GameStop shares jump 10% on record earnings and $2B buyback plan amid ongoing eBay takeover bid

GameStop shares rose 10% after the company reported its highest quarterly net income of $389.6 million, driven partly by a $268.4 million unrealized gain linked to eBay stock. The video game retailer also approved a $2 billion share buyback program, fueling speculation of a potential short squeeze. Meanwhile, GameStop increased its stake in eBay to about 7% as it continues a hostile takeover attempt, despite eBay's rejection of a $56 billion offer. Investors will watch for buyback execution, eBay's response, and any moves by GameStop's CEO to bypass eBay's board amid ongoing operational improvements, including a 65% growth in collectibles sales.