Markets can forgive a company a lot when investors can see a path to growth. GameStop (GME) has spent years searching for that path, moving from video-game retailer to meme-stock phenomenon and now to a company increasingly built around collectibles. The latest numbers suggest the strategy may be working operationally. But a better business does not automatically make a better stock.
GameStop touched a two-year intraday low of $17.79 on Aug. 20. By Sept. 17, it had closed at $22.77, a 28% gain from that low. The rally comes as Jim Cramer says the turnaround is finally taking hold.
