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☆ How bad bets on meme stocks led to a $1 billion wipeout
▼ + stars: | 2024-05-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —The only bet riskier than buying meme stocks like GameStop may be cheering for their decline. That’s the lesson Wall Street’s short-sellers are learning the hard way this week. See here: For the first four months of the year, GameStop short-sellers — investors who bet on a stock’s decline — were sitting on $392 million in gains, up nearly 50%. To understand the meme stock phenomenon, it helps to understand a bit of the tribalism underpinning it. Today’s GameStop shorts aren’t likely to hang on and repeat the mistakes of their Melvin Capital brethren.

Persons: CNN Business ’, Capital, RoaringKitty —, GameStop’s, Ihor Dusaniwsky, ” Organizations: CNN Business, New York CNN, GameStop, S3 Partners, Elon, Citron Research, Wall, Partners Locations: New York

☆ CNBC Daily Open: Nasdaq at record high; Google boosts AI ambitions
▼ + stars: | 2024-05-15 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meme craze coolsShares of GameStop and AMC rose on Tuesday, extending Monday's gains after "Roaring Kitty" made a reappearance. Shares, however, gave up some of their earlier gains, suggesting enthusiasm for the so-called meme stocks was fading. Powell: Inflation falling slowlyFederal Reserve Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer.

Persons: Jerome Powell, Powell, Australia's, CNBC's Yun Li Organizations: Google Gemini, CNBC, Nasdaq, Dow Jones, Treasury, GameStop, AMC, Biden, Sony, China's CSI, AMC Entertainment Locations: Brussels, Belgium, China, Amsterdam, Asia, Pacific, Hong Kong, South Korea

☆ CNBC Daily Open: Nasdaq closes at record high; Google launches new AI model
▼ + stars: | 2024-05-15 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq rose to a record close, while the Dow Jones Industrial Average added 126 points. Meme craze coolsShares of GameStop and AMC rose on Tuesday, extending Monday's gains after "Roaring Kitty" made a reappearance. Shares, however, gave up some of their earlier gains, suggesting enthusiasm for the so-called meme stocks was fading. Powell: Inflation falling slowlyFederal Reserve Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer.

Persons: Jerome Powell, Alibaba, Powell, CNBC's Yun Li Organizations: CNBC, Nasdaq, Dow Jones, Treasury, GameStop, AMC, Biden, AMC Entertainment Locations: Hangzhou, New York, China, Amsterdam

☆ These are the new meme stocks getting the most buzz on message boards
▼ + stars: | 2024-05-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Meme stocks are back, and the mania is actually spreading far beyond GameStop and AMC Entertainment . The latest frenzy was triggered by a single post on social media site X from "Roaring Kitty," the man who inspired the epic meme stock mania in 2021. Quiver Quantitative , an alternative data analytics firm, looked to find all the meme stocks that are popular among the Reddit traders. A few names associated with the artificial intelligence boom also became popular meme stocks, including voice AI and speech recognition company SoundHound AI , AI IT services firm BigBear.ai and Super Micro Computer , a maker of servers. Other under-the-radar meme names included B. Riley Financial, Spirit Airlines , Tilray Brands and Smart for Life.

Persons: Smart, Riley Organizations: GameStop, AMC Entertainment, Marathon Digital, IT, Micro, Nvidia, Riley, Spirit Airlines, Tilray

☆ Reddit shares close near record after two-day rally driven by meme stocks
▼ + stars: | 2024-05-14 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Traders work as Reddit's logo is displayed, at the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2024. Reddit shares popped 7% on Tuesday, climbing for a second straight day after retail traders kicked off a buying frenzy of so-called meme stocks. The stock closed at $62.34, Reddit's second-highest close since its IPO in March. The rally began Monday when "Roaring Kitty," aka Keith Gill, the man who inspired meme stock mania in 2021, resurfaced online, sending shares of GameStop and AMC soaring. Other stocks that have been bunched in with the meme group rose, including BlackBerry , Koss and SunPower .

Persons: Reddit's, Keith Gill, Gill, Reddit Organizations: New York Stock Exchange, GameStop, AMC, BlackBerry Locations: New York City, U.S

☆ GameStop is surging for a second day — but one market guru calls the Reddit-fueled rally a 'speculation orgy'
▼ + stars: | 2024-05-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

GameStop shares soared once again ahead of Tuesday's opening bell. Other meme stocks like AMC and BlackBerry have also racked up big gains this week. Market gurus like Jim Chanos and Larry McDonald aren't convinced by the Reddit-fueled rally, though. AdvertisementGameStop and other big-name "meme stocks" kept rising ahead of Tuesday's opening bell — but some of the best-known voices in the market are highly skeptical about the rally. AMC, BlackBerry, and several other meme stocks — notable for their popularity on retail investing forums such as Reddit's r/WallStreetBets — also racked up major gains in early-morning trading.

Persons: Jim Chanos, Larry McDonald aren't, —, Keith Gill's, Gill, Kitty, Keith Gill, Roaring, Lol, Ferris, Larry McDonald, Jerome, Powell's Organizations: GameStop, AMC, BlackBerry, Service, Pirates

☆ Reddit, Robinhood shares surge as 'Roaring Kitty' return rekindles GameStop meme rally
▼ + stars: | 2024-05-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Reddit rose more than 9%, hitting its highest level since March. Retail brokerage stock Robinhood climbed 8%, cutting some of its losses from last week. Shares of Reddit and Robinhood rose sharply on Monday as social media-fueled retail trading appeared to be making a comeback. Both Reddit and Robinhood could theoretically benefit from a return of the retail trading frenzy. Robinhood had its initial public offering in July 2021, while Reddit went public in March of this year.

Persons: Keith Gill, Gill, WallStreetBets chatroom, Robinhood, Reddit Organizations: New York Stock Exchange, GameStop, Robinhood Locations: New York City, Reddit

☆ GameStop mentions surge on Reddit, surpassing Nvidia
▼ + stars: | 2024-05-13 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

GameStop has once again become a hot topic on Reddit 's famed WallStreetBets page Monday after the man who helped make it a meme stock reappeared online. GameStop was the most talked about equity on WallStreetBets by far on Monday, with more than 700 mentions in the last 24 hours. Monday's jump in discussion comes as "Roaring Kitty," the user who helped catalyze the GameStop stock craze in 2021, posted online for the first time in nearly three years. It marked his first post on Reddit or X, formerly known as Twitter, since 2021. Multiple Reddit users shared screenshots of their GameStop positions on the WallStreetBets page following the return of "Roaring Kitty," though it appeared that many posts on the topic were being filtered out.

Persons: Keith Gill Organizations: Nvidia, Trust, GameStop

☆ A cartoon on X just sent GameStop shares surging 72%
▼ + stars: | 2024-05-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —The surprise social media return of the trader who helped ignite the meme stock frenzy in 2021 sent GameStop shares skyrocketing Monday. The shares skyrocketed by more than 110% earlier and were halted for volatility several times on Monday morning. GameStop had posted the same cartoon in February, but with a red arrow and chair. Gill described himself as a casual daytime trader in testimony during a 2021 Congressional hearing on the GameStop mania. “The idea that I used social media to promote GameStop stock to unwitting investors is preposterous,” Gill said in written testimony.

Persons: Roaring Kitty, Keith Gill, Gill, Kitty, “ Deepf, ” Gill, “, Paul Dano Organizations: New, New York CNN, GameStop, AMC Entertainment, stoke, “ Locations: New York, GameStop’s

☆ Roaring Kitty is back on social media — and meme stock GameStop is soaring
▼ + stars: | 2024-05-13 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Gill, better known as Roaring Kitty, was the face of GameStop's surprise surge in 2021. The meme stock skyrocketed Monday as his return sent WallStreetBets into a frenzy. Keith Gill posted on X for the first time in nearly three years on Sunday, sending the meme stock sharply higher and sparking excitement on the Wall Street Bets subreddit. AdvertisementIt's unclear exactly what is signified by Gill's cryptic X post of a sketch showing a man leaning forward in his chair. Nevertheless Gill's return still sent r/wallstreetbets, whose users piled into meme stocks like GameStop, AMC, and Bed Bath & Beyond during the pandemic, into a frenzy.

Persons: Keith Gill, Gill, Kitty, WallStreetBets, —, Paul Dano, Gill's, Paul Atreides, Vince McMahon Organizations: Service, GameStop, Financial Services Committee, AMC

☆ Feeling FOMO over Reddit or Truth Social? Here's another way to cash in on meme stocks
▼ + stars: | 2024-04-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Meme stocks, which gained popularity through social media platforms like Reddit and Twitter, have attracted retail investors looking to make a quick profit. In 2021, GameStop shares skyrocketed by more than 1,500% in just a few weeks, driven by a coordinated effort from retail investors on the Reddit forum r/WallStreetBets . This means that retail investors are often in a disadvantaged position when trading. Cashing in So, what can investors do to capitalize on the trading phenomenon without taking on the risks associated with meme stocks? Gooch-Peters suggests looking at the exchanges themselves, citing Intercontinental Exchange (ICE) as an example.

Persons: Hannah Gooch, Peters, Gooch, Gerry Fowler, Fowler Organizations: GameStop, Sanlam Investments, Twitter, UBS, Intercontinental Exchange, ICE, Quality, New York Stock Exchange, Nasdaq, CBOE

☆ Meme stocks are back in fashion. Here's how to find one.
▼ + stars: | 2024-04-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're breaking down how to identify a meme stock . Three years after GameStop upended things, meme stocks are back in fashion. But how does one find a meme stock? (Trump Media doesn't technically qualify as a meme stock under Sosnick's criteria due to the amount of low short interest. Maintaining long-term support for a meme stock remains a tough nut to crack.

Persons: —, Mark Zuckerberg, Satya Nadella, Jenny Chang, Rodriguez, There's, Steve Sosnick, Business Insider's Matthew Fox, David Becker, Chelsea Jia Feng, Donald Trump's, Trump, Bill Gross, BI's Peter Kafka, there's, it's, Pedro Ribeiro Simões, …, Matt Chase, they're, OpenAI's Sam Altman, Sora, Meta, Tyler Le, Jack Canfield's, Jay Marine, Amazon's, Jeff Bezos, Antony Blinken, Emmanuel Macron, Dan DeFrancesco, Hallam Bullock, Grace Lett, Lisa Ryan Organizations: Business, Service, Getty, GameStop, Interactive, Business Insider's, Trump Media, Technology Group, AMC Entertainment, Big Tech, Hollywood, Facebook, NBA, FOX Locations: YOLO, hodlers, Silicon, Paris, Ukraine, Gaza, New York, London, Chicago

☆ Reddit's lost money for nearly 20 years. Turning a profit is going to be tricky.
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewReddit was founded nearly two decades ago, yet it's never turned a profit. After the initial pop in Reddit stock, it slid nearly 9% during its second day of trading on Friday, only to jump 30% on Monday. Reddit framed that as a huge opportunity to attract international users, and appeal to a much larger audience with foreign-language posts. Now that Reddit's finally public, it may be able to reinvent its business and supercharge its finances.

Persons: —, it's, Reddit, There's, The_Donald, Reddit's Organizations: Service, Business, New York Times Company, Facebook

☆ Reddit investors shrug off hold rating, bid up stock another 15% as post-IPO rally continues
▼ + stars: | 2024-03-26 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit's post-IPO rally continues, despite the company receiving a hold rating from a prominent analyst. Investors continue to rally behind Reddit despite New Street Research issuing a neutral rating on the company "after the stock goes to the moon," analysts wrote in a note that was published Tuesday. Investors expect such a deal "to be added soon," considering OpenAI CEO Sam Altman maintains a 9% stake in Reddit. It also recently entered into an expanded partnership with Google, allowing the search giant to access more Reddit data to train its AI models. Meanwhile, some Reddit users took to the company's various finance-related subreddits on Tuesday to discuss the company's rising shares since its IPO.

Persons: Steve Huffman, Sam Altman, Altman, Condé Nast, Reddit, Reddit's, I've, I'd, Dash Organizations: New York Stock Exchange, New, Research, Investors, Advance Magazine Publishers, Google, Federal Trade Commission, FTC, GameStop, Nasdaq, Trump Media & Technology Group Locations: New York City, Reddit's, Reddit, pontificating

☆ Redditors bank millions of dollars as a group on stock's opening day
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +4 min

Reddit power users who participated in the company's IPO made millions of dollars as a group in profits after the stock's big jump in its first day on the market. It's a model that was used by companies like Airbnb , Rivian and Doximity to reward their loyal users and customers. In a reply to LearnedButt, Reddit user friskevision wrote, "Although I didn't invest as much as you, I did make a quick $1,500. Reddit user Reepicheepee made a small investment in the shares. The Reddit user Galactic responded, "High-5, fellow DSP dumper," adding, "Never thought this site would make me money, but here we are!"

Persons: Redditors, Drew Vollero, Axios, —, LearnedButt, friskevision, Reddit, blackberrydoughnuts, Reepicheepee, follysurfer, subreddit, Steve Huffman, Huffman, Redditor erjo5055 Organizations: New York Stock Exchange, Inc, CNBC, GameStop, AMC Entertainment, Galactic Locations: It's

☆ Reddit pops 48% in NYSE debut after selling shares at top of range
▼ + stars: | 2024-03-21 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +5 min

Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.

Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit

☆ Reddit power users balk at chance to participate in IPO as Wall Street debut nears
▼ + stars: | 2024-03-20 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +10 min

It's not just market conditions that have Reddit moderators like Gilbert forgoing the investment opportunity. Reddit has long had a rocky relationship with moderators and the site's most dedicated users, or Redditors. In total, Reddit said underwriters have reserved 1.76 million of the 8 million shares in the IPO for the DSP. Meme stocksOf all companies, Reddit knows something about stock market volatility. However, given the dearth of tech IPOs since the start of 2022, White said Reddit's offering is "probably a little more risky."

Persons: Jonathan Raa, Sarah Gilbert, she's, She's, Airbnb, Doximity, Reddit's, Klaviyo —, It's, Gilbert forgoing, Reddit, Steve Huffman, Gilbert, you've, Alexis Ohanian, Twitch, BuckRowdy, Joshua White, White, FormicaDinette33, subreddits, it's, Wrestlegirl, Maharaj, shouldn't, He's, jeering, Courtnie Swearingen, Victoria Taylor, Swearingen, San, — CNBC's Cameron Costa Organizations: Nurphoto, Getty, New York Stock Exchange, Cornell University's Citizens, Technology, Google, YouTube, Facebook, CNBC, GameStop, AMC Entertainment, Vanderbilt University Locations: New, Chicago, San Francisco

☆ Reddit's long-awaited IPO is targeting a $6.4 billion valuation
▼ + stars: | 2024-03-11 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Reddit is targeting a $6.4 billion valuation for its IPO this year. The company is planning to sell 22 million shares, with a pricing range of $31 to $34. At the top end of the valuation range, the offering would raise $748 million. About 15.3 million of the 22 million shares will be sold by the company. Reddit's expected pricing range sets a fully diluted valuation range between $5.8 billion and $6.4 billion, marking a sharp decrease from the $10 billion private valuation the company achieved in its last funding round, in August 2021.

Persons: —, Reddit Organizations: Service, SEC, GameStop, AMC Locations: Birkenstock

Companies with upcoming IPOs can offer directed share programs to qualifying groups of retail investors to buy IPO stock. Rather than buying shares through a broker, a directed share program allows investors to buy IPO stock directly from the company. AdvertisementCompanies may offer a directed share program to employees, vendors, or, in Reddit's case, loyal users and moderators. The risk involved with directed share programsOne of the risks associated with directed share programs is that a DSP may harm the company's IPO by causing the IPO value to inflate. How to participate in Reddit's directed share programReddit began rolling out directed share program pre-registration invitations to certain users and moderators on February 22, 2024.

Persons: you'll, Reddit, Redditors, Insider's, Will McDonough, McDonough, Airbnb, Uber, —, there's, Reddit's Organizations: Companies, Corestone, New York Stock Exchange, Reddit, IPOs, DSP Locations: IPOs

☆ Animal spirits are back in the market, fueling 2021-like speculative activity
▼ + stars: | 2024-03-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.

Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S

☆ Here’s how Reddit users can participate in the company’s IPO
▼ + stars: | 2024-02-26 | by ( Clare Duffy | ) edition.cnn.com time to read: +4 min

The IPO direct share program will be open to adult US Reddit users with accounts created on or before January 1, 2024, who are not current or former Reddit employees. Reddit has not yet set the price at which shares will be listed in its IPO. Reddit is set to be the first major social media company to IPO in years. While somewhat unusual, offering users the opportunity to invest in its IPO makes sense for Reddit, a platform with a community of users famously — some might say infamously — interested in investing. “As with any investment opportunity, you should make an individual decision based on your own personal circumstances and risk tolerance,” Reddit said in an email inviting eligible users to participate in the IPO.

Persons: New York CNN —, ” Reddit, what’s, Reddit, they’ve Organizations: New, New York CNN, New York Stock Exchange, week’s Securities, Exchange Commission, GameStop, Wall Street Locations: New York

☆ Reddit aims to ride the AI wave by going public
▼ + stars: | 2024-02-23 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

The platform's listing, expected next month, would be the largest IPO by a social media company since Pinterest in 2019. That means some are wondering why Reddit has waited until now to make its move, but AI might have something to do with it. Reddit also listed data licensing and AI training as part of its income streams. "We are going public to advance our mission and become a stronger company," he said in a founder's letter included in the prospectus. AdvertisementRepresentatives for Reddit did not immediately respond to a request for comment from BI, made outside normal working hours.

Persons: Reddit, Sam Altman, Steve Huffman, Huffman, Fortune, Katie Notopoulos Organizations: New York Stock Exchange, Facebook, Twitter, Business, Securities and Exchange Commission, Google, University, Virginia, GameStop, AMC Locations: Reddit

☆ Reddit has never turned a profit in nearly 20 years, but it just filed to go public anyway
▼ + stars: | 2024-02-23 | by ( Clare Duffy | John Towfighi | ) edition.cnn.com time to read: +6 min

The move would make Reddit the first major social media company to go public since Snapchat in 2017. In its 18 years as an online social hub, Reddit has seen enormous growth, occasional controversy and even market-shifting stunts. Reddit users often post anonymously in these forums, discussing everything from memes to major news events. Steve Huffman, CEO of Reddit attends Variety & Reddit An Evening With Future Makers at Wynn Las Vegas on January 05, 2023 in Las Vegas, Nevada. Still, the incident helped draw attention to the power of Reddit communities.

Persons: New York CNN — Reddit, Reddit, ”, Steve Huffman, ” Huffman, Condé Nast, Alexis Ohanian, Huffman, Sam Altman, Ohanian, TheFacebook, Greg Doherty, ” Reddit Organizations: New, New York CNN, San Francisco, New York Stock Exchange, Securities and Exchange Commission, Advance, University of Virginia, Facebook, YouTube, Twitter, Wynn Las, Variety, GameStop, Google Locations: New York, San, Wynn Las Vegas, Las Vegas , Nevada

☆ Reddit will let users buy its IPO, but warns that they could make the stock riskier
▼ + stars: | 2024-02-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Reddit's initial public offering will include a quirk that allows some of its most active users to buy the stock. "Our users have a deep sense of ownership over the communities they create on Reddit. We want this sense of ownership to be reflected in real ownership — for our users to be our owners. But the Reddit users that participate in the IPO will not be subject to a lock-up agreement, the filing said, which could add to volatility in the stock. Reddit users have already proven that they have a taste for trading volatile stocks.

Persons: Reddit, Redditors Organizations: GameStop, AMC Entertainment

☆ Reddit files to list IPO on NYSE under the ticker RDDT
▼ + stars: | 2024-02-22 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +6 min

Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol "RDDT." The social networking company's core business is reliant on online advertising sales stemming from its website and mobile app. Reddit said the current addressable advertising market is $1.0 trillion, sans China and Russia. Reddit said that its non-employed moderators, known as Redditors, can participate in the company's IPO offering through its "directed share program."

Persons: Reddit, Pinterest, Alexis Ohanian, Steve Huffman, It's, DAUq, Condé Nast Organizations: Securities and Exchange Commission, New York Stock Exchange, P Global Market Intelligence, Google, eBay, . Publishing, Condé Locations: U.S, Reddit's U.S, China, Russia, Ukraine

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