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On December 7, the African Union (AU) and the Economic Community of West African States (ECOWAS) issued separate statements strongly condemning the attempted coup in Benin that day. The AU statement said that any form of military intervention in a political process is a serious violation of the AUs fundamental principles and values. AU Commission Chairperson Yusuf called on all those involved in the coup attempt to immediately cease all illegal actions and fully comply with the Benin Constitution. The ECOWAS statement said that the coup attempt violated the Benin Constitution, and ECOWAS commended the Benin government and its armed forces for their efforts to control the situation.French President Macron: Monetary policy should take into account employment and economic growth.On December 7th, Ukrainian President Volodymyr Zelenskyy posted on his official social media platform that Russia had launched over 1,600 drones, approximately 1,200 guided-missile bombs, and nearly 70 missiles of various types at Ukraine this week alone. Zelenskyy stated that on the 7th, the Russian military attacked Ukraine with over 240 drones and 5 ballistic missiles. Seven regions in Ukraine were damaged, with casualties reported in some areas. He indicated that Ukraine continues to cooperate with its partners to strengthen its defenses. Currently, Russia has not responded to this.The Russian Ministry of Defense stated that Russian forces launched a coordinated attack last night on Ukraines transportation infrastructure, fuel and energy facilities, and long-range drone bases.According to RIA Novosti: Russian troops have occupied Kucherivka in the Kharkiv region of Ukraine.

As a stock split draws private investors, GameStop's stock price climbs

Aria Thomas

Jul 08, 2022 11:07


GameStop Corp (NYSE:GME) shares soared more than 10 percent on Thursday after the video game retailer announced a four-for-one stock split to revive dwindling retail excitement during a market slump.


The stock, which was last valued at $127.70, was the most actively traded on the retail trading platform of Fidelity Investments.


GameStop shares have plummeted 20% this year, mirroring the downfall of other industry darlings as recession fears weakened risk assets.


"Currently, the obvious explanation is the stock split; nevertheless, is this trend sustainable? As the company trades on fewer fundamentals than the rest of the market, it is tough to generate estimates "said Dennis Dick, a proprietary trader at Bright Trading.


In 2021, GameStop and AMC Entertainment Holdings Inc. were at the focus of a meme-stock trading craze when normal investors used social media to penalize hedge funds that had bet against the firms.


According to Giacomo Pierantoni, an analyst at Vanda Research, since then, individual investors have selected broad shares, ETFs, and large-cap technology firms in the hopes of earning double-digit returns by banking on a long-term recovery.


Pierantoni remarked that individual investors "had already lost a large amount of money and cannot afford to lose more on sporadic bets."


Typically, stock prices rise after the announcement of a stock split, since the lower per-share price enhances liquidity and makes the company more accessible to retail investors.


This year, GameStop will split its equity with Amazon (NASDAQ:AMZN) and the parent company of Google, Alphabet (NASDAQ:GOOGL).


The investing director at AJ Bell, Russ Mould, emphasized that stock splits do not affect a company's fundamentals. Long-term, fundamentals will be more important than issues like this.


GameStop first announced board approval for the stock split in March.


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