GME is adding to its 64% year-to-date lead
Former "meme stock" GameStop Corp (NYSE:GME) is brushing off a third-quarter revenue miss this morning, after the video game retailer also shared a surprise profit. At last glance, the equity is up 5.6% to trade at $28.46.
The shares sport a healthy 64.3% year-to-date lead, and are eyeing their best single-day percentage pop in one month. A floor at the $26 region has contained price action since late November.
GameStop stock is still heavily shorted, despite short interest dipping 11.3% over the last two reporting periods. The 31.87 million shares sold short account for 7.8% of the equity's available float, which could lead to some short covering after today's pop.
Calls have been much more popular than usual in the options pits. This is per GME's 50-day call/put volume ratio of 6.17 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 94% of annual readings.
Bears are chiming in today, however, with 31,000 puts across the tape so far -- double the volume typically seen at this point. Still, the weekly 12/13 30-strike call remains as the most popular contract.