By Mackenzie Tatananni

Best Buy stock was among the biggest gainers in the S&P 500 on Thursday, after bloggers speculated it might be an acquisition target of GameStop due to a research note that actually dismissed a possible deal.

The rumors appeared to stem from a note from Gordon Haskett Research Advisors, which called attention to a disclosure in GameStop's most recent annual report with the Securities and Exchange Commission.

The filing, reviewed by Barron's, shows GameStop posted roughly $700 million into an account "that is pledged as collateral for certain existing and potential cash or physically settled derivative transactions" subsequent to the end of its fiscal year.

Don Bilson, Gordon Haskett's head of event-driven research, said the disclosure could be a sign CEO Ryan Cohen "owns very substantial economic exposure to a particular name. The billion dollar question is what name that might be."

Users on platforms like Reddit speculated Bilson might be talking about Best Buy. It isn't the first time retail investors have drawn a connection between the two companies. Best Buy's name was thrown in the mix earlier this year after Cohen stated the videogame retailer was looking to acquire a "very, very, very big" consumer company.

Last month, Reddit users even pitched the idea of Best Buy opening GameStop sections within its stores after other rumors surfaced concerning a potential partnership. One widely circulated post on the "Superstonk" subreddit urging Cohen to consider the idea received hundreds of comments.

However, Gordon Haskett went on to say in its note that GameStop's recent efforts to put money toward a transaction didn't appear to signal interest in Best Buy. "Previously, we have thrown Best Buy's name against the wall and we did see some prime broker action in that name" during the fourth quarter, Bilson wrote. However, that doesn't square with GameStop saying it put its money to work after its fiscal year drew to a close, he added.

Barron's reached out to GameStop and Best Buy for comment.

Despite the lack of evidence for an acquisition, Best Buy shares jumped 4.6% to $63.20 on Thursday, snapping a two-day losing streak. As of Thursday afternoon, the stock was the third-best performer in the S&P 500.

GameStop, meanwhile, fell 1.8%. The benchmark index was down 1.5%.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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March 26, 2026 16:12 ET (20:12 GMT)

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