27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Restocking of Sony Corporation (NYSE:SNE) and Microsoft Corporation’s (NASDAQ:MSFT) PlayStation 5 and latest Xbox consoles left Gamestop Corporation’s (NYSE:GME) employees surprised, Bloomberg reported Monday.
What Happened: The employees were given little notice of the fresh stock, which led to chaotic crowds at Gamestop locations posing a potential health risk amid the ongoing pandemic, according to Bloomberg.
A GameStop manager reportedly shared a company email sent to the store minutes before the public announcement that indicated the location would have 15 new consoles available for pre-order. However, minutes after the announcement, a crowd of 40 appeared at the store, violating social-distancing norms.
GameStop employees are sharing similar woes on Reddit, with one manager writing they had “ZERO warning” and calling the situation a “fiasco.”
The retailer said the last-minute notification was sent to ensure that individuals — not resellers — purchase the consoles.
See Also: Microsoft, Sony's Big Woe With PlayStation 5, New Xbox Series: High Demand, Very Low Supply
“We realize that in some situations our approach of notifying customers of this opportunity may have caused unintended reactions from both our associates and customers,” the Texas-based game retailer said.
Why It Matters: GameStop has shut 700 stores this year and expects to close more through 2022 as it attempts to trim costs, noted Bloomberg.
Chewy and RC Ventures Founder Ryan Cohen called for a strategic review of the brick-and-mortar video game retailer and lambasted management for its 20th-century mindset while suggesting the firm duel with Amazon.com, Inc (NASDAQ:AMZN) for a share of the e-commerce market.
GameStop isn’t the only retailer reeling from the fallout of the shortage of the newest consoles.
Online shoppers of PlayStation 5 and Xbox consoles crashed websites of both Walmart Inc (NYSE:WMT) and Best Buy Co Inc (NYSE:BBY) on the day of their launch.
Price Action: GameStop shares closed nearly 4.3% lower at $12.72 on Monday.
Related Link: The Street Price PlayStation 5, Xbox Series X Are Really Selling At, As Per The Verge
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!