Thanks for the parting gift, GameStop

Tuesday, March 28, 2019

Now I know how Charlie Weis feels … kinda.

Weiss was paid nearly $19,000,000 over a six-year span after he was fired as head football coach at Notre Dame in 2009. That’s right … after. His 35-27 record from 2005-09 was so underwhelming that the Fighting Irish literally paid him to go away.

In 2015, six years after getting the boot, he was still cashing monster paychecks. In fact, of all the people Notre Dame paid that year, Weis was compensated more than all but two. He was paid more than the president of the university and, get this, even more than current Irish coach Brian Kelly.

I can’t relate in terms of scale – not too many people can – but I can say I’ve been paid by a company I cut ties with. It happened today, when GameStop paid me $1.14 for the three shares I owned up until a few weeks ago. Gotta love that whole ex-dividend date, right?

As a gamer, I hated to see GME go. The dividend was and still is awesome, but I don’t see that lasting much longer. The current 6% yield has a lot to do with just how far the price has fallen and, based on slowing sales and an all-but-extinct business model, the company won’t be able to keep it up for long.

Reluctantly, I had to say goodbye.

GME has dropped more than $3 bucks a share since I sold on March 14.

Dividends

The $1.14 from GME increased this month’s passive income total to $20.45 and my lifetime total to $39.51.

Top Gainer

Darden Restaurants (DRI) was my top gainer today. Share price rose $7.26 (9.58%).

Biggest Loser

McCormick and Co. (MKC) was my biggest loser, down $2.93 (2.89%).

 

  • I’m still holding GME for now. The company should have a good rebound back into the 25s. I’ll part ways then. Thanks for sharing.

    • It hurt me to sell. I want to hold all my positions as long as possible, forever even, but I just don’t see GameStop being around in 5-10 years.