As the week comes to a close, it’s time to take a look at the markets and the performance of stocks such as Gamestop, Ferrari and Azimut.
Gamestop (GME) is always making headlines. As one of the world’s leading gaming companies, the Gamestop stock has become a meme. The investor Michael Burry, who became famous for getting rich off the 2008 subprime mortgage crisis, epitomised by the film The Big Short, is very clear.
To Barron’s he declared:
“I don’t know when meme stocks such as this will crash, but we probably do not have to wait too long, as I believe the retail crowd is fully invested in this theme, and Wall Street has jumped on the coattails. We’re running out of new money available to jump on the bandwagon”.
For full disclosure, Michael Burry was a Gamestop shareholder but is likely to have sold his shares before the rally caused by WallStreetBets. At least that’s what Forbes claims.
In any case, the Gamestop stock (listed on the NYSE) has had another rough week. At the time of writing, it is trading at $305, but has lost 4.5% over the past five days.
For Ferrari, the closing week has been an uneventful one. Ferrari (RACE), which is listed on the Italian Stock Exchange, is worth about 170 euros and at the time of this writing is gaining 1.30% over 5 days.
However, the stock has suffered in recent weeks due to the change of CEO. The appointment of Benedetto Vigna at the beginning of June was not well received by investors, and the announcement of the new CEO was followed by a bearish market.
Indeed, the year has not been the best for Ferrari. In six months, the stock has lost 8.5%.
In contrast, the last six months for Azimut (AZM) have been decidedly brilliant, with shares up 15%. However, the investment firm is experiencing a rather flat momentum. At the time of writing this article, its price is €20.4, down slightly (-0.39) in the 5-day trend.