GameStop Climbs After Short Seller Scrubs Bearish Livestream Call

GameStop bounces back after short-seller Citron Research scrubs its bearish livestream call.
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GameStop  (GME) - Get Report did an about-face and started climbing Wednesday after short-seller Citron Research said it was scrubbing its bearish livestream call because it didn't want to interfere with the presidential inauguration.

Shares of the Grapevine, Texas, company at last check were up nearly 1% to $39.72. The stock had been falling earlier in the session.

Citron said earlier Wednesday it would be holding a call at 11:30 a.m. ET and will "livestream the 5 reasons GameStop $GME buyers at these levels are the suckers at this poker game."

"Stock back to $20 fast," the company said. "We understand short interest better than you and will explain. Thank you to viewers for pos feedback on last live tweet."

GameStop's stock climbed on Tuesday despite the negative prediction.

At 11:09 a.m. on Wednesday, however, Citron Research announced on Twitter that it would not be going ahead with the lifestream.

"$GME still going to $20 easy but Citron does not want to go live in the middle of a historic presidential inauguration," Citron said. "We respect the office of presidency and out country and will not interfere with market commentary. We look forward to the livestream tom. Gold Bless America."

Joseph Biden and Kamala Harris were being sworn in a president and vice president respectively on Wednesday after the term of Donald Trump officially ended.

GameStop has not responded to a request for comment, but several people did make their feelings known on Twitter.

"So when you announced yesterday you were unaware of the inauguration schedule.?" one commenter said. "I smell BS.!"

"Hahahahahhaa you’ve got to be kidding me," another said.

Another commenter snarkily wrote, "yes, an event that happens 4 years on the same day was completely unexpected."

GameStop recently named three new directors as part of its agreement with RC Ventures, the company's second-largest shareholder. 

One of the directors is Ryan Cohen, who manages RC Ventures. Cohen founded and was chief executive of the pet-products provider Chewy  (CHWY) - Get Report. He led the company through its $3.3 billion sale to PetSmart. 

In December, Citron Research published a report calling DoorDash  (DASH) - Get Report the "most ridiculous IPO of 2020." The San Francisco food-delivery company's shares were off 2.3% at $194.15 recently.