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High-Speed Trader Virtu Fires Back at Critics Amid Meme-Stock Frenzy
  + stars: | 2021-06-13 | by ( Alexander Osipovich | ) www.wsj.com sentiment -0.99   time to read: +1 min
High-speed trader Virtu Financial Inc. is pushing back against critics in Washington who say the stock market is rigged against small investors. The review will include a practice known as payment for order flow, in which brokerages send many of their customers’ orders to trading firms in exchange for cash payments. Payment for order flow has existed for decades and has come under scrutiny before. They say small investors benefit from the practice because it results in better prices than they would get at public exchanges like the New York Stock Exchange and the Nasdaq Stock Market . Collectively, that saves investors billions of dollars a year, industry data show.
Persons: Gary Gensler, brokerages, Gensler’s, Sean Casten Organizations: Virtu Financial, AMC Entertainment Holdings Inc, GameStop Corp, Securities and Exchange Commission, SEC, GameStop, Markets, New York Stock Exchange, Nasdaq Locations: Washington
So-called meme stocks like U.S. video-retailer Gamestop Corp and AMC Entertainment Holdings saw record inflows fuelled by retail investors sharing investment strategies on social media. Trading in Europe is more fragmented given the number of different stock exchanges in the region. Still, the share of total trading carried out by retail investors jumped to nearly 7% by mid-2020 from 2% in 2019, before settling at around 5% currently, Euronext said. Meanwhile, the number of retail investors has doubled over the past 18 months on Euronext, the exchange’s CEO Stephane Boujnah told Reuters. “It is a bit of a mishmash and in my view, the European retail trading landscape is ripe for change,” he said on condition of anonymity as he is not authorised to talk to the media.
Persons: Dado Ruvic, Jefferies, Daniel Fannon, Stephane Boujnah, Boujnah, Schwab, Organizations: GameStop, REUTERS, Gamestop Corp, AMC Entertainment Holdings, Reuters, Borsa Italiana, Fidelity, Social Finance Inc Locations: Europe, United States, Paris, Amsterdam, Lisbon, Dublin, U.S
Meme Stocks’ Latest Frenzy Isn’t About a Short Squeeze
  + stars: | 2021-06-11 | by ( Anna Hirtenstein | ) www.wsj.com + 0.00   time to read: +6 min
Meme stocks have made a comeback, with one big change: this time around, short sellers aren’t a big player in the market. In the latest bout of frenetic trading in unlikely momentum stocks, there appear to be far fewer opportunities for a short squeeze. For AMC Entertainment Holdings Inc., another meme stock that has surged over 1900% this year, the picture is more cloudy. “It creates these crash-up, crash-down cycles.”Many Reddit users show no signs of worrying that the upward trajectory of meme stocks may abruptly reverse. Meanwhile, the potential to engineer a precipitous decline in some meme stocks is making bearish wagers more tempting for some investors.
Persons: Helen Thomas, , Charlie McElligott, mamagpepper, Clover, John Smith, Lorenzo Di Mattia, Sibilla’s Mr, Di Mattia, Anna Hirtenstein Organizations: GameStop Corp, , Wall, GameStop, Clover Health Investments Corp, Clean Energy Fuels Corp, IHS, AMC Entertainment Holdings Inc, Investors, Nomura Holdings, Clover Health, WallStreetBets, Sibilla, AMC, Beyond Inc, Bed Locations: U.K
AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders
  + stars: | 2021-06-11 | by ( Matt Wirz | Juliet Chung | ) www.wsj.com + 0.00   time to read: +7 min
A multipronged bet on AMC Entertainment Holdings Inc. AMC 12.84% boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Day traders took their first run at AMC shares in late January. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2.
Persons: Jason Mudrick, Bing Guan, Mudrick, Mudrick’s, Adam Aron, — Alexander Gladstone, Soma Biswas, Matt Wirz, Juliet Chung Organizations: AMC Entertainment Holdings Inc, AMC, Mudrick Capital, GameStop Corp, Bloomberg, Mudrick, Bloomberg News, U.S . Securities, Exchange Commission, GameStop, NJOY Holdings Inc, Globalstar Inc, HSBC Alternative Investment, Federal Reserve, Capital Locations: Mudrick
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) (Updates to market close)June 10 (Reuters) - Wall Street stocks ended firmer on Thursday, with the S&P 500 hitting a record closing high, as economic data appeared to support the Federal Reserve’s assertion that the current wave of heightened inflation will be temporary. All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq out front. Unofficially, the Dow Jones Industrial Average rose 12.21 points, or 0.04%, to 34,459.35, the S&P 500 gained 19.71 points, or 0.47%, to 4,239.26 and the Nasdaq Composite added 106.86 points, or 0.77%, to 14,018.61. Among the 11 major sectors of the S&P 500, healthcare enjoyed the largest percentage gains.
Persons: smallcaps, , Ryan Detrick, Detrick, Joe Biden’s, Stephen Culp, Ambar Warrick, Richard Chang Organizations: Nasdaq, Labor, Financial, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO Group, Boeing, Reuters, United Airlines, Airbus, Pfizer Inc Locations: Charlotte , North Carolina, United
S&P 500 headed for record high as inflation seems temporary
  + stars: | 2021-06-10 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - Wall Street stocks rose on Thursday, with the S&P 500 on course to hit an all-time closing high, as the much-anticipated consumer price index report signaled that the current inflation wave will be transitory. REUTERS/Brendan McDermidAll three major U.S. stock indexes were higher, with market-leading megacap stocks putting the Nasdaq out front. The Dow Jones Industrial Average rose 126.15 points, or 0.37%, to 34,573.29; the S&P 500 gained 25.09 points, or 0.59%, at 4,244.64; and the Nasdaq Composite added 108.76 points, or 0.78%, at 14,020.51. Among the 11 major sectors of the S&P 500, healthcare enjoyed the largest percentage gains. The S&P 500 posted 57 new 52-week highs and no new lows; the Nasdaq Composite recorded 92 new highs and 11 new lows.
Persons: Brendan McDermid, , Colin Asher, ” Asher, Joe Biden’s, decliners Organizations: Reuters, New York Stock Exchange, REUTERS, Nasdaq, Labor, Mizuho, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO Group, Boeing Co, United Airlines, Boeing, Airbus, Pfizer Inc, NYSE Locations: St, New York City, U.S, London, United
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, other "meme stocks" falter after big runups
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell more than 17% on Thursday and other so-called meme stocks also declined, setting the stage for another roller-coaster session for stocks favored by retail investors on social media platforms. AMC shares were off around 11%. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Wedbush Securities, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop falls 25% on potential share sale, other 'meme stocks' falter
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 25% on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favored by retail investors on social media platforms. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run up,” Ablin said. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Jack Ablin, ” Ablin, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset Capital, , Wedbush Securities, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
S&P 500 closes at record high as long-term inflation fears abate
  + stars: | 2021-06-10 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermidWall Street stocks ended firmer on Thursday, with the S&P 500 (.SPX) hitting a record closing high, as economic data appeared to support the Federal Reserve's assertion that the current wave of heightened inflation will be temporary. All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq (.IXIC) out front. Unofficially, the Dow Jones Industrial Average (.DJI) rose 12.21 points, or 0.04%, to 34,459.35, the S&P 500 (.SPX) gained 19.71 points, or 0.47%, to 4,239.26 and the Nasdaq Composite (.IXIC) added 106.86 points, or 0.77%, to 14,018.61. Among the 11 major sectors of the S&P 500, healthcare (.SPXHC) enjoyed the largest percentage gains.
Persons: Brendan McDermid, Ryan Detrick, Detrick, Joe Biden's Organizations: New York Stock Exchange, REUTERS, Nasdaq, Labor, Financial, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO, Boeing Co, Reuters, United Airlines, Boeing, Airbus, Pfizer Inc, Thomson Locations: St, New York City, U.S, Charlotte , North Carolina, United
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. Worries that other companies could leverage recent stock price gains by announcing share sales may be rippling out to the broader meme stock universe, said Jack Ablin, chief investment officer at Cresset Capital. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run-up,” Ablin said. GameStop will likely sell all 5 million new shares but that amount only represents a “modest” dilution of 7%, Wedbush analysts wrote. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday, matching their January peak.
Persons: Carlo Allegri, Jake Dollarhide, Jack Ablin, ” Ablin, Inc's, GameStop's, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Longbow Asset Management, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset, , Wedbush Securities, U.S . Securities, Exchange Commission, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
Recent retail flows into meme stocks hit January peak levels - Vanda Research
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.95   time to read: +2 min
REUTERS/Carlo AllegriNEW YORK (Reuters) - Retail traders have put as much money into so-called meme stocks over the past two weeks as they did at the peak of the frenzied GameStop rally in January, analysts at Vanda Research said on Wednesday. Meme stocks are companies that see their value fueled by social media attention. The amount of cash flowing into meme stocks has been larger than any single sector or industry, even surpassing the S&P tech sector, according to Vanda, which tracks retail flows. What sets these meme stocks apart, “is that they are absolutely hated by the hedge fund community, who have been piling into short bets for some time,” Vanda researchers said. Sectors currently seeing higher retail participation include cannabis stocks and gaming stocks, while electric vehicle and space exploration companies, as well as cryptocurrencies have seen waning retail interest, Vanda said.
Persons: Carlo Allegri, Vanda, ” Vanda Organizations: AMC, REUTERS, Retail, GameStop, Vanda Research, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings Locations: Manhattan, New York City , New York, U.S
GameStop gains as traders await quarterly report
  + stars: | 2021-06-09 | by ( Noel Randewich | Svea Herbst-Bayliss | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Carlo Allegri/File PhotoAt a brief annual shareholders meeting ahead of the report, GameStop top shareholder Ryan Cohen, the billionaire co-founder of online pet supplies retailer Chewy, was elected chairman. AMC tumbled 9%, and it remains up over 2,200% year to date, compared to a rise of over 1,500% in GameStop. Options prices imply GameStop’s stock could swing 24% in either direction by Friday, according to Trade Alert data. While the recent rollout of new videogame consoles is likely to benefit GameStop, analysts warn that its soaring stock price has become disconnected from the company’s day-to-day business. Cohen hopes to transition GameStop into an ecommerce business that can take on big-box retailers.
Persons: Carlo Allegri, Ryan Cohen, ” Cohen, Cohen, George Sherman, , Michael Pachter Organizations: Reuters, GameStop, Sony, REUTERS, , AMC Entertainment Holdings, AMC, Street, S3 Partners, Analysts Locations: Manhattan, New York City , New York, U.S, Chewy, Grapevine , Texas
GameStop set to report results as shares reach for peak
  + stars: | 2021-06-09 | by ( Noel Randewich | ) www.reuters.com + 0.00   time to read: +3 min
Outside a GameStop store people line up to purchase a Sony PS5 gaming console in the Manhattan borough of New York City, New York, U.S., November 12, 2020. GameStop's volatile shares have risen over 80% in the past month, and they are now just 15% below their closing high in January. While the recent rollout of new videogame consoles is likely to benefit GameStop, analysts warn that its soaring stock price has become disconnected from the company's day-to-day business. GameStop short sellers currently have $3 billion at stake, up from $1.3 billion at the end of 2020, according to S3 Partners, a financial data firm. The company on April 5 said its global sales rose 11% in the first nine weeks of its fiscal year.
Persons: Carlo Allegri, Ryan Cohen, Michael Pachter, George Sherman Organizations: GameStop, Sony, REUTERS, AMC Entertainment Holdings, AMC, Street, Chewy, S3 Partners, Analysts, Thomson Locations: Manhattan, New York City , New York, U.S
New Reddit darling Clover Health jumps 13%
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.93   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo(Reuters) - Shares of Clover Health Investments Corp jumped 13.3% in early deals on Wednesday, a day after small-time traders on online discussion forums sent its stock zooming 86% to a record high. Medicare-backed insurance seller Clover Health, among the most shorted stocks across U.S. exchanges, has emerged as the new favorite of individual traders who had previously hyped shares of AMC Entertainment Holdings Inc and GameStop Corp in forums such as Reddit’s WallStreetBets. Clover Health was one of the most heavily traded stocks before the bell after logging its highest trading volume on U.S. exchanges on Tuesday. Shares of video game retailer GameStop were up 2.3%, while AMC and U.S.-listed shares of BlackBerry Ltd fell 4.1% and 1.0%, respectively.
Persons: Carlo Allegri Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover Health, AMC Entertainment Holdings Inc, GameStop Corp, GameStop, AMC, BlackBerry Ltd Locations: Manhattan, New York City , New York, U.S
Reddit darling Clover Health set for record high in latest 'meme stock' rally
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Medicare-backed insurance seller Clover Health is a new favorite of small-time traders who had previously sent shares of GameStop Corp and AMC Entertainment Holdings soaring using social media channels such as Reddit’s WallStreetBets. On trading-focused site Stocktwits, message volume related to Clover Health more than doubled and 95.4% of the messages reflected a positive sentiment toward the heavily shorted stock. Clover Health was also among the most traded stocks premarket after logging the highest trading volume on U.S. exchanges on Tuesday. Among other “meme stocks”, shares of video-game retailer GameStop were up 2.7% on Wednesday, while AMC and security solutions provider BlackBerry’s U.S.-listing fell 7.4% and 5.4%, respectively.
Persons: Carlo Allegri, Melvin Capital Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover, GameStop Corp, AMC Entertainment Holdings, Clover Health, GameStop, AMC, Lordstown Motors Corp Locations: Manhattan, New York City , New York, U.S
Clover Health reverses earlier gains as some meme stocks slip
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Clover Health has been among the most visible of new meme stocks popular with retail investors on forums such as Reddit’s WallStreetBets. The new crop has shot higher in recent days following a resurgence in shares of video game retailer GameStop Corp and movie theater company AMC Entertainment Holdings. Meme stocks have received $1.27 billion of retail inflows in the past two weeks, according to data from Vanda Research. Among other meme stocks, AMC and security solutions provider BlackBerry’s U.S.-listing fell 7% and 5.7%, respectively.
Persons: Carlo Allegri, Melvin Capital, GameStop’s Organizations: Reuters, Clover Health Investments, New York Stock, REUTERS, Clover Health, GameStop Corp, AMC Entertainment Holdings, Geo Group, Vanda Research, GameStop, AMC, Lordstown Motors Corp Locations: seesaw, Manhattan, New York City , New York, U.S, WallStreetBets
Clover Health shares tumble in another wild day for meme stocks
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -Shares of Clover Health Investments Corp slid on Wednesday, a day after the new retail trader favorite soared about 86%, the latest meme stock to join the frenzy this year. FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe Medicare-backed insurance seller’s shares were recently down around 13% at $19.20 after climbing to nearly $29. Clover Health has been among the most visible of the new meme stocks to enthrall investors following forums such as Reddit’s WallStreetBets. The fresh crop shot higher in recent days following a resurgence in shares of video game retailer GameStop Corp and movie theater company AMC Entertainment Holdings.
Persons: Carlo Allegri, , Ken Polcari, Ryan Cohen, Melvin Capital, GameStop’s Organizations: Reuters, Clover Health Investments, New York Stock, REUTERS, Clover Health, GameStop Corp, AMC Entertainment Holdings, Kace Capital Advisors, Geo Group, AMC, Vanda Research, GameStop, Lordstown Motors Locations: Manhattan, New York City , New York, U.S, Chewy
“I believe there are signs…that the NBBO is not a complete enough representation of the market,” Mr. Gensler said. Virtu handles between 25% and 30% of individual investors’ order flow in U.S. stocks, and its stock has rallied this year during the meme-stock frenzy. Mr. Cifu voiced confidence that Mr. Gensler and his staff would come to the same conclusion. Robinhood said in a statement that it was looking forward to engaging with the SEC on its review of market structure. The regulator will consider changes to that pricing system as well, Mr. Gensler said.
Persons: Gary Gensler, Gensler, , Mr, Piper Sandler, Virtu, , WSJ's Jean Eaglesham, aren’t, isn’t, Douglas Cifu, Cifu, , Robinhood, didn’t, ” Mr, Dave Michaels, Alexander Osipovich Organizations: Securities, Exchange Commission, AMC Entertainment Holdings Inc, GameStop Corp, SEC, Citadel Securities, Virtu, Inc, Piper Sandler Global Exchange, Robinhood, AMC, GameStop, Locations: U.S, United Kingdom, Canada, Australia
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. Mr. Sherman will be the only board member physically present, with the other board members expected to dial in. The 36-year-old hopes the voting process will be fair and that Mr. Cohen will acknowledge the retail-investment community. The retailer’s chief financial officer, chief customer officer and chief merchandising officer have all departed in recent months.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman, Damien Browne, “ There’s, , , ” Mr, Browne, Jenna Owens, Matt Francis, Sarah E Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr, Ryan, Amazon.com Inc, Amazon, Microsoft Corp, Software, Sony Group Corp, Microsoft, FactSet Locations: Grapevine , Texas, Austin , Texas, Dallas
GameStop Overhaul Faces Early Test as Investors Meet
  + stars: | 2021-06-09 | by ( Sarah E. Needleman | ) www.wsj.com sentiment -1.00   time to read: +2 min
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. The company’s share price ballooned after Mr. Cohen joined the board in January, with some investors believing the entrepreneur’s past success with the online pet-supplies retailer could help GameStop. On GameStop’s most recent earnings call in March, Mr. Sherman was the only company executive to speak and he didn’t take questions from analysts. GameStop said in an April securities filing that recent stock price fluctuations have been “unrelated or disproportionate” to its operating performance.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr
GameStop Overhaul Takes Shape as Investors to Elect Ryan Cohen as Chairman
  + stars: | 2021-06-09 | by ( Sarah E. Needleman | ) www.wsj.com sentiment -1.00   time to read: +2 min
E-commerce entrepreneur Ryan Cohen spent seven months pushing to overhaul GameStop Corp. as an activist investor and later a board member. Three nominees have ties to Mr. Cohen from the online pet-supplies retailer he sold to PetSmart in 2017 for $3.35 billion. The company’s share price ballooned after Mr. Cohen joined the board in January, with some investors believing the entrepreneur’s past success with the online pet-supplies retailer could help GameStop. On GameStop’s most recent earnings call in March, Mr. Sherman was the only company executive to speak and he didn’t take questions from analysts. GameStop said in an April securities filing that recent stock price fluctuations have been “unrelated or disproportionate” to its operating performance.
Persons: Ryan Cohen, Cohen, George Sherman, Sherman Organizations: GameStop Corp, Inc, GameStop, AMC Entertainment Holdings Inc, Mr
An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers. GameStop 's sales rose 25% in the fiscal first quarter, as the video game retailer embarks on a turnaround strategy partially fueled by a Reddit-inspired stock rally. It said sales momentum continued into the second quarter, with total sales in May increasing about 27% compared with the same month a year ago. GameStop filed a prospectus with the Securities and Exchange Commission to sell up to 5 million shares of its stock from time to time, in "at-the-market" offerings. The funds it raises through these stock sales will be used for general corporate purposes, investing in growth initiatives and strengthening its balance sheet, the company said.
Persons: Matt Furlong, Clover Health —, Chewy, Ryan Cohen, Jenna Owens, Matt Francis, Elliott Wilke, Anthony Chukumba, Chukumba, Jeff Bezos, It's, , Kevin Stankiewicz Organizations: UNITED STATES, GameStop, AMC Entertainment Holdings Inc, Amazon, Refinitiv, Securities and Exchange Commission, AMC Entertainment, Clover Health, SEC, Loop, CNBC Locations: SELINSGROVE , PENNSYLVANIA, Susquehanna
Lumber prices are down approximately 30% from their May 7 highs, while copper prices are down nearly 6% over the same time. Inflation fears have weighed heavily on growth stocks since the beginning of the year, prompting investors to rotate into so-called value stocks in sectors such as energy and financials that benefit from rising prices. The Russell 1000 Value index (.RLV) is up nearly 18% for the year to date, while the Russell 1000 Growth (.RLG) index is up nearly 7% over the same time. Wood, whose ARK Innovation ETF was the top-performing actively managed U.S. equity fund tracked by Morningstar last year, has seen her performance stagnate along with the slowdown in growth stocks. When asked, Wood said ARK does not search Reddit for stock ideas but does monitor it for the "great conversation" about the companies the firm holds.
Persons: Carlo Allegri, Cathie Wood, Wood Organizations: New York Stock Exchange, REUTERS, Communications, Tesla Inc, Russell, Morningstar, AMC Entertainment Holdings Inc, GameStop Corp, Thomson Locations: Manhattan, New York City , New York, U.S
Clover Health jumps 13% as 'meme stock' rally builds
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File PhotoShares of Clover Health Investments Corp (CLOV.O) and other "meme stocks" jumped in premarket trading on Tuesday as small-time individual investors again piled into some of the most heavily shorted U.S. stocks. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. read moreClover's shares were last up 13.3% at $13.50 after jumping 32% on Monday. Workhorse shares gained 2.5%, while AMC and GameStop rose 4.1% and 3.5%, respectively.
Persons: Carlo Allegri, Clover Organizations: AMC, REUTERS, Clover Health Investments Corp, AMC Entertainment Holdings Inc, GameStop Corp, U.S . Securities, Exchange Commission, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S
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