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☆ Feds accuse famed short-seller Andrew Left of fraud and market manipulation
▼ + stars: | 2024-07-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Andrew Left, a short-seller known for his research and social-media activity, has been accused of fraud. The Justice Department alleges that Left "knowingly exploited his ability to move stock prices." He rose to prominence because of his work on Valeant but more recently took big losses on GameStop. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAndrew Left, the famed short-seller who made millions betting against public companies, has been charged with fraud by federal prosecutors.

Persons: Andrew Left, —, Citron, Left — Organizations: Department, GameStop, Service, Citron Research, Justice Department, Left, Valeant Pharmaceuticals, Health, Enron, Business

☆ Death of Hedge Fund Stars: Wall Street, Stock Market Titans Are Gone
▼ + stars: | 2024-07-21 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Take activist hedge funds, which buy up a percentage of a company's stock (or an asset) and then use their weight to push for operational changes. Or there would be a fun, splashy war between the hedge fund and the C-suite. Hedge funds rely on outperforming the market when times are hard and it's easier to find pockets of outperformance and exploit them. Of course, hedge funds are having a hard time coming up with a crew because the clients have changed too. Advertisement"At the end of the 1960s, the bubble burst, and everyone thought, 'That's the end of hedge funds,'" Mallaby said.

Persons: David Tepper, Anthony Scaramucci, Lenny Kravitz, lanyards, Bobby Jain, Goldman Sachs, Denise Shull, Charles Lemonides, ValueWorks, Saba Capital's Boaz Weinstein, BlackRock, Nelson Peltz, Bob Iger, Paul Singer's Elliott, —, Elliott, Meir Statman, Statman, I'm, That's, Paris, Marc Jacobs, they've, they're, Sebastian Mallaby, Julian Robertson, Julian, Mallaby, Lemonides, wonky quants, Keith Gill, David Einhorn, Andrew Left, bro Organizations: Appaloosa Management, Carolina Panthers, Bellagio, Millennium Management, Credit Suisse, Jain, Disney, Paul Singer's Elliott Management, Santa Clara University, Behavioral Finance, New, Tiger Management, Met, rockstar, Ferrari, Greenlight, Harvard, Princeton grad, Research Locations: Vegas , New York City, Singapore, Argentine

☆ EA college football is back after over a decade. The game and its fans are a lot different now
▼ + stars: | 2024-07-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Courtesy: EA SportsThe 2024 football season officially starts this weekend for many fans, as Electronic Arts rolls out a long-awaited revamp of its college football game. A new eraThe college football game, previously titled NCAA Football, was typically a smaller product for EA, at least compared to titles like Madden. Beyond the gameplay, the changes to the video game also reflect some massive shifts in college football itself, including the advent of the College Football Playoff. A decade ago, college football players had strict restrictions around making money outside of their scholarship. EA Sports College Football 25.

Persons: they've, Anthony Bencomo, Bencomo, Bill Long, Long, Eric Handler, Roth, Madden, Lucas Dolengowski, Dolengowski, Sports Bencomo, I've adulted Organizations: EA, EA Sports College Football, Electronic, XBox, PlayStation, Football, eBay, Sports, College Football, Sports What's Locations: Orlando, Sacramento, Madison , Alabama

☆ Tesla is acting like a meme stock right now, says billionaire 'Bond King' Bill Gross
▼ + stars: | 2024-07-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Tesla is acting like a meme stock right now, according to legendary bond investor Bill Gross. AdvertisementTesla is acting like a meme stock right now, according to legendary bond manager Bill Gross. In a post to X on Tuesday, Gross said of the electric vehicle company:Tesla acting like a meme stock — sagging fundamentals, straight up price action. But then there seems to be a new meme stock every other day now. — Bill Gross (@real_bill_gross) July 9, 2024The comments from Gross come amid an ongoing surge in Tesla stock.

Persons: Tesla, Bill Gross, Gross, —, Zapp, — Bill Gross, Keith Gill Organizations: Service, GameStop, Chewy

☆ Investors just got an inflation wakeup call. Will they answer?
▼ + stars: | 2024-07-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Inflation rates in Canada, the EU and Australia have popped higher in recent months. But that disconnect appears to be fading as inflation rates in the US continue to ease. The US also had a recent scare as inflation rates ticked higher. But after a year of the Fed holding interest rates steady at a 23-year high, inflation rates in the United States are once again declining. High inflation readings around the globe are concerning investors, José Torres, senior economist at Interactive Brokers, told CNN.

Persons: ”, Brent Schutte, Schutte, José Torres, Torres, payrolls, Chewy, Keith Gill, Krystal Hur, Gill, Ryan Cohen, Jordan Valinsky, CSSE Organizations: CNN Business, Bell, New York CNN, EU, Federal, Federal Reserve, Bank of Canada, Northwestern Mutual Wealth Management, Interactive Brokers, CNN, Investors, Bank for International, BIS, Securities, Exchange, GameStop, Soul Entertainment, BBC, Sony Pictures, Walmart, Walgreens, Apollo Global Management, Sony, Netflix Locations: New York, Canada, Australia, United States, Europe, Redbox

☆ Stocks making the biggest moves premarket: Chewy, Birkenstock, GameStop and more
▼ + stars: | 2024-07-01 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Boeing shares dipped 0.3%, while Spirit AeroSystems shares popped 4.5%. Verizon — Shares ticked up 0.5% after Goldman Sachs initiated coverage with a buy rating. Verizon shares will rise amid an improving competitive backdrop in the telecommunications industry, according to Goldman Sachs. Intercontinental Exchange — The financial exchange's shares rose 1.4% on the back of a Goldman Sachs upgrade to buy from neutral.

Persons: Kitty, Goldman Sachs, Goldman, —, Alex Harring, Sarah Min, Michelle Fox Organizations: UBS, GameStop, Boeing, Verizon, Intercontinental Exchange, Nvidia

☆ Stocks making the biggest moves midday: Chewy, GameStop, Boeing, Norwegian Cruise Line and more
▼ + stars: | 2024-07-01 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Boeing , Spirit AeroSystems — Boeing on Monday said it would buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Trump Media & Technology Group — Shares of Trump Media & Technology Group rose 3% following a roughly 11% loss during Friday's session. Nio — The Chinese electric vehicle stock rose 6% on Monday after the company said vehicle deliveries rose nearly 100% in June . Tesla — The electric vehicle stock popped 6%. NextEra Energy Partners — The renewable energy stock dropped 5%.

Persons: Keith Gill, Joe Biden, Donald Trump, Birkenstock, Nio, Tesla, Beryl, —, Jesse Pound, Michelle Fox, Alex Harring, Sarah Min, Hakyung Kim Organizations: GameStop, Boeing, Trump Media & Technology, Trump Media & Technology Group, UBS, Point Capital Management, NextEra Energy Partners, Royal Bank of Canada, Cruise, Royal Locations: Point, Grenada, Royal Caribbean

☆ Stock market today: Indexes rise to kick off the 2nd half as traders look ahead to fresh jobs data
▼ + stars: | 2024-07-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks ticked higher as traders looked to kick off the second half of the year,The market is adding to a strong performance in the first half, with the S&P 500 up 14% year-to-date. Investors are waiting for the June jobs report to roll out on Friday, which could shape the outlook for rate cuts. AdvertisementUS stocks surged on Monday as traders looked ahead to fresh jobs data at the end of the holiday-shortened week. Major indexes rose to add to gains from the already strong first half of 2024, while bond yields also ticked higher. Economists expect the economy to have added 190,000 jobs in the last month, down from 272,000 jobs added in May.

Persons: —, Stocks, Hogan, Riley Wealth, Keith Gill Organizations: Service, Nasdaq, Nvidia, Treasury, GameStop, Here's

☆ Work is getting really weird
▼ + stars: | 2024-07-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyBizarro workplaceLorenzo Matteucci for BILet's be honest: Work has gotten really weird. Workers hiring shadow stand-ins can be unqualified for their jobs, overwhelmed, greedy, or just lazy. Shadow stand-ins are typically paid a fraction of the salary earned by the actual employee. One employee also described to Rob struggling to deal with a shadow stand-in's sub-par work and eventually "firing" them. Getty Images; Alyssa Powell/BIMeanwhile, the people who are doing all the work themselves are having a tough time getting any recognition.

Persons: —, Lorenzo Matteucci, Rob Price, Rob, Alyssa Powell, BI's Aki Ito, Roaring Kitty, Bain, Chris Miller, Greg Peters, Ted Sarandos, Peters, Chelsea Jia Feng, Coach's, David Rosenberg, Donald Trump's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Grace Lett, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Super, Facebook, Workers, Corporations, Getty, GameStop, McKinsey, Taiwan Semiconductor Manufacturing Company, Netflix, Walgreens, CVS, Rite, Wimbledon Locations: Chicago, India, Pakistan, China, Taiwan, New York, London

☆ Chewy shares fall after surging on revelation of ‘Roaring Kitty’ meme trader’s 6.6% stake
▼ + stars: | 2024-07-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —Shares of online pet products retailer Chewy went on a wild ride Monday after Keith Gill, the influential meme stock trader also known as ”Roaring Kitty,” revealed a large stake in the company. On Monday, Gill said in a Securities and Exchange filing that he purchased about 9 million Chewy shares (CHWY), amounting to a 6.6% stake in the company. Chewy shares slipped about 5% mid-morning on Monday after jumping as much as 10% earlier in the session. Ryan Cohen, the founder of Chewy, is the chief executive of GameStop, the embattled video game retailer Gill is known for championing. Gill revived the meme stock frenzy in May after breaking a three-year social media hiatus to post a cartoon on X.

Persons: Chewy, Keith Gill, ”, Gill, Ryan Cohen, ” Gill Organizations: New, New York CNN, Securities, Exchange, GameStop, CNN, Financial Services Locations: New York, Texas

☆ Branding Chewy a meme stock is bad for the pet retailer, according to Wall Street analysts
▼ + stars: | 2024-07-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Chewy shares started swinging wildly after online personality Roaring Kitty revealed a big stake , but Wall Street analysts believe being branded as a meme stock is not good for the pet retailer. The meme stock leader, whose legal name is Keith Gill, has taken a 6.6% stake in Chewy, making him the third-largest shareholder. An initial boost in the share price — it surged 18% in two days early last week — has quickly faded, with shares falling more than 5% Monday. Many believe BC could use any rally in Chewy stock to sell more of its stake, putting a temporary ceiling on the shares. The dynamic could be at play Monday as Chewy's stock opened 9% higher, only to quickly give up all the gains and turn lower.

Persons: Chewy, Kitty, Keith Gill, —, David Bellinger, Gill, Don Bilson, Gordon Haskett, Seth Basham, Michael Bloom Organizations: GameStop, AMC, BC Partners, Partners Locations: Chewy

☆ Chewy stock whipsaws after Roaring Kitty discloses a $245 million stake
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Chewy shares opened 9% higher before reversing lower after Keith Gill disclosed a big stake. AdvertisementShares in the online pet retailer Chewy opened 9% higher on Monday before reversing lower after famed meme-stock trader Keith Gill unveiled a multi-million-dollar stake. The document shows he owns just over 9 million Class A shares, worth $245 million as of Friday's closing price. As of mid-June, he held over 9 million shares in GameStop. 13G SEC Filing related to Keith Gill's Chewy stakeIn Monday's SEC filing, Gill also marked down that "I am not a cat."

Persons: Keith Gill, Kitty, Gill, —, Chewy, that's, it's, Keith Gill's Chewy Organizations: Service, US Securities and Exchange Commission, Mizuho Securities, GameStop, Bloomberg, SEC Locations: Chewy, New York

☆ How Wall Street giants like JPMorgan are using AI to manage your retirement portfolio and the risks and regulations surrounding it, according to the founder of an AI safety software platform
▼ + stars: | 2024-06-29 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

Now, investment advisors are finding new and expansive use cases for AI in financial management. Vanguard is using AI to aggregate information from earnings transcripts and research reports, and has recently begun using AI to manage four of its stock funds. State Street is adding a generative AI feature to its platform which will answer customer questions about their portfolio and run analyses on portfolio data. There are some risks to using AI in investing, especially when your money could be on the line. Congress has pushed back on the rule, but Crawford is confident that AI regulation is in the cards, given the technology's far-reaching nature.

Persons: —, Alec Crawford, They're, Crawford, it's, chatbots — Organizations: Service, Inc, JPMorgan, Vanguard, Business, SEC, GameStop

☆ These retail traders lost big in the first meme stock episode. Here's why they won't stop betting on GameStop.
▼ + stars: | 2024-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

GameStop stock is still the fascination of day traders, even after many saw big losses in 2021. The allure of striking it rich on the meme stock is too great to ignore, traders told BI. Business Insider spoke with retail traders, who asked to use only their first name for privacy, about how past losses are impacting their decision to go long GameStop again. Still, he couldn't help himself from scooping up more GameStop shares when the stock rocketed higher this year. Advertisement"I dabbled a little bit with this current uptrend, certainly nowhere near the levels I was putting in before.

Persons: they're, —, Keith Gill —, Dan, couldn't, Brian, I've Organizations: GameStop, Service, Business, lotto Locations: Reddit, Gill's, California

☆ Roaring Kitty post of a dog sparks brief rally in shares of Chewy and Petco
▼ + stars: | 2024-06-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Chewy and Petco shares spiked briefly on Thursday after Keith Gill posted a dog on his X account. Chewy shares were up as much as 28%, while Petco shares surged as much as 13%. The petcare stocks spiked around 1:00 p.m. as Gill posted the image. Shares soared again when the famous retail trader posted screenshots on his Reddit account, which revealed he owned 5 million shares of GameStop stock. He's since nearly doubled his stake to 9 million shares and is among the top holders of the video game retailer's stock.

Persons: Keith Gill, —, Gill, Chewy, Petco Organizations: Service, Petco, Wellness Company, GameStop

☆ Lightning Round: GameStop raised enough money to reinvent the company, says Jim Cramer
▼ + stars: | 2024-06-27 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: GameStop raised enough money to reinvent the company, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: Palantir, GameStop, Recursion Pharmaceuticals and Marvell Technology.

Persons: Jim Cramer Organizations: GameStop, Pharmaceuticals, Marvell Technology

☆ Bed Bath & Beyond board members were concerned Ryan Cohen got insider info before his $60 million windfall, new deposition details show
▼ + stars: | 2024-06-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond board members were concerned Ryan Cohen was getting insider information. Sue Gove, the company's CEO, said in a deposition that she was concerned about Cohen's relationship with board members. AdvertisementBed Bath & Beyond board members were concerned Ryan Cohen received insider information before making $60 billion selling the company's stock, according to a deposition by CEO Sue Gove. Ben Rosenzweig, one of the directors on Bed Bath & Beyond's board, was known to have private contact with Cohen, the deposition said. Their conversations revolved around the personalities of other board members and whether Cohen's nominees for Bed Bath & Beyond's board were let in on calls, according to the testimony.

Persons: Ryan Cohen, Sue Gove, Gove, Cohen, —, Ben Rosenzweig, Rosenzweig, Ryan, they've Organizations: Service, Bed, GameStop, Business

☆ Cramer's Lightning Round: 'Hold on to' Marvell Technology
▼ + stars: | 2024-06-27 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Palantir's year-to-date stock performance. Stock Chart Icon Stock chart icon GameStop's year-to-date stock performance. Stock Chart Icon Stock chart icon Recursion Pharmaceuticals' year-to-date stock performance. Stock Chart Icon Stock chart icon IonQ's year-to-date stock performance. Stock Chart Icon Stock chart icon Marvell Technology's year-to-date stock performance.

Persons: Marvell Organizations: GameStop, Marvell Technology

A picture of a cartoon dog appeared on his X feed Thursday afternoon, briefly driving up Chewy shares as much as 34% to $39.10. Chewy shares surged on Thursday after meme stock leader Roaring Kitty posted a picture on social media platform X that resembles the logo of the online pet food retailer. There's also a strong connection between meme stock GameStop and Chewy. GameStop CEO Ryan Cohen was the founder and CEO of Chewy, who was instrumental in PetSmart's takeover of Chewy in 2017 and its subsequent initial public offering in 2019. He later took over as GameStop CEO in 2023, leading a turnaround in the brick-and-mortar video game retailer.

Persons: Kitty, Keith Gill, Chewy, Roaring Kitty, There's, Ryan Cohen, Cohen, Petco, Gill Organizations: GameStop, Chewy, Massachusetts Mutual Life Insurance Locations: Chewy

☆ Trump’s company is valued ‘absurdly out of the realm of normal,’ LinkedIn billionaire says
▼ + stars: | 2024-06-25 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

But the LinkedIn co-founder is dumbfounded by the size of the social media fortune former President Donald Trump is sitting on. Trump’s conservative social media company, Truth Social owner Trump Media & Technology Group, is valued by Wall Street at a whopping $6 billion — even after a recent plunge in its share price. “That is wildly high,” Hoffman, who is now a director at Microsoft and a venture capital investor, told CNN. Trump’s stake is worth nearly $4 billionHoffman is hardly the first to express disbelief at the valuation of Trump Media. Based on Monday’s share price, Trump’s 114.75 million shares in Trump Media are valued at nearly $4 billion.

Persons: New York CNN — Reid Hoffman, Donald Trump, ” Hoffman, “, Elon Musk’s, Hoffman, Trump, Meta, —, Jay Ritter, Barry Diller Organizations: New, New York CNN, LinkedIn, Truth Social, Trump Media & Technology Group, Wall, Microsoft, CNN, Trump Media, Nasdaq, Reddit, Meta, Facebook, “ Trump Media, ” Trump Media, Trump, SEC, GameStop, AMC, University of Florida, ” Billionaire, MGM Resorts International, CNBC, White Locations: New York

☆ Roaring Kitty's slim chance to become a billionaire from his GameStop bet, explained
▼ + stars: | 2024-06-21 | by ( Anuz Thapa | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRoaring Kitty's slim chance to become a billionaire from his GameStop bet, explainedMeme stock celebrity Keith Gill, aka 'Roaring Kitty,' has been dominating headlines since his online reappearance in May 2024 after a three-year hiatus. Wall Street closely follows his posts, which usually consist of memes and cryptic messages. These messages have caused significant volatility, especially in GameStop shares. Watch the video to see how his return has reignited the meme stock craze and whether his GameStop bet could make him a billionaire.

Persons: Keith Gill Organizations: GameStop

☆ Trump Media shares are in free fall
▼ + stars: | 2024-06-21 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Truth Social owner Trump Media & Technology Group has gone ice-cold. The weeks-long selloff accelerated in recent days as Trump Media announced it received approval from regulators for a move that threatens to water down the holdings of shareholders. The problem is that even after the recent selloff, Trump Media is still valued in the billions of dollars, and yet it generates very little revenue. Not only that, but Truth Social remains a tiny player in social media, dwarfed by Elon Musk’s X (formerly Twitter), Reddit and even Instagram’s Threads. “Today marks another milestone for Truth Social,” Trump Media CEO Devin Nunes said in a statement on Tuesday.

Persons: Donald Trump, ”, Jay Ritter, Elon Musk’s, Matthew Kennedy, that’s, Kennedy, Devin Nunes, Ritter, Trump Organizations: New, New York CNN, Truth, Trump Media & Technology Group, Trump, Trump Media, University of Florida, Renaissance, GameStop, AMC, Securities and Exchange Commission, ” Trump Media Locations: New York

☆ Vanishing short-sellers have helped push stocks to record highs. But beware a sharp negative reversal, JPMorgan says.
▼ + stars: | 2024-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Short bets against funds that track major US indexes have declined to record lows, JPMorgan said. As the S&P 500 and Nasdaq have hit a streak of record highs this year, short interest in funds that track the indexes has dropped, the bank said. AdvertisementFirst, short bets are expensive to maintain when a stock or fund is climbing, a risk that's especially relevant in today's bull run. Second, regulators have added restraints to short selling, by mandating transparency and adding costs to short sellers that target equities, JPMorgan said. According to JPMorgan, short positions are also disappearing from individual stocks, with a clear decline in the top seven leading equities.

Persons: —, Nikolaos Panigirtzoglou, Jim Chanos Organizations: JPMorgan, Service, Nasdaq

☆ CNBC Daily Open: Boeing's 'moment of reckoning'
▼ + stars: | 2024-06-18 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.

Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD

The meme stock was down about 12%, as the company's rescheduled shareholder event wrapped up with no detailed remarks about its strategies. GameStop shares dropped to session lows Monday after the company's highly anticipated annual meeting failed to offer any concrete updates on the video game retailer's future plans. Cohen didn't provide more specifics on the company's future growth strategies. GameStop is still struggling with a transition to online gaming and away from brick-and-mortar video game purchases, with investors banking on Cohen to eventually reinvent the company. The retailer recently raised more than $2 billion in an at-the-market equity sale as the video game company took advantage of the revived meme rally.

Persons: Ryan Cohen, Cohen, Cohen didn't, Roaring Kitty, Keith Gill, Gill Organizations: GameStop, New York Stock Exchange Locations: New York City, U.S

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