governance update announcing a new board for the e-commerce transition led by Ryan Cohen. This was announced pre-market.
3 day action around that announcement:
03/09/2021 Open: $217.71 Close: $246.90 Vol: 39,099,330
03/08/2021 Open: $154.89 Close: $194.50 Vol: 63,565,620
03/05/2021 Open: $128.17 Close: $137.74 Vol: 30,733,670
2/23 - Gamestop announces resignation of CFO and succession plan. This was announced post-market.
4 day action around that announcement (edited to include the 25th since the news dropped post-market on the 23rd):
02/25/2021 Open: $169.56 Close: $108.73 Vol: 150,308,800
02/24/2021 Open: $44.70 Close: $91.71 Vol: 83,111,740
02/23/2021 Open: $44.97 Close: $44.97 Vol: 7,565,215
02/22/2021 Open: $46.69 Close: $46.00 Vol: 19,476,020
Price Action following these news catalysts:
Link to NASDAQ's historical data for GME
Here's how closing price trended around these two announcements:
2/23 - Close: $44.97 - CFO announcement after hours
2/24 - Close: $91.71
2/25 - Close: $108.73
2/26 - Close: $101.74
3/01 - Close: $120.40
3/02 - Close: $118.18
3/03 - Close: $124.18
3/04 - Close: $132.35
3/05 - Close: $137.74
3/08 - Close: $194.50 - Committee announcement pre-market
3/09 - Close: $246.90
3/10 - Close: $265.00 - Day's high: $348.5 - flash crash attempt
3/11 - Close: $260.00
3/12 - Close: $264.5
As you can see, there are immediate and lasting price leaps from these catalysts. After the CFO announcement on the 23rd, the price spiked and a new floor established around $110-130 until the next catalyst hit on the 8th. The price really took off after that, gaining $40 from open the 8th, over $50 by closing on the 10th, and continuing upward trajectory until the major flash-crash on the 10th brought momentum to a halt. We've consolidated consistently around $200 since then. That's a decent floor considering the next news catalysts are likely to cause bigger volume and price reactions than we've seen, possibly bigger than January's gamma squeeze that got cut short.
Next confirmed Gamestop announcement:
3/23 Fourth Quarter and Fiscal Year 2020 Earnings
Following that announcement we can expect to hear about a replacement for their CFO, the possibility that Ryan Cohen may be taking a new role within Gamestop, and with the end of the pre-earnings blackout period Gamestop will be free to announce any transition initiatives mo