GameStop (GME.us) has gapped up on the market's cash open, and is trading over 3.5% higher, after Ryan Cohen was appointed as president and chief executive officer. The appointment will take place with immediate effect.
The appointment is not unexpected and comes after Cohen replaced former CEO Matt Furlong in June.
Cohen will not receive any compensation for the role.
The daily RSI is attempting to push over 50 (green rectangle), which is the bullish side of the indicator. Nevertheless, GME.us remains well off its highs reached during the meme-stock hysteria of 2021, with few analysts still covering the stock.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.