Game on for Video Game Retailer

By George Banko

July 7, 2022

Good morning Wake-Up Watchlisters! While you’re firing up your old playstation (more on that below) you’ll see stock futures rose as inflation worries are easing. Commodities also got a boost from China’s $220 billion stimulus plan. Plus, the pound rose as Britain’s prime minister was set to resign.

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Here’s a look at the top-moving stocks this morning.

Gamestop (NYSE:GME)

Gamestop is up 8.80% premarket after announcing a 4-for-1 stock split Thursday. The video game retailer will pay a three-share dividend to investors on July 21, with the stock trading on a split-adjusted basis the following day. Alphabet (GOOGL) also announced a similar move earlier this year. Overall, Gamestop announced revenues rose 8.1% last year to $1.38 billion, with around half of that total coming from its digital channels. Keep an eye on Gamestop going forward.

Seagen Inc. (Nasdaq: SGEN)

Seagen is up 5.05% premarket after it was announced the company could be bought by Merck (NYSE:MRK) for roughly $40 billion. The two companies are discussing a price for Seagen above $200-a-share and are looking to agree on a deal ahead of Merck’s quarterly earnings on July 28. However, there’s no guarantee the two sides will reach a deal.

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Fastly (Nasdaq: FSLY)

Fastly is up 5.11% premarket as investors appear to be climbing back into the tech sector. Share prices of Appian (APPN) and Alteryx (AYX) have also seen spikes. This could be a sign investors think the tech sector has finally reached its bottom. Fastly fell 78% over the past 12 months. Keep an eye on the tech sector going forward.

Cleveland Cliffs (NYSE: CLF)

Cleveland Cliffs is up 3.69% premarket as long-term demand for steel, particularly from the auto industry, combined with the company’s independence from imported iron, could help its stock soar from here. The steel company lost over a third of its value this year as recession fears loom. Keep an eye on Cleveland Cliffs going forward.