Shares of GameStop Corp. GME, -4.91% are down 4.2% Tuesday and are on pace to extend their losing streak to three days, their longest skid since a five-day losing streak that ended on Nov. 27.
The stock is also on pace for its biggest single-day percentage decline since Dec. 20, when it fell 4.5%. GameStop saw a meme-like rally ahead of its recent fiscal third-quarter earnings and has risen 9% in the last three months, compared with the S&P 500 index’s SPX, -0.57% gain of 10.5%. The videogame retailer and original meme stock saw major leadership changes last year: GameStop fired CEO Matthew Furlong in June and said that its board had elected activist investor Ryan Cohen as executive chair. Cohen was then named CEO in late September, the latest chapter in his attempt to breathe new life into the company.