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☆ An inside look at the weekend the GameStop frenzy began on WallStreetBets
▼ + stars: | 2024-06-10 | by ( Nathaniel Popper | ) www.businessinsider.com time to read: +19 min

Like Tesla and Palantir, GameStop was a popular stock to short among hedge funds, though GameStop took it to a whole new level. "That's how I feel about these GME posts that are using the 'P' and get in so we can cause an 'S' words that are no-nos." That was enough to make WallStreetBets the seventh-largest holder of GameStop stock, ahead of some of the big Wall Street investment firms that had shown interest in the stock. AdvertisementOn WallStreetBets, Alzmann shared the growing evidence that Cohen was indeed planning to take a more active role at GameStop. AdvertisementBut when Cramer dug into the conversation happening around GameStop on WallStreetBets, he saw that something new and more sophisticated was happening.

Persons: GameStop, Jaime Rogozinski, Tesla, Jordan Zazzara, I've, Zazzara, Ryan Cohen, Andrew Left, ahem Citron, PLTR, here's, Citron, We're, WallStreetBets, Uberkikz11, I'm, Ryder, Rod Alzmann, Bolt, Alzmann, Kitty, Roaring Kitty, StockTwits, lockdowns, Nathaniel Popper, Harper Collins, Cohen, Jim Cramer, manipulatively, Cramer, who've, It's Organizations: GameStop, Sony, Business, Twitter, Gamestop, Virgin Galactic, Blockbuster, Netflix, Citron Research, Research, Vanguard, YouTube, Roaring, Roaring Kitty, Owls, WSB, shits, GME Owls, CNBC, Virgin, Street Books, HarperCollins Publishers, Misfits Locations: sweatpants, Tampa , Florida

☆ A sports startup for bettors and creators raised $3.7 million. Read 10 key pitch-deck slides it used to get seed funding.
▼ + stars: | 2024-05-02 | by ( Ashley Rodriguez | Tiara White | ) www.businessinsider.com time to read: +3 min

Sports-media startup SoBet is building a sports-betting community around content creators. Its platform, which launched in June 2022, distributes exclusive short-form videos and other content from sports creators popular on social platforms like Instagram and TikTok. The company announced on May 1 that it closed a $3.7 million seed round led by Third Kind Venture Capital to help grow the platform. "We've built a platform that looks and feels a lot like a social-media platform that houses exclusive content in the form of short-form writeups, short-form videos, etc. — all posted by sports-betting creators in the space."

Persons: Cooper Lycan, Lycan, that's, SoBet Organizations: Third Kind Venture, Business, Action, BI

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Based on the low end of the range, Birkenstock could be valued at as low as $8.5 billion. Their shares have, however, given up gains since going public, muddying the outlook for the IPO market. As of Tuesday's close, Instacart shares were 10% below their IPO price. The company had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30.

Persons: Fabrizio Bensch, Bernard Arnault, Louis Vuitton Moet Hennessy, Susannah Streeter, Hargreaves Lansdown, Margot Robbie, Barbie, Tommy Tranfo, Tranfo, Birkenstock, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Arm Holdings, Hargreaves, Reuters, Reuters Graphics, Thomson Locations: Berlin, Germany, French, Langen, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.

Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington

☆ VinFast stock soars again on Nasdaq as buzz over Vietnamese EV maker grows
▼ + stars: | 2023-08-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of VinFast, the Vietnamese electric vehicle maker that went public in a red-hot Wall Street debut last week, enjoyed another stunning rally again Tuesday. The strong market performance could make it easier for VinFast to raise more money from investors, a move CEO Thuy Le told CNN the company was considering. A similar story played out last week, when VinFast began trading on the Nasdaq. Public trading of VinFast (VFS) is based on razor-thin volumes — just 1% of the shares, which means price moves can be extremely volatile. On Tuesday, VinFast was one of the top trending companies and “most watched” stocks on Stocktwits, a social network for investors.

Persons: Thuy Le, VinFast, Pham Nhat Vuong, CNN’s Julia Chatterley, Le, “, ”, ” Le, Nhac Nguyen, Pham, CNN’s Livvy Doherty Organizations: Hong Kong CNN —, CNN, Nasdaq, Volkswagen, Ford, Getty, Volkswagen Group Locations: Hong Kong, New York, lockup, Hanoi, AFP, North Carolina, Asia, United States

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Shares of Tupperware Brands (TUP.N) surged 44% on Friday, after the kitchen storage container maker finalized a debt restructuring deal as it attempts a turnaround of its business, reinvigorating retail investors' interest in the company. It was the seventh most traded stock by retail investors at 10:00 a.m. The share gains were reminiscent of eye watering "meme stocks" rallies, where retail investors coordinate on social media and typically focus their speculative bets on companies that were financially struggling or had high short interest. Tupperware was the second most actively traded single stock by retail traders over the past week, according to a J.P.Morgan note.

Persons: Brendan McDermid, Tupperware, Bartosz, stocktwits.com, Peter Earle, Medha Singh, Savyata Mishra, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tupperware Brands, American Institute for Economic Research, American, Corp, Thomson Locations: New York City, U.S, Florida, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Home and kitchen product maker Tupperware Brands Corp's stock rose more than 32%, after sky-rocketing by more than 575% over the past seven sessions despite no material changes to the company's health. The original meme stock rallies, most famously, involved retailer GameStop and movie theater chain AMC Entertainment. Market orders from retail traders made up 17.6% of total market flows on July 31, up from a near six-month low of 14.8% on July 20, according to J.P. Morgan data. Roundhill's Meme index (.MEME) had hit a more than one-year high on Monday.

Persons: Brendan McDermid, Tupperware, JJ Kinahan, Kinahan, Nikola Corp, Morgan, Dan Raju, Raju, Medha Singh, Devika Syamnath, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Tupperware Brands Corp, Apollo Global Management, Tupperware, Revlon, Hertz Corp, IG North America, GameStop, AMC Entertainment, Corp, Nikola, Tesla, Thomson Locations: New York City, U.S, Bengaluru, Chibuike, New York

☆ Tupperware's stock extends recent rally, up 300% in 5 trading days
▼ + stars: | 2023-07-27 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

The stock gains have come despite signs earlier this year of problems for Florida-based Tupperware Brands Corp. Tupperware's stock on Thursday was also among the most watched tickers on retail-investor-focused Stocktwits.com, with an "extremely bullish" sentiment score. The sharp, unexplained gains echo those seen in Bed Bath & Beyond (BBBYQ.PK) before it filed for bankruptcy and other "meme" stocks known for their sudden popularity with retail investors. Also like other "meme" shares, Tupperware's stock is highly shorted. Even with the recent gains, Tupperware's stock is down about 30% for the year to date.

Persons: Caroline Valetkevitch, Susan Heavey Organizations: YORK, Tupperware Brands Corp, Moelis, Investors, Thomson Locations: Florida, Bath

☆ Meme stock AMC jumps as investors cheer stock conversion plan halt
▼ + stars: | 2023-07-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Shares of retail traders' favorite AMC Entertainment Holdings (AMC.N) soared on Monday after a U.S. court blocked the theater chain's stock conversion plan that risked diluting investors' holdings. AMC had told investors it was burning cash at an unsustainable rate and warned that an inability to raise capital could force it into bankruptcy. The company has filed a revised petition for the stock conversion plan addressing the Delaware court's concerns, CEO Adam Aron said on Sunday. The highly shorted AMC common shares were the most traded U.S. stocks at 9:41 a.m. "Trying to short AMC during a short squeeze is about as smart as burning money," said Matthew Tuttle, chief executive offier at Tuttle Capital Management, adding that there is "not much juice left in the squeeze."

Persons: Adam Aron, Thomas Hayes, Oppenheimer, Ortex, Matthew Tuttle, offier, Tuttle, Medha Singh, Krishna Chandra Eluri Organizations: AMC Entertainment Holdings, AMC, Great, Great Hill Capital, Tuttle Capital Management, GameStop, Koss Corp, Thomson Locations: Delaware, Great Hill, New York, Bengaluru

☆ AMC shares jump as stock conversion plan halted, preferred shares slide
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Meme stock AMC Entertainment Holdings (AMC.N) soared in premarket trading on Monday after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company. The highly shorted AMC common shares were the most traded across all stocks trading before the opening bell at 05:58 a.m. Preferred shares "APE" fell 2.8% to $1.75. AMC investors had sued the company in February, alleging a plan to convert preferred stock to common stock was enacted to circumvent the will of common stock holders who opposed the issuing of new shares. The company filed a revised petition for a stock conversion plan addressing the Delaware court's concerns over other shareholders, CEO Adam Aron said on Sunday.

Persons: Adam Aron, Oppenheimer, Medha Singh, Krishna Chandra Organizations: AMC Entertainment Holdings, AMC, GameStop, Koss, Thomson Locations: Delaware, United States, Canada, Bengaluru

[1/2] The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. So-called meme rallies are unusual share price gains, driven by social media sites patronized by individual traders. Magic Empire Global Ltd (MEGL.O), a provider of financial advisory and underwriting services, jumped 328% to $3.97 per share. It had closed at $0.93, shedding 7.2%, with a market capitalization of $18.8 million during regular market hours on Thursday. Both Top Financial and Magic Empire are currently two of the most watched stocks on Stocktwits, a website that is popular among retail investors.

First Republic reported a more than $100 billion plunge in deposits in the quarter in the aftermath of the biggest turmoil to hit the banking sector since 2008. Regional bank PacWest Bancorp (PACW.O) fell 9%, Western Alliance Bancorporation (WAL.N) 6%, Zions Bancorp (ZION.O) 5% and brokerage Charles Schwab Corp (SCHW.N) was down 4%. First Republic said on Monday it was "pursuing strategic options" to quickly strengthen the bank, without providing details. Options include an asset sale of up to $100 billion, a source familiar with the situation said on Tuesday. "So it's tough to even describe it as good asset and bad asset," Chiaverini said.

☆ AI stocks tumble after short-seller attack on C3.ai
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

Shares of C3.ai were down 10% in early trading, while those of Thai security firm Guardforce AI (GFAI.O) fell more than 14%. Data analytics firm BigBear.ai (BBAI.N) lost 7% and conversation intelligence company SoundHound AI (SOUN.O) declined 4%. C3.ai was one of the trending stocks on investor-focused social media platform Stocktwits.com. Kerrisdale had disclosed its short position in C3.ai last month and accused the company of "poor customer traction, failing sales partnerships and financial pressures." "It is not necessarily a systemic risk and should not affect other AI stocks near-term.

☆ Trump-linked stocks gain on attracting retail traders' attention
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoMarch 31 (Reuters) - Shares of companies tied to former U.S. President Donald Trump gained in premarket trading on Friday, drawing interest from retail investors after the ex-president was indicted in a historic first. "It might seem counter intuitive ... but Donald Trump's indictment might actually make him more electable with a certain portion of U.S. voters," Danni Hewson, analyst at AJ Bell, said. "If more people are talking about Trump, more will gravitate to his social media platform and there's likely to be a lot more cash swelling the coffers of his campaign budget." Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, rose 12.1%. Digital World and Rumble were among the top 10 most touted stocks on investor-focused social media stocktwits.com.

☆ Hindenburg takes aim at Dorsey's payments firm Block, shares plunge
▼ + stars: | 2023-03-23 | by ( Manya Saini | ) www.reuters.com time to read: +5 min

Block shares fell as much as 22% before paring losses and were last down 14% at $62.61 in afternoon trading. After reviewing the full report, Block said it was "designed to deceive and confuse investors". Hindenburg said that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. The app had 51 million monthly transacting actives, a 16% year-over-year increase during December 2022, Block said in fourth-quarter earnings letter. "What I am really concerned about is the Cash App, accusations of fraud, multiple accounts, opening accounts and fake names.

☆ Hindenburg shorts Jack Dorsey's payments firm Block, shares plunge
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco BelloMarch 23 (Reuters) - Hindenburg Research on Thursday disclosed short positions in Block Inc (SQ.N) and alleged that the Jack Dorsey-led payments firm overstated its user numbers and understated its customer acquisition costs. Shares of Block slid 20% to $57.85 in premarket trading following the report. Hindenburg added that Block "obfuscates" how many individuals are on the Cash App platform by reporting misleading "transacting active" metrics filled with fake and duplicate accounts. Founded in 2017 by Nathan Anderson, Hindenburg is a forensic financial research firm that analyses equity, credit and derivatives.

☆ GameStop's surprise profit triggers short squeeze, meme stocks rally
▼ + stars: | 2023-03-22 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

AMC and GameStop were at the heart of a meme-stock frenzy in 2021 driven by small investors coordinating on social media. Among other highly shorted meme stocks, Koss Corp (KOSS.O) climbed 9.5%, Bed Bath & Beyond (BBBY.O) reversed course to slip 1.3%, while the Roundhill MEME ETF (MEME.P) rose 4.2%. "Luckily, this go around is not due to meme investors, but an actual tangible fundamental event," said David Wagner, portfolio manager at Aptus Capital Advisors. SOURING SHORT BETSWhen there is a rush of demand from short sellers looking to exit their bearish bets amid a rise in a stock's price, it pushes prices even higher, resulting in a short squeeze. Another favorite among retail investors - Carvana Co (CVNA.N) - jumped 22% after the used-car retailer said it expects a smaller core loss in the current quarter.

☆ GameStop jumps after swinging to profit, ignites rally in meme stocks
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Meme stock GameStop Corp (GME.N) jumped nearly 40% in premarket trading on Wednesday after the video game retailer posted its first profitable quarter in two years, igniting a surge in other stocks popular among retail traders. GameStop posted an adjusted profit of 16 cents per share for the fourth quarter, compared to a loss of 47 cents a year ago, helped by a tight lid on costs including job cuts. Other popular stocks among retail traders also rose, with AMC Entertainment Holdings Inc (AMC.N) gaining 10%, while Bed Bath & Beyond (BBBY.O) added 11%. The high interest rate regime of the past year has roiled stock markets, with speculative areas of the market such as meme stocks taking a severe blow. GameStop shares slid 25% in the past 12 months, compared to a 10.3% slide in the S&P 500 (.SPX).

[1/2] A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2022. REUTERS/Brendan McDermidMarch 21 (Reuters) - GameStop Corp (GME.N) on Tuesday posted a surprise profit for the fourth quarter, its first since early 2021, as lower costs and job cuts padded the videogame retailer's bottom line, sending its shares nearly 50% higher in extended trading. The retailer posted an adjusted profit of 16 cents per share, compared with Wall Street expectations for a loss of 13 cents. The so-called "meme stock", which is the top trending ticker on retail trader forum Stocktwits, has declined 4% this year. Net profit for the quarter ended Jan. 29 was $48.2 million, compared with a loss of $147.50 million a year earlier.

☆ AI stocks surge as investors bet on growth prospects
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

C3.a1 forecast better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after its third-quarter results topped Wall Street estimates. Shares of the AI software provider were up 16% at $24.80, and were one of the top five trending stocks on StockTwits. Microsoft's investment in OpenAI's ChatGPT boosted AI firms' popularity further. Other major AI stocks also surged on Friday with BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O), and Thailand's security firm Guardforce AI (GFAI.O) jumping between 5% and 20%. "AI could become the new gold rush on Wall Street," said Adam Sarhan, chief executive officer of 50 Park Investments in Florida.

☆ AI stocks surge after C3.ai's strong forecast
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationMarch 3 (Reuters) - Shares of artificial intelligence-based (AI) product makers zoomed in premarket trade, as a strong forecast by retail investor darling C3.ai Inc (AI.N) amplified an ongoing euphoria driven by the launch of OpenAI's ChatGPT. C3.a1 forecast a better-than-expected revenue and profit for both the fourth quarter and fiscal year 2023, after the AI software company posted third-quarter results that topped Wall Street estimates. Shares of C3.ai climbed 16.14% to $24.73 before the bell, and were among the top five stocks trending on StockTwits. Other major AI stocks with strong premarket moves included business support supplier Steelcase Inc (SCS.N), BigBear.ai (BBAI.N), conversation intelligence firm SoundHound AI (SOUN.O) and Thailand's security firm Guardforce AI (GFAI.O), jumping between 5.4% and 12%. AI firms have been at the forefront of retail buying ever since Microsoft Corp's (MSFT.O) investment in OpenAI's ChatGPT.

☆ AI stocks rally in latest Wall Street craze sparked by ChatGPT
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Shares of C3.ai Inc, BigBear.ai and SoundHound AI extended a rally on Monday as artificial intelligence becomes a new buzzword on Wall Street with the viral success of ChatGPT chatbot, attracting interest from retail punters. Software firm C3.ai (AI.N) rose 11%, analytics firm BigBear.ai (BBAI.N) jumped nearly 21% and conversation artificial intelligence company SoundHound (SOUN.O) surged 40%. "Any company that mentions ChatGPT or something about AI, sees this rally ... it's just the hot buzzword of the month," said Dennis Dick, a trader at Triple D Trading. The success of OpenAI's ChatGPT, which drew multi-billion dollar investment from Microsoft Corp (MSFT.O), has left investors scouring for companies that develop AI-related technologies. C3.ai and SoundHound have more than doubled in value this year while BigBear.ai has surged more than 700%.

☆ Carvana shares rebound almost 30%, attracts new watchers on StockTwits
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - Shares of Carvana Co (CVNA.N) rebounded nearly 30% on Thursday, erasing some of the previous day's deep losses inflicted by worries about the used car seller's solvency. The surge came as Carvana topped a list of stocks attracting new watchers on StockTwits, a website popular with amateur traders. Carvana shares on Wednesday dropped over 40% to a new low after Bloomberg reported the company was speaking with lawyers and investment bankers about options for managing its debt load. The company has suffered from waning used-car demand and high costs, forcing it to undertake job reductions to rein in expenses this year. Its notes maturing in 2025 remained under pressure at around 42 cents on the dollar, above a low of 40 cents a month earlier but down from around 43 cents late on Wednesday.

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