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Hey UPB and JB. Look at options activities for TEVA June 14 the 18 strike. I have loaded this afternoon.
Reddit Inc call volume above normal and directionally bullish
Bullish option flow detected in Reddit Inc with 20,517 calls trading, 3x expected, and implied vol increasing almost 18 points to 97.51%. May-24 60 calls and May-24 65 calls are the most active options, with total volume in those strikes near 3,900 contracts. The Put/Call Ratio is 0.43. Earnings are expected on August 6th.
Floor & Decor put volume heavy and directionally bearish
Bearish flow noted in Floor & Decor with 3,488 puts trading, or 2x expected. Most active are Jul-24 125 puts and Jun-24 120 puts, with total volume in those strikes near 3,100 contracts. The Put/Call Ratio is 7.89, while ATM IV is up nearly 2 points on the day. Earnings are expected on August 1st.
The Pre-market Rant ->
JB pre-market rant if you missed -> https://www.optionmillionaires.com/jb-pre-market-rant-may-14th-2024/
Market Action: Treasuries pared overnight gains and yields headed higher following the stronger than expected PPI report. But the move was brief as the market awaits upcoming comments from Chair Powell and tomorrow's CPI. The spike provided a buying opportunity and rates are back where they were just before the release. The 2-year rate is down -1.5 bps to 4.846% after spiking to 4.892%. The 10-year is fractionally in the green at 4.475% following its jump to 4.528%. Similarly, the DXY popped to 105.458 but quickly slipped back to 105.148, where it was just prior to the release. Meanwhile, Wall Street futures have taken the numbers in stride too, with the NASDAQ -0.20% lower, while the S&P 500 is fractionally in the red and the Dow marginally in the green.
: Morning Watch List: https://www.optionmillionaires.com/may-14th-2024-watch-list/
HIGHER -
Stellantis (STLA) up 2% after the company and Leapmotor announced that the two companies have received all required authorizations and the formation of Leapmotor International, a 51/49 Stellantis-led joint venture, is now complete
UP AFTER EARNINGS -
On Holding (ONON) up 12%
Sea Limited (SE) up 5%
International Game (IGT) up 2%
DOWN AFTER EARNINGS -
Alibaba (BABA) down 4%
Miniso (MNSO) down 4%
Home Depot (HD) down 1%
Augmedix (AUGX) down 45%
LOWER -
Shimmick (SHIM) down 20% after Q1 results below expectations and subsequent breach on its revolving credit facility agreement
This $IRBT left for dead:
✅$385 mil market cap doing $850 mil in revenues
✅New CEO
✅Solid earnings last week with turnaround plans
✅that 30% SI should continue to unwind...
✅Plenty of gaps to fill on the way up:
European stock markets are narrowly mixed, after a largely weaker close across Asia. The FTSE 100 is up 0.1%, the DAX down -0.2%. German ZEW investor confidence came in much stronger than expected, which backed hopes of a strengthening recovery. However, that also suggests that the ECB will return to a wait and see stance after a June cut, and Eurozone yields jumped higher after the numbers, which kept a lid on stock markets. U.K. wage growth meanwhile came in higher than anticipated, but comments from BoE Chief Economist Pill leave the BoE on course to cut rates over the summer. That helped Gilts to outperform and the U.K. 10-year rate is currently unchanged at 4.172, while the 10-year Bund yield is up 1.5 bp at 2.52%. Treasuries are off early highs, but the U.S. 10-year rate is still down -0.6 bp as markets look ahead to the U.S. PPI report. The DXY dollar index off session highs at currently 105.201. The front end WTI contract has corrected to USD 78.88 per barrel, while the gold price has inched up to USD 2343.51 per ounce.
State of the consumer
Are U.S. consumers finally tightening the purse strings? That's the main question on the minds of investors as major retailers kick off their quarterly earnings reports this week, starting with Home Depot (HD). The home improvement chain's Q1 results came in below Street expectations, hurt by a delayed start to spring, continued softness in certain larger discretionary projects, and higher mortgage rates.
Dig deeper: Retailer earnings come at a time when consumer sentiment is weakening, amid expectations of stickier inflation for some time to come and a tempered outlook for income growth. Investing Group Leader Bret Jensen believes stagflation is an increasingly likely economic scenario. "Right now, I believe the average American consumer has a better handle on the U.S. economy than the average investor and a better take on the true level of inflation than governmental statistics."
Scott Feiler, consumer sector specialist at Goldman Sachs, said the consumer spending concerns have been driven by updates by bellwethers in the sector, and the notable slowdown seen in April - one of the worst months of the retail quarter. Companies like Wayfair (W) and Whirlpool (WHR) have already warned that consumers are cutting back spending on big-ticket items, while fast-food chains such as McDonald's (MCD) and Starbucks (SBUX) have observed pickier and more value-minded customers. "Consumer cracks are emerging," especially among lower incomes, warned Bank of America analyst Savita Subramanian.
Earnings watch: Walmart (WMT), which will report Q1 results on Thursday, is expected to report modest upside to the consensus U.S. comparable sales estimates, driven by bargain-hunting shoppers. Also keep an eye on other retailers scheduled to report results next week: Lowe's (LOW), Target (TGT), TJX (TJX), and Ross Stores (ROST).
Sustained weight loss
Patients who are taking Novo Nordisk's (NVO) blockbuster obesity drug Wegovy have reportedly maintained an average of 10% weight loss four years after starting the treatment. "We see that once the majority of the weight loss is accrued, you don't go back and start to increase weight if you stay on the drug," said Martin Holst Lange, Novo's head of development. The data could help Novo in its efforts to convince insurers and governments to provide coverage for the treatment. The U.K.'s National Health Service provides only two years of Wegovy coverage, while Medicare does not cover the drug. A recent poll showed that many people believe Medicare should cover weight loss drugs. (2 comments)
Resisting takeover
Anglo American (OTCQX:AAUKF) has unveiled a major shakeup of the company - which includes divesting its steelmaking coal and nickel businesses - as the British miner aims to stave off BHP's (BHP) takeover bid. Anglo American will demerge Anglo American Platinum (OTCPK:ANGPY), while its diamond business De Beers will either be divested or demerged "to improve strategic flexibility." The overhaul is aimed at sharpening Anglo American's focus on its mainstay assets - copper and premium iron ore. "These actions represent the most radical changes to Anglo American in decades," its CEO Duncan Wanblad said. The plan was announced just a day after the firm rejected BHP's (BHP) new £34B proposal.
Power grid boost
The Federal Energy Regulatory Commission approved two new rules Monday that are expected to make it easier to expand the construction of big power lines and bring more renewable energy to U.S. homes and businesses. One rule will require companies that produce and transmit electricity to weigh factors such as supply and demand over at least 20 years; the other addresses the permitting of critical projects in areas that lack adequate transmission capacity. The rule requiring long-term planning is "the biggest single action by the federal government to advance transmission," according to Rob Gramlich, president of power consulting firm Grid Strategies. (46 comments)
Today's Markets
In Asia, Japan +0.5%. Hong Kong -0.2%. China -0.1%. India +0.5%.
In Europe, at midday, London +0.1%. Paris -0.1%. Frankfurt -0.2%.
Futures at 7:00, Dow flat. S&P -0.1%. Nasdaq -0.1%. Crude flat at $79.10. Gold +0.3% to $2,349.10. Bitcoin -1.5% to $61,690.
Ten-year Treasury Yield unchanged at 4.48%.
Today's Economic Calendar
6:00 NFIB Small Business Optimism Index
8:30 Producer Price Index
9:10 Fed’s Cook Speech
10:00 Jerome Powell Speech
8:15 PM Fed's Schmid Speech
Companies reporting earnings today »
What else is happening...
WSB survey results: Derisking and diversifying is still the way to go.
Biden administration raises tariffs steeply on Chinese EVs, chips.
Uber (UBER), Lyft (LYFT) face landmark trial on rideshare drivers.
BYD (OTCPK:BYDDF) sends shockwaves across auto with Seagull.
Biden faces mounting calls to take on grocery price-fixing issue.
HubSpot (HUBS) rises on report of 'compelling' offer from Alphabet.
Wedbush: Apple (AAPL)-OpenAI pact appears to be done deal.
OpenAI unveils new flagship model GPT-4o, available for free to all.
OPEC risks losing market share if it does not start raising output.
ZIM (ZIM) surges as container shipping stocks' momentum continues.
Surveys reflect continuous weak Apple iPhone demand, says KeyBanc
KeyBanc says that results from the firm's Apple (AAPL) iPhone carrier survey and Key First Look Data results reflect soft iPhone demand. Its April carrier survey indicates iPhone 15 sell-through in April was tracking in line with to slightly below store expectations and normal seasonal trends, with pockets of softness. Demand for the iPhone 15 Pro/Max remained relatively resilient, but the base models were still soft. KeyBanc's Key First Look Data results also reflect softer iPhone demand in the U.S. Coming off below-average results in March, these results are modestly disappointing, says the firm. It thinks Apple's guide implies iPhone is down mid-single-digit, and new product introductions in Mac and iPad helped save the guidance. KeyBanc views its April carrier survey and KFL results as negative for the Apple supply chain, namely Broadcom (AVGO), Cirrus Logic (CRUS), Qualcomm (QCOM), Qorvo (QRVO), and Skyworks (SWKS).
Global Chips Battle Intensifies With $81 Billion Subsidy Surge
$GME $34 calls were $.19 on Monday - hit $12.88 this morning on the opening frenzy
GameStop shares are skyrocketing following the return to social media of influential investor and analyst Keith Gill , also known as Roaring Kitty
The meme-stock rally that sent shares of GameStop Corp. skyrocketing Monday has sparked memories of the " gamification" of trading that occurred during the meme-stock frenzy in 2021.
GameStop shares (GME) are up 67.5% Monday following the return of influential investor and analyst Keith Gill , also known as Roaring Kitty, to social media. Gill made his first post in three years on X, formerly known as Twitter, on Sunday, and followed up that cryptic post with a series of posts on Monday.
"It seems like an example of the 'gamification' of markets," James Clunie , a director at investment consultancy Long-Short Consulting and an honorary professor at the University of Edinburgh , told MarketWatch. "Given Roaring Kitty's ability to coordinate traders, though, it doesn't seem irrational for traders to get involved and 'play.'"
Related: Roaring Kitty is back, and GameStop's stock is rallying. The company is still struggling to make money.
"The one thing I wonder about is how many of today's players lost money last time round on [ GameStop ] etc.," he added. "Whereas I'd expect those who lost money previously to be reticent this time round, maybe the fun of the game compensates for the losses - akin to the pleasure of gambling, perhaps?"
This gamification of trading was thrust into the spotlight in 2021 after volatility in stocks such as GameStop and AMC Entertainment Holdings Inc. (AMC) prompted online-trading application Robinhood and some of its rivals to temporarily prevent customers from purchasing shares in the companies.
GameStop's fellow meme stock AMC also surged Monday, rising 72.5%.
Related: AMC's stock surges along with fellow meme stock GameStop as Roaring Kitty returns
"Just today, meme stocks added over $6 BILLION in market cap ..." Stocktwits , a social platform for investors and traders, posted on X on Monday afternoon.
Earlier, Stocktwits said that GameStop sentiment on its platform was "off the charts bullish."
GameStop's stock is also on pace for largest percent increase since Feb. 24, 2021 , when it rose 103.94%, Dow Jones Market Data show. GameStop shares, which are trading at $29.25 , are also set for their highest close since Aug. 29, 2022 , when they closed at $31.55 . GameStop shares are trading on volume of 167.42 million shares, well above their 65- day average trading volume of 6.89 million shares.
Related: What is Keith Gill's net worth? No updates since 2021
Howard Ehrenberg , a partner at law firm Greenspoon Marder, noted that the movement in GameStop shares is not based on the company's fundamental performance and pointed to the recent movement in other stocks, such as Trump Media & Technology Group Corp. (DJT).
"I believe that this is pure speculation to try to squeeze the shorts that have always existed on Gamestop ," he told MarketWatch. "Do not be surprised if the price reverses equally fast."
$ROKU -- Roku lands exclusive rights to MLB's Sunday Leadoff live games
Roku has secured the exclusive multi-year rights for Major League Baseball Sunday Leadoff live games. Starting May 19, Roku will offer Sunday MLB games for free on The Roku Channel, plus an all-new MLB Zone to help baseball fans discover live and upcoming games, nightly recaps, highlights, a fully programmed MLB FAST channel, and more across the Roku platform. On most Sundays throughout the season, Roku will be the home for the first games of the day, with an exclusivity window during airtime as well.
AMC Entertainment Holdings, Inc. Class A (AMC) is currently at $5.36 , up $2.45 or 84.19%
--Would be highest close since Jan. 3, 2024 , when it closed at $5.58
--On pace for largest percent increase since June 2, 2021 , when it rose 95.22%
--Snaps a five day losing streak
--Up 82.93% month-to-date
--Down 12.42% year-to-date
--Down 98.42% from its all-time closing high of $339.05 on June 2, 2021
--Down 88.18% from 52 weeks ago ( May 15, 2023 ), when it closed at $45.35
--Down 89.62% from its 52-week closing high of $51.62 on July 24, 2023
--Up 117% from its 52-week closing low of $2.47 on April 15, 2024
--Traded as high as $5.48 ; highest intraday level since Jan. 4, 2024 , when it hit $5.60
--Up 88.32% at today's intraday high; largest intraday percent increase since June 2, 2021 , when it rose as much as 126.65%
Ford call volume above normal and directionally bullish
Bullish option flow detected in Ford with 65,822 calls trading, 1.4x expected, and implied vol increasing over 1 point to 26.58%. May-24 12.5 calls and Jun-24 11.82 puts are the most active options, with total volume in those strikes near 24,600 contracts. The Put/Call Ratio is 0.54. Earnings are expected on July 24th.
Squarespace downgraded to Market Perform from Outperform at JMP Securities
JMP Securities analyst Andrew Boone downgraded Squarespace to Market Perform from Outperform without a price target after company entered into a definitive agreement to be taken private by Permira for $44 per share in cash.
GeoPark enters asset purchase agreement with Phoenix Global
GeoPark Limited has signed an Asset Purchase Agreement with Phoenix Global Resources, a subsidiary of Mercuria Energy Trading, for the acquisition of non-operated working interest in four adjacent unconventional blocks in the Neuquen Basin in Argentina as follows: a 45% WI in each of the Mata Mora Norte producing block and Mata Mora Sur exploration block, located in Neuquen Province, and a 50% WI in each of the Confluencia Norte and Confluencia Sur exploration blocks, located in Rio Negro Province. GeoPark will pay $190 million for a total of 122,315 gross acres; In addition to the upfront consideration, GeoPark will fund 100% of exploratory commitments up to $113 million gross, to be funded over two yet Patrick Kenny lowered the firm's price target on Tidewater Midstream & Infrastructure to C$0.85 from C$1 and keeps a Sector Perform rating on the shares.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
GameStop more than doubles after 'Roaring Kitty' returns
Shares of GameStop are soaring after Keith Gill, known online as "Roaring Kitty," the persona which inspired the short squeeze of 2021, posted online for the first time in three years. Shares of GameStop are up 110%, or $19.24, to $36.70 in morning trading. The stock has been halted multiple timed for volatility.
anything with a hint of short interest it running
UPB in da HIZZLE
GameStop trading halted, volatility trading pause
GAMESTOP SHARES SOAR 53% FOR BIGGEST GAIN SINCE MARCH 2021
Alibaba price target lowered to $99 from $102 at BofA
BofA lowered the firm's price target on Alibaba to $99 from $102 and keeps a Buy rating on the shares. The firm estimates Q4 total revenue of RMB220.7b, up 6% year-over-year, accelerating from last quarter's 5% growth, primarily due to an accelerated Taobao Tmall revenue growth rate. The firm now forecasts domestic marketplaces' customer management, or CMR, revenue grew 4% year-over-year, driven by mid-to-high single digit percentage gross merchandise value, or GMV, growth, the analyst tells investors in a preview note.
HIGHER -
Squarespace (SQSP) up 13% after announcing that it has entered into a definitive agreement to be taken private by private equity firm Permira in an all-cash transaction valued at approximately $6.9B
Arm (ARM) up 3% after Nikkei reported the company will foray into the development of artificial intelligence chips, seeking to launch the first products next year
Intel (INTC) up 1% after The Wall Street Journal reported the company is in advanced discussions for a partnership under which Apollo (APO) would supply more than $11B to help the chip giant build a plant in Ireland
UP AFTER EARNINGS -
AC Immune (ACIU) up 42%
Fulcrum Therapeutics (FULC) up 13%
Precision BioSciences (DTIL) up 13%
Legend Biotech (LEGN) up 7%
D-Wave Quantum (QBTS) up 2%
Tencent Music (TME) up 1%
DOWN AFTER EARNINGS -
Fortrea Holdings (FTRE) down 12%
Akoustis (AKTS) down 6%
TScan Therapeutics (TCRX) down 2%
HIGHER -
Squarespace (SQSP) up 13% after announcing that it has entered into a definitive agreement to be taken private by private equity firm Permira in an all-cash transaction valued at approximately $6.9B
Arm (ARM) up 3% after Nikkei reported the company will foray into the development of artificial intelligence chips, seeking to launch the first products next year
Intel (INTC) up 1% after The Wall Street Journal reported the company is in advanced discussions for a partnership under which Apollo (APO) would supply more than $11B to help the chip giant build a plant in Ireland
UP AFTER EARNINGS -
AC Immune (ACIU) up 42%
Fulcrum Therapeutics (FULC) up 13%
Precision BioSciences (DTIL) up 13%
Legend Biotech (LEGN) up 7%
D-Wave Quantum (QBTS) up 2%
Tencent Music (TME) up 1%
DOWN AFTER EARNINGS -
Fortrea Holdings (FTRE) down 12%
Akoustis (AKTS) down 6%
TScan Therapeutics (TCRX) down 2%
Tricks of the trade
The war for global economic power is set to take another turn this week as the U.S. looks to shield domestic industries and workers from foreign competition. It's a notable development for President Biden, who has kept in place all of the Trump administration's steep levies on about $370B of annual imports from China. Not only will those continue to remain following a years-long policy review, but further protectionist measures will likely be unveiled at a White House event tomorrow.
What's in store? Reports suggest that tariffs will quadruple on Chinese electric vehicles to 102.5% from 27.5%. Duties will also be hiked on the solar industry, while other sectors that may see tariffs double or triple could include steel and aluminum, batteries, or other clean-energy goods. Some see the tariffs as merely symbolic, as existing tariffs have already locked Chinese cars out of the American market, while many Chinese solar companies circumvent the duties by exporting to the U.S. via transit locations in southeast Asia.
There has been a big debate in recent years about whether additional tariffs would harm the fight against inflation. That debate is likely irrelevant now as the worst of the price pressures have come down and the U.S. gears up for a contentious election cycle. Protecting industries in key battleground states, like autos in Michigan and steel in Pennsylvania, are at the forefront of some of the races, and both sides are eager to address national security concerns, the loss of manufacturing jobs, and risks associated with the supply chain. Meanwhile, billions of dollars in subsidies have been doled out to key American sectors through mega-spending measures, including the Inflation Reduction Act and CHIPS and Science Act.
What to watch: The U.S. has also warned that China is flooding the market with subsidized goods, with Treasury Secretary Janet Yellen recently flying to Beijing to discuss "unfair trade" and "industrial overcapacity." The bigger fear here is that protectionist policy could eventually become indistinguishable from industrial policy, and China Foreign Ministry spokesman Lin Jian has promised that Beijing would "take all necessary measures to defend its rights and interests." If China would retaliate, it could target American agricultural exports, or impose limits on critical components the U.S. still doesn't have in its domestic supply chain, like rare earths. Take the WSB survey.
Goodbye, Siri?
Apple (AAPL) and OpenAI are reportedly in the final stages of discussions to bring ChatGPT to the next iPhone. If a deal is finalized, the popular chatbot will headline the new AI features that Apple is set to unveil next month at its annual Worldwide Developers Conference. Meanwhile, discussions with Alphabet's (GOOG, GOOGL) Google for licensing its AI model Gemini for the iPhone are still ongoing.
Apple may reach an agreement with both OpenAI and Google, or prefer one over another. (29 comments)
More unionization
The United Auto Workers is seeking a key victory this week in an effort to unionize workers at Mercedes-Benz (OTCPK:MBGYY) factories in Alabama. A victory would be significant for the UAW, which has worked to overcome resistance to unionization in the Deep South. This week’s vote also comes after the UAW recently succeeded in unionizing a Volkswagen (OTCPK:VWAGY) facility in Tennessee. Elsewhere on the organized labor front, workers at Apple's (AAPL) first unionized store in the U.S. voted in favor of a strike over unresolved workplace issues. (6 comments)
Strong dollar
Dollar strength makes Americans' travels abroad relatively cheap, but that comes at some cost, according to Wells Fargo. When money is spent abroad, the expenditure is counted as an import in the GDP accounts, because it is consumption that doesn't contribute to the value-added of the U.S. economy. The U.S. Dollar Index (DXY), a measure of the dollar’s value against six currencies, is up ~4% in 2024. Currency analysts have widely said support comes in part from the Fed’s higher-for-longer stance on interest rates. (2 comments)
Today's Markets
In Asia, Japan -0.1%. Hong Kong +0.8%. China -0.2%. India +0.2%.
In Europe, at midday, London +0.1%. Paris -0.2%. Frankfurt -0.1%.
Futures at 7:00, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude +0.6% to $78.70. Gold -1.1% to $2,348.50. Bitcoin +2.5% to $62,633.
Ten-year Treasury Yield unchanged at 4.49%.
Today's Economic Calendar
9:00 Fed's Mester Speech
Companies reporting earnings today »
What else is happening...
Memes are back: GameStop (GME) surge continues premarket.
Schumer tells FTC to pump the brakes on Chevron-Hess deal.
Trump asks oil industry for $1B, vows to scrap Biden policies.
McDonald's (MCD) franchisees balk at $5 Meal Deal revival.
‘Kingdom of the Planet of the Apes’ rules the weekend box office.
Marc Benioff takes over for Warren Buffett at charity lunch auction.
SoftBank bets big: Arm (ARM) planning AI chip launch next year.
Magnificent 7 are predicted to reinvest close to $350B in 2024.
What's next for Disney (DIS)? SA analysts weigh in after results.
Elon Musk: SpaceX's Starlink under pressure from solar storm.
BofA strategist recommends pain trades for bulls and bears.
gm bobbererrrrrrrrrrrr
$TERN -> 'TERNS PHARMACEUTICALS REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS AND CORPORATE UPDATES'https://t.co/PUCFfDmG07
— Option Millionaires (@OMillionaires) May 13, 2024
TERNS PHARMACEUTICALS REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS AND CORPORATE UPDATES
Incyte is buying back $2 billion worth of stock, including more than $1.67 billion through a modified "Dutch Auction" tender offer.
Incyte on Monday said it set a price range of $52 to $60 a share for the tender offer, which it said would bring in between 12.4% and 14.3% of its shares outstanding if fully subscribed.
Incyte said it has also agreed to buy back up to $328 million from entities affiliated with Julian and Felix Baker , including funds advised by Baker Bros . Advisors, in a move that would enable the Baker entities to maintain their current 16.4% stake in the Wilmington, Del. , biopharmaceutical company.
Incyte , which currently has around 224.5 million shares outstanding and a market capitalization of roughly $11.9 billion based on Friday's closing price of $53.06 , said the tender offer is slated to expire on June 10 , adding that it will pay the same per-share price in the tender offer and the Baker repurchase.
EARNINGS THIS WEEK:
-WALMART $WMT
-HOME DEPOT $HD
-CISCO $CSCO
-APPLIED MATERIALS $AMAT
-SONY $SONY
-DEERE $DE
-PETROBRAS $PBR
-ALIBABA $BABA
-BAIDU $BIDU
-JD.COM $JD
-TENCENT MUSIC $TME
Judge blocks U.S. rules limiting credit card late fees, Washington Post reports
A federal judge on Friday temporarily blocked the U.S. government from trying to limit credit card late fees, The Washington Post's Tony Romm reports. The judge sided with banks and other business lobbyists that had challenged the policy as unconstitutional, Romm writes. In March, President Joe Biden introduced efforts to limit what banks can charge for late credit card payments, cutting credit card fees down to $8 from an average of $31. Publicly traded companies in the space include American Express (AXP), Capital One (COF), Discover (DFS), MasterCard (MA) and Visa (V)
UPB IN DA HIZZZLEEE
Keith Gill, also known online as Roaring Kitty (also known by other pseudonyms such as DeepF*ckingValue), has posted a cryptic meme on X.
Notably, this was Gill’s first post in roughly three years since the events surrounding the GameStop case and the shutdown of the WallStreetBets subreddit.
The meme depicts a man leaning forward from a sitting position while holding what appears to be a smartphone. Notably, the meme has a red chair and a red arrow going right, indicating some sort of movement or directional change.
Sapphire
Gill is largely credited for spiking the GameStop stock surge in late 2020. Gill worked as a financial analyst, became convinced that GameStop stock was undervalued and shared this belief on Twitter (now X) and YouTube using the handle RoaringKitty.
In 2019, Gill purchased $53,000 worth of GameStop stock. As he continued posting about the stock on social media, more retail traders (everyday people who trade stocks) began buying GameStop, leading to a rapid rise in the stock price. When GameStop’s stock price peaked at $483 per share in January 2021, Gill’s investment was valued at nearly $48 million.
Gill’s identity was revealed shortly after the GameStop stock surge by Reuters who identified him using public records. In February 2021, Gill testified to Congress about his role in the GameStop stock saga, stating that he thought the stock was “dramatically undervalued.”
In September 2022 and 2023, Netflix and Sony Pictures released a docuseries and a movie titled “Eat the Rich: The GameStop Saga” and “Dumb Money,” respectively, which spotlighted Gill’s journey.
A Solana memecoin ($GME) made to commemorate the events surrounding the GameStop controversy suddenly surged $510.9% just over eight hours since Gill’s X post.
“The $GME memecoin pays homage to the GameStop saga anniversary, showing we can stand up to the big guys together,” states the token’s official website.
According to data from CoinGecko, the token’s price has been largely inactive since its creation in late January. It remains unclear whether Gill has any connection with the token.
Disclaimer: The author does not hold any crypto above $100 in value and only purchases crypto for utility and experimentation, not investment.
goooooooooooood morning bobber
Ford cutting orders from EV battery suppliers, Bloomberg reports
Ford Motor has begun cutting orders from battery suppliers to stem growing electric-vehicle losses that topped $100,000 per car in the first quarter, people familiar with the matter told Bloomberg's Keith Naughton, Archie Hunter and Heejin Kim.
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FOSL | jimmybob | 02/14/2012 09:54:12 AM |
FOSL and SODA ~ WATCH!!! | jimmybob | 02/14/2012 09:50:52 AM |
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