Oops, something went wrong GameStop (GME) stock slid nearly 25% on Thursday as the company announced it's attempting to raise $1.3 billion to buy bitcoin (BTC-USD). The company will attempt to raise the funds via convertible senior notes. The news comes after GameStop shares rose nearly 12% when the video game operator turned popular meme stock said in a release that its board "has unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset." The planned bitcoin investment comes about a month after CNBC reported GameStop was exploring cryptocurrency investments. On Feb. 8, a social media post from GameStop CEO Ryan Cohen sparked speculation over GameStop's interest in cryptocurrency. Cohen posted a picture on X with Strategy (MSTR) CEO Michael Saylor, who has famously hitched his company to bitcoin. It now holds more than 447,000 tokens, per a February filing. The strategy has worked out well for Saylor's company, with the stock up over 84% in the past year amid a rise in the price of bitcoin. But Wall Street strategists are hesitant to conclude that GameStop investing in bitcoin would mean the video game retailer's stock has upside. "The company's strategy, which has changed about six times in three years, is they're going to buy cryptocurrency and be just like MicroStrategy," Wedbush analyst Michael Pachter told Yahoo Finance on Monday ahead of the earnings release. He added, "The problem with that thinking is MicroStrategy trades at about two times their bitcoin holdings. If GameStop were to buy all bitcoin with their $4.6 billion in cash and trade at two times [their bitcoin holdings,] the stock would drop five bucks." Also after the bell on Tuesday, GameStop reported fourth quarter earnings results. The company posted $1.28 billion in net sales for the quarter, marking a 28% decline from the year-earlier period. For the full year, GameStop reported an adjusted EBITDA of $36.1 million, down from $64.7 million seen the year prior. Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance Sign in to access your portfolio

Oops, something went wrong Brendan Lane woke up on Thursday feeling the squeeze from United States President Donald Trump's latest tariff: a 25 per cent levy on finished vehicles, in the simplest terms, made outside his country minus the cost of parts made in the U.S. The general manager of Windsor, Ont.-based Lanex Manufacturing Inc. oversees the production of a variety of auto parts, including strikers, which is what your car door latches onto when it closes shut. How those parts would be affected by Trump's tariffs raises complicated questions. If the materials come from the U.S., but get formed on Lane's factory floor in Windsor, return to the U.S. to be coated in paint or plated, only to come back to Canada to be installed in a vehicle, is that part made in Canada or the U.S.? It's a question that may only be answered over time as border officials and lawyers read the fine print and hash out a system, but the answer could affect global trade for years to come. For now, as the Trump administration continues its pattern of announcing tariffs, pausing tariffs and modifying tariffs while hinting at still more tariffs to come, business owners such as Lane have been left scrambling to figure out their new costs, complete paperwork for exemptions, consider when it makes sense to reorganize supply chains and keep everything running. “It's been a mess: 25 per cent (tariffs) multiple times on something now,” he said. “Obviously, automotive margins are not 25 per cent or anywhere near that.” The result is going to be fairly predictable even for companies such as Lanex, which is a couple of steps removed from the automakers that use his company's parts. He said the message from the automakers in recent weeks has been clear: consumers are not going to purchase vehicles if the price goes up, so find ways to keep costs stable. He's not sure how that will be possible. “They're going to start looking to see how they solve the problem. And it's going to squeeze us as best as they can,” he said. “I don't know. I don't have the answer at this point.” Lane's father, Bruce, set up Lanex in 1988 after developing expertise in auto manufacturing, such as stamping and welded assemblies, while working in the sector that has existed in Windsor, just across a river from Detroit, for more than a century. The new tariffs, which Trump has said are to help force companies to build plants in the U.S., strike at the foundation of the Windsor's economy. “This whole community is set up for across the border. We cross the border with parts all the time,” he said. “The system has all been set up based off the rules that were in play. Nobody was breaking rules. This is what we agreed upon. This is the CUSMA agreement. So, now everything is changing.” In Trump's White House press conference about the auto tariffs, he said investment is already pouring into the U.S. But many economists doubt that the tariff will achieve the intended effect. Auto-manufacturing plants take years to build and cost hundreds of millions, sometimes billions, of dollars and are generally planned for years before investment decisions are made. “One can easily see a 30 per cent downward shift in U.S. auto sales in the coming months and quarters,” economist David Rosenberg said in a newsletter on Thursday, “and the hit to output and employment will come far in advance of any potential shift in factory production to the U.S.” He said the more immediate impact will be inflationary given that the U.S. imports nearly half of its light-duty vehicles and trucks and 60 per cent of its auto parts. Even a 15 per cent spike in auto prices would add US$6,000 to the cost of a new vehicle, Rosenberg said. In Canada, he predicted the tariffs could lead to 180,000 job losses. Nouveau Monde Graphite Inc. chief executive Eric Desaulniers said the flood of tariffs has already created an environment of fear and uncertainty, which is never good for investment. Even though his project, a mine two hours north of Montreal and a processing plant in the Quebec port city of Bécancour, is theoretically unaffected by tariffs so far, no one can say for certain whether that will be the case in the future. General Motors Co., one of Nouveau Monde Graphite's investors, plans to buy graphite from its mine, but Desaulniers said the uncertainty Trump is creating for the auto sector will make it more difficult to lock in the $1.5 billion in financing his company needs for the project. “This uncertainty is never good for deploying this much capital in a project,” Desaulniers said. Steven Beatty, who retired as Toyota Canada Inc.'s corporate counsel in December, said there is too much uncertainty about how the auto tariff announced on March 26 will be implemented. On its face, he said the latest tariffs against autos produced in Canada, or Mexico for that matter, appear to violate the terms of the Canada-United-States-Mexico Agreement that Trump administration officials negotiated in his first term. He pointed to a “side letter” to CUSMA that former U.S. Trade Representative Robert Lighthizer wrote in 2018 to former deputy prime minister Chrystia Freeland that said in the event that section 232 tariffs are applied — as Trump has now done — they would exclude 2.6 million Canadian-made vehicles and US$32.4-billion worth of auto parts per year. The question is whether the Trump administration will honour the terms of the free trade agreement or not. “If the worst-case scenario is true, we're moving into an area of lawlessness; that's kind of scary,” Beatty said. “We haven't gone over the brink yet.” He said that part of the reason U.S. automakers build plants in Canada is because it is a highly lucrative market for their products and they want to preserve duty-free access. In 2023, U.S. automakers exported US$23.2-billion worth of vehicles to Canada, its largest export market, and more than three times as much as the next highest, Germany, where it exported US$7.5-billion worth of vehicles. Trump slaps 25% tariff on imported autos Prospect of U.S. tariffs haunting Canadian copper sector Carney pledges $2 billion for Canada's auto sector in trade war Beatty suggested that Canada would need to put counter tariffs on U.S. vehicles if Trump intends to violate the CUSMA. Ultimately, he said, vehicles are a necessary item for the economy to function, and if prices rise too high or too fast, it would make tariffs politically unfeasible. “There's only so much self-inflicted pain that any administration can take before you have to say, ‘OK, well, maybe that wasn't a good idea, and we're going to take a different tack,” he said. • Email: gfriedman@postmedia.com Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

Featured Submit a story Tell us your story. Featured Submit a story Tell us your story. Featured Submit a story Tell us your story. By: Amber Murray Retail Reporter Naked Wines has released details of its new strategic growth plan as it promises to “recalibrate” the businesses to drive growth. The wine seller also announced that its trading performance “continues to track in line with expectations” ahead of full-year results later this year. Its share price rose more than 11 per cent in early trades. Naked Wines said it has three new priorities: achieving £75m in cash, reaching £10m-£15m annual earnings before interest, tax, depreciation and amortisation (EDITDA) and achieving sustainable underlying revenue growth. It expects revenue to stabilise by 2029 at £200-£225m, and that underlying EBITDA will progressively build to £10m-£15m in the medium term. The company plans to “recalibrate around a profitable core” of members, save costs to free up cash, and restore customer retention back to 2019 levels. After struggling post-pandemic with a sharp downturn in demand, Naked Wines started to reduce its losses last year after hiring Maze as CEO. “Investors need to pay attention – Naked Wines has turned a corner and there is a plan to achieve three things: significantly build cash… return the business to 5-10 per cent revenue growth… while underpinning EBITDA at circa £10m in the near-term, and commit to distributing this cash to shareholders,” Panmure Liberum analysts said. Panmure raised its target price up to 150p from 50p. The stock is currently trading at 63p, having risen 38 per cent in the year to date. “A year ago, I made a commitment to deliver real value to all our stakeholders. We now have a powerful plan that fulfills that promise, as we deliver on FY25 guidance even in the face of challenging market conditions,” CEO Rodrigo Maza said. “We will look to commence distributions, unlock capital from surplus inventory, double down on serving our most valuable members, and transform how we attract and retain new customers. “I am deeply grateful to the team for their commitment and relentless hard work. Together, we are turning challenges into opportunities and paving the way for a bright future,” Maze said. Share this article Subscribe to the City AM newsletter to have our top stories delivered directly to your inbox. Follow us for breaking news and latest updates