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11.07.2019 22:32:00

Why GameStop, Omnicell, and Cadiz Slumped Today

The stock market reached a new milestone on Thursday, with the Dow Jones Industrial Average moving above 27,000 for the first time. More broadly, indexes were mixed, as much of the gain in the Dow was due to the influence of a single high-priced component of the benchmark. Investors still aren't sure how to handle differing signals about the future of the economy, and some bad news from key companies weighed on sentiment. GameStop (NYSE: GME), Omnicell (NASDAQ: OMCL), and Cadiz (NASDAQ: CDZI) were among the worst performers. Here's why they did so poorly.Shares of GameStop dropped almost 7% after the video game retailer completed a tender offer for a portion of its outstanding stock. The company said that its offer to buy up to 12 million shares resulted in a final stock buyback price of $5.20 per share, which was roughly where the stock had closed late Wednesday. Yet the offer was oversubscribed by more than two times, meaning that most shareholders who tendered their stock will have only about 40% of their holdings accepted. Today's losses only add to the big hit GameStop shares have suffered in 2019, and many are still pessimistic about the retailer's chances for a full recovery.Image source: Getty Images.Continue reading
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