Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action news and analysis.

Good afternoon. Today is Thursday, September 28th, and I'm your host, Kim Kahn.

Our top story so far.

GameStop shares are jumping as Ryan Cohen takes the home.

The company disclosed early Thursday that its board elected Cohen is president and CEO effective immediately.

Cohen gives up the title of executive chairman, a position that he has held since Matt

Furlong left a CEO in June. He will not receive any compensation for the role.

Cohen, who founded Chui in 2011, has long been seen as a savior of GME by diehard shareholders

that launched the stock into the mean stratosphere, breaking a short fund and disrupting Robin Hood's

platform along the way.

He was already GameStop's chairman and his GME's biggest shareholder, with a stake of

about 12% of shares outstanding through RC Ventures. Cohen will be expected to lead a turnaround for the company that has seen very choppy stock action this year in the continued push and pull between fundamentals and game stop devotees.

Shares are down slightly year to date but off more than 30% in the past year.

In today's trading, stocks are slightly lower following a sharp drop in August pending home sales.

Sales drop 71% month to month compared with expectations for a drop of 0.5%.

Some would-be homebuyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets, said Lawrence Eun, Chief Economist at the National Association of Realtors.

The S&P, Dow, and NASDAQ are all down about two-tenths of one percent.

Longer yields continue to march higher, with a ten-year Treasury yield topping 4.65 percent. The final measure of Q2 GDP arrived, making few waves. Annual growth

stayed at a rate of 2.1%, while the core PCE price index remained 3.7% annually.

But the labor market continues to show signs of strength.

Weekly jobless claims remained low, ticking up only slightly, to 204,000.

...