GameStop Corp.’s stock jumped Monday amid reports that the videogame retailer and sometime meme-stock darling is planning to revamp its customer rewards program.
Shares of GameStop
GME,
+9.75%
rose 6.7%, compared with the S&P 500’s
SPX,
+0.02%
gain of 0.2%.
Videogaming website Kotaku reports that the name of GameStop’s PowerUp Rewards membership will be changed to GameStop Pro next month and its price will increase to $25 a year from $15 a year. New perks available to members will include 5% off preowned games and 5% off collectibles, according to Kotaku, citing screenshots of internal corporate training materials that were shared with the website.
Related: GameStop surges on surprise earnings beat, lifting meme stocks AMC and Bed Bath & Beyond
MarketWatch has reached out to GameStop with a request for comment on this story.
In March, GameStop shares surged on the company’s surprise earnings beat, also lifting fellow meme stock AMC Entertainment Holdings Inc.
AMC,
+1.79%.
At that time, the videogame retailer said it had completed most of its planned upgrades related to infrastructure, systems, shipping capabilities and online and mobile platforms.
GameStop’s stock is up 27.5% this year, outpacing the S&P 500’s gain of 9.4%.
Read the full article here