Shares of videogame retailer GameStop Corp. (GME) are rising more than 25 percent or $9.07 in Tuesday's morning trade at $44.57, after hitting a new 52-week high of $44.95 despite no company-centric news.
GameStop said last week it has entered into an agreement with activist investor RC Ventures LLC that will expand the company's board of directors from 10 members to 13. RC Ventures, which is one of GameStop's largest stockholders, is managed by Ryan Cohen.
U.S. stocks are rising on Tuesday, reflecting a positive reaction to the latest earnings results from financial services giant Goldman Sachs and oil services giant Halliburton. Traders are also likely to keep an eye on testimony from Treasury Secretary nominee Janet Yellen, who is due to appear before the Senate Finance Committee today.
GameStop has traded in a range of $2.57 to $44.95 in the past 52 weeks.
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