GameStop Shares Advance Nearly 8% After Cohen Becomes CEO

Shares of GameStop advanced after the company said billionaire investor and board chairman Ryan Cohen has been named chief executive. The stock was up 7.8% at $18.49 in premarket trading. When the market closed Wednesday, shares had lost about that much year-to-date. The videogame retailer is putting Cohen at the helm months after it fired Matt Furlong amid a struggle to drive sales. Cohen, a co-founder of pet-supply retailer Chewy, first joined the board in early 2021. He was among several e-commerce veterans brought on around that time to turn...