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GameStop drawing new traders a 'good thing' -market expert

STORY: GameStop shares were down 13.4% Monday afternoon after the video game retailer's annual general shareholder meeting revealed it plans to operate a smaller network of stores and gave no details on what it plans to do with its cash pile.

CEO Ryan Cohen said he anticipates the business will be operated with “a smaller network and more value-added" items as part of the company's attempt to boost sales and profitability.

Shares of the company have fluctuated wildly over the last month after Keith Gill, the stock influencer known as Roaring Kitty who helped kick off meme-stock mania in 2021, reappeared and later disclosed a large position in GameStop.

Yang says GameStop's stock will remain volatile as "some market participants are looking at fundamental valuation and cash flow activity [while other] market participants are looking at other intangible value that we're not able to use traditional factors to price in."