STORY: GameStop was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the video game retailer's ailing business.

The ousting of former Amazon.com executive Matt Furlong came alongside top shareholder Ryan Cohen's appointment as the executive chairman of a company that he turned into a favorite of meme-stock traders with promises of a digital pivot.

"I think it's a business that's really in trouble," Belanger said, adding that while GameStop became popular among day traders during the health crisis, "I think professional investors are excited to get back to the days when they can make investments based on actual earnings and business fundamentals...."