S&P 500 falls even with most stocks rising as traders dump AI names

Ryan Cohen isn’t waiting for any market cap and EBITDA performance milestones to get his hands on more shares of GameStop.

The CEO boosted his stake in the video game and collectibles retailer by roughly $10.6 million on Tuesday, purchasing 500,000 shares across a series of transactions at an average weighted price close to $21.12.

Shares are up nearly 2% in premarket trading on Wednesday.

Cohen owns approximately 8.45% of shares outstanding, making him the largest individual holder of the stock and the second-largest owner, trailing only index fund provider Vanguard. His last open market purchase of GameStop was on April 3, 2025 — also for 500,000 shares at a weighted price slightly higher than Tuesday’s buys.

GameStop recently announced a long-term pay package for Cohen that would tie his remuneration completely to the company and stock’s performance. If approved, it would see the CEO receive options that allow him to buy company stock at a discount if he’s able to concurrently achieve escalating levels of cumulative EBITDA and market cap milestones.

To receive the first tranche, Cohen would need GameStop to have the bottom-line results roughly on par with any three-year stretch of the 2010s, while attaining a market cap that the company only received on a closing basis during the 2021 meme stock episode.

During his tenure atop the company, Cohen has proven adept at controlling expenses and overseeing the rapid growth of GameStop’s collectibles business, resulting in the retailer generating positive cash flow from operations for a record six consecutive quarters.

Separately, board member Alain Attal also purchased about $251,000 in company stock on Tuesday.

Shares of United Airlines are rising after the bell on Tuesday, following the release of the carrier’s fourth-quarter and full-year earnings report.

United posted adjusted earnings per share of $3.10 in Q4, above the $2.92 per share expected by Wall Street analysts polled by Bloomberg. Sales of $15.4 billion were roughly in line with the consensus estimate.

The airline also:

• Forecast full-year earnings per share between $12 and $14, bracketing Wall Street’s call for $13.04. For Q1, management sees EPS between $1.00 and $1.50, the midpoint of which is above the $1.16 expected by Wall Street.

• Booked $13.93 billion in passenger revenue on the quarter, up nearly 5% year over year.

“Strong revenue momentum has continued into 2026,” according the company’s press release. “The week ending January 4th was the highest flown revenue week in United history, and the week ending January 11th was the highest ticketing week and the highest week for business sales in United history.”

UAL’s premium ticket revenue climbed 9% compared to a 7% increase in basic economy revenue. The “K-shaped economy” has become increasingly visible in travel trends at major US airlines. Last week, Delta’s revenue from first-class and business passengers eclipsed its main cabin revenue for the first time.