Hot Stocks: GME pops on new partnership, LOVE rises on earnings, while PLAY and W both slide

Sep. 08, 2022 8:18 AM ETGameStop Corp. (GME), LOVE, PLAY, WBy: Jason Capul, SA News Editor5 Comments

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Shares of GameStop Corp. (NYSE:GME) have moved up into the green after the video game and consumer electronic firm announced a new partnership with FTX. At the same time, the Lovesac Company (NASDAQ:LOVE) also trended higher after a strong second quarter earnings report.

Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY) is in the red as the company delivered a miss on earnings. Shares of Wayfair (NYSE:W) are also lower after it publicized its plans to raise cash through convertible senior notes offering.

Gainers

GameStop Corp. (GME) jumped higher by 6.6% during Thursday’s premarket trading session as the organization announced that it has entered into a partnership with FTX. The partnership is intended to introduce more GameStop customers to FTX’s community and its marketplaces for digital assets.

The Lovesac Company (LOVE) popped 10.1% after it delivered Wall Street with a beat on its Q2 earnings. The stock surpassed second quarter GAAP EPS and revenue estimates. LOVE posted Q2 GAAP EPS of $0.45 which topped expectations by $0.04 and also beat on revenue by $17.99M as it posted revenue of $148.5M (+45.0% Y/Y).

Decliners

Dave & Buster's Entertainment, Inc. (PLAY) has headed south by 3.5% after an earnings miss. PLAY came up short on its Q2 GAAP EPS by $0.45 as it delivered Q2 GAAP EPS of $0.59. PLAY did however top revenue by $35.44M.

Wayfair (W) has fallen 8.5% as the online retailer announced plans to raise $600M in convertible senior notes offering, with maturity due in 2027.

To learn more about the day's best- and worst-performing stocks on Wall Street, head over to Seeking Alpha's On The Move section.

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