GameStop Stock Buzzing After Old Michael Burry Email Surfaces

GameStop Corp (NYSE:GME) stock is buzzing today, a fitting storyline for the Black Friday shopping frenzy. GME was last seen up 3.6% to trade at $22.41, after Michael Burry posted on X an old email from 2019 featuring exchanges between the Big Short investor, WallStreetBets icon RoaringKitty or Keith Gill, and GameStop CEO Ryan Cohen, then of Chewy (CHWY). 

Retail trader chatter is also centered around the company's third-quarter earnings report, due out after the market closes on Monday, Dec. 8. GME has a positive post-earnings history, adding 3.3% post-earnings back in September, and 7.6% after its December 2024 report. Overall, the stock has averaged a next-day move of 8.2% in the last two years, regardless of direction, with traders pricing in a 12.6% move this time around.

GameStop stock is down nearly 30% in 2025, after hitting a Nov. 20, 12-month low of $19.93. There's a confluence of moving averages overhead, despite the bounce from that bottom. Short sellers are still lingering, with short interest rising 4.2% in the most recent reporting period and 16.9% of GME's total available float sold short.

Options traders are loading up on calls today. In just the first hour of trading, 105,000 calls have exchanged hands, volume that is triple the average intraday amount. The weekly 11/18 22.50-strike call is the most popular contract, with new positions being opened there.

This represents a shift, as GameStop's Schaeffer's put/call open interest ratio (SOIR) sits the 98th percentile of its annual range, indicating unusually high bearish sentiment in the options market.