GameStop fires CEO Matt Furlong, CNN CEO Chris Licht steps down, and Bernstein Analyst Mark Shmulik sends an open letter to Amazon CEO Andy Jassy urging the company to refocus. Yahoo Finance Live breaks down some of the top stories of the day.
- It's closing time here at Yahoo Finance Live. Here's a look at some of the top stories of the day. GameStop making some major changes in leadership. The company firing CEO Matt Furlong and naming Ryan Cohen as executive chairman. But GameStop isn't saying why Furlong was fired. The announcement coming just ahead of earnings. The stock plunging in after hours trading.
And CNN facing its own leadership change. Chairman and CEO Chris Licht stepping down after a tumultuous year in the job. Licht struggled with programming changes, low ratings, and shuttering CNN Plus. While CNN parent Warner Brothers Discovery looks for a permanent replacement, the network will be run by a trio of executive. Shares of WBD jumped more than 8% on the day.
And finally, one Amazon analyst is taking an activist stance. Bernstein's Mark Shmulik writing an open letter to Amazon CEO Andy Jassy saying, the company needs to refocus because it is, in his words, pursuing too many ideas. Schmulik says that if the tech giant makes changes, the stock could hit up to $200 a share. Despite the critique, Bernstein has Amazon as its top pick with an outperform rating and a $140 price tag, price target.