GameStop Corp (NYSE:GME) shares are trading lower Tuesday amid continued weakness in names that are popular among retail traders.
Bed Bath & Beyond Inc (NASDAQ:BBBY) is leading meme stocks lower Tuesday following the passing of CFO Gustavo Arnal over the weekend. Police said Arnal died after falling from a building in downtown Manhattan. The city’s medical examiner later ruled the death a suicide.
Arnal’s death comes just months after Bed Bath & Beyond CEO Mark Tritton and the company’s chief merchandising officer, Joe Hartsig, stepped down from their roles at the struggling retailer. Bed Bath & Beyond also announced strategic changes to strengthen its financial positioning last week.
See Also: Why Bed Bath & Beyond Stock Is Trading Down
GameStop chairman Ryan Cohen sold his stake in Bed Bath & Beyond earlier this month. Tuesday’s weakness appears to be related to the continued move lower in Bed Bath & Beyond stock. GameStop shares may also be trading lower as the company prepares to announce its second-quarter financial results on Wednesday.
GameStop is expected to report a net loss of 38 cents per share on quarterly revenue of $1.27 billion, according to average analyst estimates from Benzinga Pro.
GME Price Action: GameStop has a 52-week high of $63.92 and a 52-week low of $19.40.
The stock was down 8.48% at $25.03 at time of publication.
Photo: JJBers from Flickr.
