GameStop hopes to cash in on stock surge by selling millions of shares
CBSN
Two months after a market phenomenon took shares of GameStop to the moon, the video game retailer said Monday that it would sell up to 3.5 million of its shares with the price still vastly elevated.
Shares of the so-called meme stock fell as much as nearly 14% on the news, ending the day down 2% at $186.95. The Nasdaq rose 1.7% to $225.49, boosted by an optimistic jobs report on Good Friday. Gamestop said the shares will be sold through an "at-the-market" offering, which lets a publicly traded company raise capital over time. A bizarre stand-off between hedge funds that had heavily shorted GameStop, betting that the price of shares would fall, and smaller investors who challenged them, sent shares of the beleaguered company soaring early this year.Ashley White received her earliest combat action badge from the United States Army soon after the first lieutenant arrived in Afghanistan. The silver military award, recognizing soldiers who've been personally engaged by an attacker during conflict, was considered an achievement in and of itself as well as an affirming rite of passage for the newly deployed. White had earned it for using her own body to shield a group of civilian women and children from gunfire that broke out in the midst of her third mission in Kandahar province. All of them survived. She never mentioned the badge to anyone in her battalion.