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CNBC Daily Open: Far-right makes gains in EU elections
  + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com   time to read: +4 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. Despite a recent 2% drop in Aramco's stock and pressures on global oil prices, the offering attracted strong international demand.
Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Prince Mohammed bin, Aramco's, Morgan Stanley, there's Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Saudi, Nvidia Locations: Europe, freefall, Saudi Arabia, Aramco, Saudi
CNBC Daily Open: Far right gains in EU elections
  + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Far-right advanceFrench President Emmanuel Macron said he will dissolve parliament and call for a new legislative vote after his Renaissance party suffered a major defeat at the EU elections. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package.
Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Korea's Kospi, Macron Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Nikkei, Markets, Nvidia, Apple Locations: Europe, freefall, Japan, Asia, Australia, Hong Kong, China
The S & P 500 made a new record high, its 25 th of the year. And on the surface, there is a stolid calm that suggests a system in comfortable equilibrium, the market achieving a kind of homeostasis. Four of the past five days last week, the S & P 500 moved less than 0.2%. The S & P 500 is up almost 2% since its closing peak at the end of the first quarter, perhaps the moment of maximum belief in a seamless soft economic landing. Three stocks together now account for fully 20% of the S & P 500 market value, mocking the notion of diversification and dashing most active investors' hopes of beating the bogey.
Persons: Keith Gill, Michael Mauboussin, Scott Chronert Organizations: Nvidia, GameStop, Apple, Microsoft, Federal Reserve, Investment, Morgan Stanley Investment Management, Fed, Citi, CPI Locations: rebalancing, U.S
That means that Gill has the right to purchase 12 million shares of GameStop at $20 apiece by a set expiration date. GameStop shares closed Wednesday at $46.55 a share, more than double the price locked in by those options. Gill hasn’t explicitly told anyone to buy GameStop shares or that he thinks it’s headed to the moon. In comparison, shares of GameStop and AMC Entertainment have surged 167% and 99%, respectively, since Gill’s return to social media. Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Feb. 18, 2021.
Persons: Kitty, Keith Gill, Gill, Michael M, Gill hasn’t, it’s, Jay Woods, Woods, hasn’t, Morgan Stanley, Gill isn’t, copycats, Warren Buffett, Berkshire Hathaway, Buffett, Chubb, , Bill Galvin, Gill’s, Hanna Ziady, Christine Lagarde —, ” —, Read, OpenAI, Brian Fung, Inflection’s, didn’t, Keith Gill’s Organizations: CNN Business, Bell, New York CNN, GameStop, AMC Entertainment, CNN, Gamestop, New York Stock Exchange, Street, Freedom Capital, Berkshire, The Securities, Exchange Commission, SEC, Financial, Traders, stoke, Wall, Retail, Roaring Kitty YouTube, European Central Bank, US Federal Reserve, Bank of England, ECB, Federal Trade Commission, FTC, Justice Department, Microsoft, Google, Nvidia, of Justice Locations: New York, New York City, Massachusetts, Washington, Europe
Around lunchtime Friday, on a YouTube livestream watched by half a million people, a bandanna-clad man in white sunglasses grinned into his webcam and teased: “I’m about to show it.”Oh, stop it. Keith Gill, the man better known as Roaring Kitty, who became one of Wall Street’s unlikeliest celebrities during the meme stock mania of 2021 before disappearing from public view, was onscreen — and in his signature fashion, mixing beer, comedy and market commentary. A quick refresher: Three years ago, Mr. Gill’s unrestrained cheerleading of GameStop and other companies on social media made him a kind of rabbi to thousands of day traders stuck at home during the pandemic — people who bought loads of shares and drove those stock prices to nosebleed levels. These traders’ use of internet memes and social platforms like Reddit to trade stock tips ushered in a new class of investors. He vaulted back into prominence last month by posting on X a cryptic illustration that many took as a sign that he had returned to day trading.
Persons: Keith Gill, Kitty, Gill, Organizations: YouTube, GameStop
Keith Gill, better known as "Roaring Kitty" on X and YouTube and as "Deep-------Value" on Reddit, hosted his first livestream since the meme stock craze that took place three years ago. Gill said he believes in the video game retailer's reinvention under CEO Ryan Cohen, reiterating his previous investing thesis and offering little new reasoning behind his large stake. He also revealed that he didn't have any institutional backers and the GameStop positions he had shared in screenshots were his only bets. Shares of GameStop were halted multiple times during his stream. Read a recap of the livestream below:
Persons: Keith Gill, Gill, Ryan Cohen Organizations: YouTube, GameStop
GameStop , the video game retailer currently riding another wave of trading enthusiasm spurred on by the meme trader "Roaring Kitty," showed no signs of an operational turnaround in its dismal fiscal first-quarter results. The company on Friday posted net sales of $881.8 million for the period, down 29% from $1.237 billion a year prior. The sales decline was steeper than the two Wall Street analysts who cover the stock expected. GameStop lost $32.3 million during the quarter, a narrower loss than the $50.5 million suffered in the year-earlier period. The company also gave an update on its ongoing stock sales, saying it would sell an additional 75 million shares on top of the 45 million share sale it had announced in May that raised more than $900 million.
Persons: Keith Gill, Roaring Kitty, Organizations: GameStop
The famed meme stock icon, also known as “Roaring Kitty,” made a long-awaited appearance on a livestream on his YouTube channel Friday. Finance’s GameStop stock ticker page. Gill had communicated exclusively by posting memes, gifs, short video clips and screenshots of his portfolio until the livestream, leaving it unclear if it even was Gill behind the social media posts. The video game retailer recorded a loss of $32.3 million, slightly better than the $50.5 million loss the prior year. The video game stock has seen wild swings in recent weeks reminiscent of the meme stock craze after Gill’s return to social media in May.
Persons: Keith Gill, , Gill livestreamed, “ It’s, Gill, ” Gill, I’m, , Ryan Cohen, Cohen, he’ll Organizations: New, New York CNN, YouTube, Sporting, Yahoo, GameStop Locations: New York, Brockton , Massachusetts
The stock market rally wobbled on Thursday as indexes traded mixed ahead of the May nonfarm payroll report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Bank of America said last week that a reading of 125,000-175,000 would be a Goldilocks zone that could kickstart a fresh rally in the stock market. On Thursday, JPMorgan strategists laid out the three scenarios that could catalyze a sell-off in stocks this summer, one of which surprise in any upcoming employment report. The retail-trading icon scheduled a live stream on his YouTube channel for Friday, helping to send GameStop stock as much as 41% higher.
Persons: Keith Gill's, , Chris Zaccarelli, Keith Organizations: GameStop, Service, Bank of America, JPMorgan, YouTube, AMC, Apple Locations: obsessing
Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Adnan Abidi | ReutersThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Far from rewarding Prime Minister Narendra Modi's party with a supermajority — as polls had predicted — Indians elected 240 BJP lawmakers to India's 543-seat Parliament, which falls short of a simple majority for Modi's party. However, as the largest party, the BJP will form a coalition government thanks to its alliance with smaller parties ahead of the elections. This "radical transformation" is expected to lead to a significantly more efficient economy and help India's currency, according to Sullivan.
Persons: Narendra Modi, Adnan Abidi, Narendra Modi's, Modi, Gavekal, Tom Miller, Udith Sikand, Malcolm Dorson, Aastha Gudwani, who's, India's, Morgan, Ridham Desai, Will, Goldman Sachs, Abhiram Eleswarapu, Eleswarapu, Tanvir Gill, Sri Jegarajah, Sumathi Bala, Seema Mody, Amala Balakrishner, Vinay Dube, could've, James Sullivan, Sullivan Organizations: Indian, Bharatiya Janata Party, BJP, Reuters, CNBC, Global, of America, Gavekal Research, India Active, BNP, CNBC Pro, JPMorgan, U.S . Federal Locations: New Delhi, India, CNBC's
The stock soared after Roaring Kitty scheduled a livestream on his YouTube channel for this week. The upcoming livestream is titled "Roaring Kitty Live Stream - June 7, 2024" and already has 12,500 YouTubers "waiting" for the stream to start. Gill's The Roaring Kitty YouTube account gained tens of thousands of subscribers on Thursday, climbing to 711,000. AdvertisementLast month, Gill's Roaring Kitty X account posted a slew of memes and sparked a massive rally in meme-stocks, led by shares of GameStop. Gill revealed he owns 5 million shares of GameStop worth more than $200 million based on Thursday afternoon prices.
Persons: Roaring Kitty, Keith Gill's, , Jmoa, Adam Smith, Kitty, Gill, Reddit Organizations: GameStop, Roaring, YouTube, Service, Keith Gill's YouTube, Business Locations: YOLO
Shares of GameStop shot to session highs Thursday after meme stock leader "Roaring Kitty" scheduled a livestream on YouTube, which would be his first one in almost four years. Roaring Kitty, whose real name is Keith Gill, set the time for his live chat at noon Friday, which traders speculated would be a bullish discussion about his massive GameStop stake. The investor hosted three-hour livestreams in August 2020 explaining his investing thesis behind his favorite brick-and-mortar video game retailer. GameStop popped 30% higher to trade around $40 apiece. It surged 40% at one point after this livestream update and trading was briefly halted for volatility.
Persons: Kitty, Roaring Kitty, Keith Gill Organizations: GameStop, YouTube
CNBC Daily Open: Roaring Kitty's wealth, Modi's victory
  + stars: | 2024-06-05 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
The S&P 500 inched up 0.15% and the Nasdaq Composite did marginally better, up 0.17%. Bath & Body Works was the worst-performing stock on the S&P 500, plunging almost 13% on disappointing guidance. With his 5 million shares of GameStop, if he were to exercise his 120,000 call options at $20 apiece, that would give him an additional 12 million shares — making him the fourth-largest shareholder in the games retailer. [PRO] June highThe S&P 500 will rally to fresh all-time high of 5,500 by the end this month, according to Fundstrat Global Advisors' Tom Lee. With the S&P 500 finishing Monday's trading session at 5,283.40 the forecast calls for upside of 4%.
Persons: Modi, Narendra Modi, Modi's, Keith Gill, Gill, Elon Musk, Tesla, Musk, Tom Lee, CNBC's Pia Singh, what's Organizations: CNBC, Dow Jones, Nasdaq, Body, Treasury, Bharatiya Janata Party, BJP, National Democratic Alliance, GameStop, Nvidia, Federal Reserve, Fundstrat Global Locations: Tesla
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStandard Chartered Wealth Management discusses market impact of India election resultsManpreet Gill of Standard Chartered Wealth Management discusses India's election results and their impact on the market.
Persons: Manpreet Gill Organizations: Wealth Management, Standard Chartered Wealth Management Locations: India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMassachusetts probes Keith Gill: Can a market manipulation case be made? Lisa Braganca, former branch chief in the enforcement division of the Chicago SEC, joins 'Squawk Box' to discuss news of Massachusetts' top securities regulators opening an investigation into the activities of Keith Gill, also known as 'Roaring Kitty', whether a market manipulation case can be made, and more.
Persons: Keith Gill, Lisa Braganca, Kitty Organizations: Massachusetts, Chicago SEC Locations: Massachusetts
Keith Gill scored a $79 million one-day gain on his GameStop bet on Monday. The massive gains were initially sparked by Gill disclosing his bet on GameStop worth more than $100 million. Monday's trading action in GameStop minted Gill a $33.6 million one-day profit on his stock position, and a $54.3 million gain on his call option stake, bringing his one-day gain to a whopping $79 million. Including total cash of $29.3 million, Gill has a total account value of $289.3 million, and he is also now the fifth largest shareholder in GameStop. The Reddit post came a couple weeks after Gill's "Roaring Kitty" Twitter account posted a deluge of memes and sparked another rally in the meme-stock.
Persons: Keith Gill, Gill, , That's, Gill isn't Organizations: GameStop, Service, Trade Locations: YOLO, Reddit
Pavlo Gonchar | Lightrocket | Getty ImagesAlmost five years ago, GameStop champion Keith Gill revealed a $53,000 bet in his favorite video game retailer. By the end of the jaw-dropping episode in April 2021, Gill exercised his call options position to have 200,000 common shares. Put another way: If the stock closes above $20 that day, Gill could exercise the options at $20 apiece, leaving him owning an additional 12 million shares. A total of 17 million shares would make him the fourth-biggest shareholder in GameStop, coming in behind Vanguard, BlackRock and Ryan Cohen's RC Ventures, according to FactSet. Zoom In Icon Arrows pointing outwardsThe notional value, if exercised, would be $240 million worth of stock bought at $20.
Persons: Keith Gill, Pavlo Gonchar, Gill, Michael Khouw, Khouw, Morgan Stanley's, Ryan Cohen's Organizations: GameStop, Lightrocket, Street Journal, CNBC, Vanguard, BlackRock, Ryan Cohen's RC Ventures
Read previewKeith Gill, also known on social media as "Roaring Kitty" or "DeepFuckingValue," could get barred from E-Trade after his apparent disclosure of a huge stake in GameStop caused the stock price to soar. The Journal reported no decision had been made yet on whether to stop Gill from trading on the platform. The Journal also reported that the Massachusetts Securities Division was examining Gill's actions. The securities division confirmed to BI it was investigating Gill. June 4, 2024: This story has been updated to include comment from the Massachusetts securities division.
Persons: , Keith Gill, Morgan Stanley, Gill, Gill's, Gill didn't Organizations: Service, Trade, GameStop, Street, Business, , Massachusetts Securities Locations: Massachusetts
New York CNN —YOLO economy, meet the “yo, no” economy. In what was dubbed the YOLO economy (short for “you only live once”), or revenge spending, consumers shelled out for the experiences and goods they had missed. And that may be bad news for the economy. “We are monitoring the issue and engaging with market participants,” a spokesperson for the Securities and Exchange Commission told CNN. Joe Saluzzi, co-founder of Themis Trading, told CNN that the NYSE’s explanation is hard to square with the bizarre trades that hit the tape.
Persons: “ Covid, doesn’t, ” Sameer Samana, , There’s, , that’s, Taylor Swift, It’s, Dow, Jerome Powell, Berkshire Hathaway, Warren Buffett, Joe Saluzzi, Themis Trading, I’m, Saluzzi, ” Read, Matt Egan, Keith Gill —, ” —, Read, Anna Cooban Organizations: CNN Business, Bell, New York CNN, Wells, Investment Institute, Walmart, Target, Employers, TSA, Federal Reserve, New York Stock Exchange, The New York Stock Exchange, ” Intercontinental Exchange, NYSE, ICE, CNN, NYSE Group, Consolidated, CTA, Berkshire Hathaway’s, Berkshire, Securities and Exchange Commission, Themis, GameStop, AMC Entertainment Locations: New York, YOLO, Samana, , Berkshire
Bath & Body Works — Shares of the home fragrance and personal care retailer dropped 9%. Bath & Body Works topped first-quarter earnings and revenue estimates but shared disappointing guidance for the current period. The company expects earnings to range between 31 cents and 36 cents a share, versus a FactSet estimate of 38 cents. Gitlab — The software company shed 2.3% despite posting an earnings and revenue beat postmarket for its fiscal first quarter Monday. Adjusted earnings per share came in at 3 cents, versus the 4 cent loss per share expected from analysts polled by LSEG.
Persons: Keith Gill, Gill, , Fred Imbert, Alex Harring, Michelle Fox Organizations: Intel, Nvidia, AMD, GameStop, Street Journal, AMC Entertainment, Body Works, LSEG, Revenue, CNBC
AdvertisementThe media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. It's "is Paramount big enough to survive on its own?" The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people.
Persons: , Donald Trump, Rebecca Zisser, Warner, David Zaslav, Byron Allen, David Ellison, Larry Ellison, he's, Phillip Faraone, Peter Kafka, That's, Larry Ellison's, Alyssa Powell, Savita Subramanian, Gary Shilling, Kitty, Keith Gill, Arif Qazi, Jason Zander, they'll, Apple's, Siri, Dominic Bugatto, that's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Paramount, Business, Paramount Pictures, CBS, RedBird Capital Partners, KKR, Warner Bros . Discovery, Sony, Hollywood, Getty, Tech, Bank of America, Wall Street, GameStop, Google, Microsoft, Big Tech, BI, Washington Post, Hewlett Packard Enterprise Locations: China, India, Texas, New York, London
Check out the companies making headlines in midday trading: Bath & Body Works — Shares of Bath & Body Works sank nearly 13% and headed for their worst day since 2021. Bath & Body Works expects earnings to range between 31 cents and 36 cents a share, behind a FactSet estimate of 38 cents in earnings per share. Saia — The freight company popped 6.7% after it posted higher less-than-truckload shipments per workday for April and May compared to a year earlier. Shares of BP and Exxon Mobil fell around 2.3% and 1.6%, respectively, while Diamondback Energy and Chevron shares fell nearly 1%. Stanley Black & Decker — The industrials stock fell about 3.7% after Barclays downgraded the stock to equal weight from overweight.
Persons: Keith Gill, Goldman Sachs, TZE, Goldman, Stanley Black, Decker, Julian Mitchell, Oppenheimer, Jed Kelly, , Samantha Subin, Michelle Fox, Yun Li, Pia Singh, Lisa Han Organizations: Body, O Cruises, Carnival Cruise, GameStop, Street, Trade, Dominion Freight, Technologies, Energy, BP, Exxon Mobil, Diamondback Energy, Chevron, Barclays
E-Trade is having internal discussions about whether to ban Keith Gill — the meme stock trader who just disclosed a big position in GameStop — from the trading platform over concerns regarding potential market manipulation, the Wall Street Journal reported Monday. The brokerage, owned by Morgan Stanley , hasn't reached a decision yet, the Journal said, citing people familiar with deliberations inside the firm. GameStop shares shot up early Monday after Gill, who goes by "DeepF------Value" on Reddit, posted a screenshot of what could be his portfolio holding a significant amount of GameStop common shares and call options. The meme stock mania in 2021 led to a series of congressional hearings, including testimony by Gill, around brokers' practices and gamifying retail stock trading. Gill also faced several class action lawsuits, including one alleging that he pretended to be a novice trader despite being a licensed professional.
Persons: Keith Gill, Morgan Stanley, hasn't, Gill, DeepF, Morgan, May Gill Organizations: GameStop, Wall Street, CNBC, MassMutual
Keith Gill, known on Reddit under the pseudonym DeepF-------Value and as Roaring Kitty, is seen on a fragment of a youtube video displayed on a smartphone screen in front of GameStop logo. Meme stock leader Keith Gill, who's behind GameStop 's recent roller-coaster ride, appeared to hold onto his big position in the video game retailer even after Monday's big rally. He still owned 5 million shares of GameStop and 120,000 call options with a strike price of $20 that expire on June 21, the screenshot showed. The post on Reddit's r/SuperStonk forum could not be independently verified by CNBC. Shares of GameStop climbed about 4% in extended trading following his latest Reddit post.
Persons: Keith Gill, who's, Gill Organizations: GameStop, CNBC
Andrew Left just placed a fresh bet against GameStop shares amid its latest rally. AdvertisementAndrew Left, the famed short-seller who lost big betting against Gamestop's stunning rally in 2021, is back to shorting the meme stock amid its latest surge. Left, who also shorted Hertz and Tesla competitor Nikola in 2020, told Bloomberg he placed a bet against Gamestop stock on Monday. His latest short comes amid a surge in retail interest in GameStop. Left's firm, Citron Research, stopped publishing notes on its short bets in January 2021, around the time GameStop shares notched their all-time high.
Persons: Andrew Left, , Nikola, Keith Gill, Kitty, Gill Organizations: GameStop, Service, Gamestop's, Bloomberg, Gamestop, Citron Research
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