It’s game over for more than 100 GameStop retail locations.
The company announced earlier this week that it’s shutting down 2% to 3% of its stores. That means as many as 190 stores could be on the chopping block.
GameStop (GME) currently operates more than 6,600 stores globally, including 4,400 in the United States. It’s unclear how many domestic stores the Texas-based company plans to close.
The retailer of new and used video games has been on shaky ground for a while. Its stock has plummeted more than 31% over the past year.
On Thursday, the company said its overall sales fell 13.6% last quarter compared to a year prior.
At the core of GameStop’s issues: It’s not selling enough video games.
CEO Paul Raines said in a statement Thursday that “the video game category was weak, particularly in the back half of 2016.”
That’s because the biggest names in gaming — Playstation maker Sony (SNE) and Xbox maker Microsoft (MSFT, Tech30) — haven’t updated their consoles in a while, Raines said. That creates a lag in business for retailers like GameStop.
good investment stocks: Interactive Intelligence Inc.(ININ)
- [By Lisa Levin]
Interactive Intelligence Group Inc (NASDAQ: ININ) shares were also up, gaining 18 percent to $28.06 after the company reported stronger-than-expected quarterly results.
good investment stocks: Huntsman Corporation(HUN)
- [By Paul Ausick]
Venator Materials PLC is a maker of titanium dioxide pigments and additives. The company is being spun out of Huntsman Corp. (NYSE: HUN) and plans to offer 22.7 million shares in an expected price range of $20 to $21, raising $465 million at an implied market cap of $2.18 billion. Underwriters include Citi, Goldman Sachs, BofA/Merrill Lynch, J.P. Morgan, Barclays, Deutsche Bank, UBS Investment Bank, RBC Capital Markets, Moelis & Company, HSBC Corp., Nomura Securities, SunTrust Robinson Humphrey, Academy Securities, and Commerzbank Capital. Shares are scheduled to price Wednesday and begin trading Thursday on the New York Stock Exchange under the ticker symbol VNTR.
- [By Lee Jackson]
Huntsman Corp. (NYSE: HUN) had its executive chairman selling stock last week. Jon Huntsman parted with 600,000 shares, and the share priceranged from $17.25 to $17.27. The total for the trade was posted at $10 million.The company manufactures and sells differentiated organic and inorganic chemical products worldwide. The stock traded Friday at $18.10, so some left on that table as well.
good investment stocks: Rayonier Advanced Materials Inc.(RYAM)
- [By Travis Hoium]
Shares of materials company Rayonier Advanced Materials Inc (NYSE:RYAM) jumped as much as 11.8% in trading Thursday after announcing a major acquisition. At 3:30 p.m. EDT, the shares were holding at a 10.6% gain on the day.
good investment stocks: Navios Maritime Holdings Inc.(NM)
- [By Monica Gerson]
Navios Maritime Holdings Inc. (NYSE: NM) is expected to report a quarterly loss at $0.37 per share on revenue of $101.51 million.
Pure Storage Inc (NYSE: PSTG) is estimated to post a quarterly loss at $0.23 per share on revenue of $138.13 million.
- [By Nickey Friedman]
Navios Maritime Holdings (NYSE: NM ) has two operating segments: shipping and logistics. Analysts have already begun to raise their profit estimates for 2014, currently at $0.11 EPS up from $0.01 a week ago. Expect that number to continue to rise dramatically. Navios pays a $0.06 per share quarterly dividend and trades around 40% below its book value. It used to trade as high as $17 back in 2007.
good investment stocks: Guaranty Bancorp(GBNK)
- [By WWW.GURUFOCUS.COM]
For the details of PATRIOT FINANCIAL PARTNERS GP, LP’s stock buys and sells, go to www.gurufocus.com/StockBuy.php?GuruName=PATRIOT+FINANCIAL+PARTNERS+GP%2C+LP
These are the top 5 holdings of PATRIOT FINANCIAL PARTNERS GP, LPBanc of California Inc (BANC) – 2,850,564 shares, 27.82% of the total portfolio. Guaranty Bancorp (GBNK) – 1,891,767 shares, 23.36% of the total portfolio. Shares reduced by 19.22%Meta Financial Group Inc (CASH) – 347,069 shares, 14.02% of the total portfolio. Sterling Bancorp (STL) – 1,048,980 shares, 11.07% of the total portfolio. Shares reduced by 16.01%MBT Financial Corp (MBTF) – 2,060,302 sha
good investment stocks: NCI Building Systems, Inc.(NCS)
- [By Monica Gerson]
NCI Building Systems Inc (NYSE: NCS) posted upbeat results for its second quarter on Tuesday. NCI Building Systems shares rose 1.24 percent to $16.30 in the after-hours trading session.
- [By Jim Robertson]
Yesterday, small cap NCI Building Systems (NYSE: NCS) sank 20.54% after the maker of metal products for the nonresidential building industry reported disappointing Q3 results and cut its sales outlook. NCI Building Systems is one of North America’s largest integrated manufacturers and marketers of coatings, components and metal buildings for the nonresidential building industry and is comprised of a family of companies operating manufacturing facilities across the United States, Canada, Mexico and China (with additional sales and distribution offices throughout the United States and Canada).
- [By Lisa Levin]
NCI Building Systems Inc (NYSE: NCS) was down, falling around 14 percent to $15.27. NCI Building Systems reported Q3 adjusted earnings of $0.33 per share on revenue of $462.4 million.
- [By Lisa Levin]
On Thursday, the industrial sector proved to be a source of strength for the market. Leading the sector was strength from Envirostar Inc (NYSE: EVI) and NCI Building Systems Inc (NYSE: NCS).
- [By Scott Rubin]
Equity gainers on the day included Chico's FAS, Inc. (NYSE: CHS), which surged more than 12 percent on the day, and Himax Technologies (NASDAQ: HIMX), which climbed almost 9 percent in the wake of an afternoon rally. Losers included NCI Building Systems Inc. (NYSE: NCS), which fell 15 percent after earnings, and H&R Block inc (NYSE: HRB), which fell almost 11 percent on the day after its Q1 results.