AMC and GameStop see declining retail interest as actions of new memes rally

AMC and GameStop see declining retail interest as actions of new memes rally

Mackenzie Sigalos of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC.com’s Maggie Fitzgerald explains where the retail interest lies after the GameStop report profits. Plus, Amazon’s latest incentive for hourly workers is free college education.

GameStop made a surprising intraday comeback after its sell-off after earnings on Thursday, as retail investors noticed a lack of clarity on recovery plans and crammed into the star of memes.

Shares of the video game retailer closed the session up 0.2% at $ 199.18 in intense trading, after falling 10.5% to its low of $ 178.

The initial drop came as GameStop failed to provide an outlook for the next few quarters and details on its ecommerce transformation, which disappointed Wall Street analysts. But signs have emerged that small investors in Reddit’s chat room Wallstreetbets have decided to buy the declining name while pushing the stock higher.

According to alternative research provider Quiver Quantitative, the show was the most popular mention on the GME platform, beating former show stars Clover Health and SPY (the exchange-traded fund that tracks the S&P 500).

Amazon said Thursday it would offer to pay 100% of the tuition fees of its 750,000 hourly U.S. employees.

The e-commerce giant is following the lead of other large American companies under threat, such as education benefits or higher wages, to lure workers into the tight labor market.

Starting in January, Amazon said, it will cover tuition, fees and textbooks for hourly employees in its operating network after 90 days of employment. It will also begin to cover high school diploma programs, GED and ESL certification for employees. Operations employees include employees from Amazon’s extensive warehouse and distribution center network.

Amazon said the benefit would be applicable to hundreds of educational institutions across the country. Amazon previously offered to pay 95% of tuition, fees and textbooks for hourly associates through its Career Choices program.

The Los Angeles megaman was set to cost $ 500 million after the owner defaulted on more than $ 165 million in debts and debts, according to court documents.

According to people familiar with the property, Bel Air’s 105,000 square foot estate, known as “The One,” has been placed in receivership by Los Angeles County Superior Court and re-listed at a reduced price. In the coming months. should be. .

The receivership marks a surprising turnaround for “The One” and its lucrative developer, Nile Niamey, who has often touted the property as his “living mission” and “the largest and most expensive house in the urban world”.

Scheduled to hit the market in 2017 with a price tag of $ 500 million, “The One” has been plagued by repeated delays, funding issues and shifting strategies. The house is an ultra-modern eight-acre chateau atop a hill overlooking LA. It has nine bedrooms, several kitchens, a nightclub, a four-lane bowling alley, a lounge, a gym, a 50-seat theater, an athletics track. and an underground garage for 50 cars, with two automatic turntables. Its seven bodies of water include several swimming pools, a jacuzzi and a moat surrounding the house. The master bedroom is 4,000 square feet. Each door of the house has electricity as well as all the toilets. Niamey had planned a “Jellyfish Room” and an ice cream bar, but both turned out to be too expensive.

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