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biggest-shorts-on-wall-street-including-gamestop-correction
  + stars: | 2024-05-29 | by ( ) www.cnbc.com   time to read: 1 min
Short interest in GameStop jumped 6% to more than 68 million shares as of May 15. A previous version misstated the number of shares sold short.
Organizations: GameStop
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. Nasdaq hits record in muted tradeThe Nasdaq Composite closed above 17,000 for the first time, driven by a surge in Nvidia shares, in an otherwise lackluster day for the market. The yield on the 10-year Treasury note rose following a $70 billion Treasury Department auction of 5-year notes that met with weak demand. T-Mobile plans to use U.S. Cellular's wireless spectrum to improve coverage in rural areas.
Persons: Neel Kashkari, Vasu Raja, Raja, Ryan Salame, Sam Bankman, Salame, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, . American Airlines, American Airlines, Mobile, U.S, Cellular, U.S . Cellular, GameStop, Commission
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow Jones Industrial Average fell more than 200 points after hawkish comments from Minneapolis Federal Reserve President Neel Kashkari. Fed's Kashkari seeks more inflation dataThe Federal Reserve should wait for significant progress on inflation before cutting interest rates, Kashkari told CNBC on Tuesday. GameStop soarsShares of GameStop jumped more than 20% after the video game retailer announced it raised $933 million from a share offering. [PRO] Riding the AI boomCNBC's Todd Gordon analyzes a cybersecurity company that could benefit from investor enthusiasm for artificial intelligence-related stocks.
Persons: Neel Kashkari, Fed's Kashkari, Kashkari, Vasu Raja, Raja, Korea's, Hang Seng, Todd Gordon Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Minneapolis Federal, Federal, American Airlines, GameStop, Japan's Nikkei, China's CSI, International Monetary Fund Locations: Minneapolis, Asia, Pacific
In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on March 5, 2024 in Paris, France. As meme stocks like GameStop temporarily surged this month, it appears meme coins are having a moment as well. But before you consider investing in cryptocurrency, it's important to understand the difference between meme coins, altcoins and bitcoin. And although every meme coin is an altcoin, every altcoin isn't necessarily a meme coin. "Meme coins are among the riskiest of cryptocurrencies because they seem to emerge from nowhere and information about them can be sparse," he says.
Persons: shiba, Pepe, Bitcoin, Satoshi Nakamoto, Nakamoto, Altcoins Altcoins, James Royal, you'll Organizations: GameStop, U.S ., CNBC, Federal Trade Commission Locations: Paris, France, cryptocurrency, stablecoins
Short interest in GameStop jumped 6% to more than 68 million shares as of May 15, which accounts for over 25% of its float. For the month, GameStop is up more than 92%. A short squeeze occurs when a stock price surges, forcing investors shorting the stock to purchase shares, or cover their shorts, to buy back stock and cut their losses. The stock has its short interest as a percent of float at nearly 34%. Correction: Short interest in GameStop jumped 6% to more than 68 million shares as of May 15.
Organizations: GameStop, Traders, CNBC Pro, New York Stock Exchange, Nasdaq, Kohl's, Revenue
GameStop — Shares surged nearly 27% following the company's announcement Friday that it had made around $933.4 million from a stock sale. Norwegian Cruise Line Holding — The cruise stock rose 3% following an upgrade to buy from neutral at Mizuho. Bank of America initiated coverage of Viking with a buy rating, citing its "singular brand and clear niche." UBS also gave it a buy rating, saying it's a "pure play in luxury travel." Airbnb — Shares of the short-term rental company added 1.5% following an upgrade by Wedbush to outperform.
Persons: DuPont's, Andrew Boone, Duolingo Max, Boone, Huntington Bancshares, Jesse Pound, Sarah Min, Michelle Fox Organizations: GameStop, Nvidia, Cruise, Mizuho, Street, New York Stock Exchange, Bank of America, UBS, JPMorgan, DuPont —, Citi, U.S, Cellular, Mobile
Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.
Persons: Agios, vorasidenib, , Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, , Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells
A trader works as a screen displays the trading information for GameStop on the floor at the New York Stock Exchange on May 15, 2024. GameStop shares rose 25% in premarket trading on Tuesday after the company on Friday announced that it had made around $933 million from a stock sale. Shares in the videogame retailer were up 25.11% at 6:43 a.m. ET in the U.S. Markets are set to re-open on Tuesday after remaining closed on Monday for Memorial Day. GameStop said on Friday it made close to $933.4 million by selling 45 million common shares.
Persons: GameStop Organizations: GameStop, New York Stock Exchange, U.S . Locations: U.S
Years of work on Wall Street to pick up the pace of trading will be put to the test this week. Starting Tuesday, trades of stocks and several other securities will need to be settled by the end of the next business day. This so-called "T+1 settlement" is an acceleration of the previous process, which allowed for two business days. The latest change comes after the GameStop mania in 2021 put the settlement process under closer scrutiny. There was also increased instances of "failure to deliver," or trades where settlement did not occur, during that period.
Persons: Gary Gensler, Tim Huver, Brown, Harriman Organizations: Securities, Exchange, SEC, GameStop
The Big Number: $48.75
  + stars: | 2024-05-24 | by ( J. Edward Moreno | ) www.nytimes.com   time to read: 1 min
But just as quickly as the price shot up, it plunged. GameStop shares closed at $18.32 on Thursday, down more than 60 percent from their peak. In just a little over a week, much of the billions of dollars in market value that the company had gained was lost. GameStop’s wild ride can be traced to Keith Gill, the trader known as “Roaring Kitty,” who returned to social media on May 12 after a nearly three-year hiatus.
Persons: Keith Gill, Organizations: GameStop
New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.
Persons: , That’s, ” Gary Gensler, , Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI
The meme-stock "apes" have attracted a new member: Robert F. Kennedy Jr. The presidential candidate said he'd bought $24,000 of GameStop stock in a show of support. Kennedy endorsed retail investors' calls for reforming Wall Street to level the playing field. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRobert F. Kennedy Jr. has joined the meme-stock movement — and shown he's serious by investing in GameStop.
Persons: Robert F, Kennedy Jr, he'd, Kennedy, Organizations: GameStop, Service, Business Locations: Wall Street
Independent U.S. presidential candidate Robert F. Kennedy Jr. hikes in the Santa Monica Mountains in Los Angeles on March 18, 2024. "My administration will support the Ape retail rebellion and enact aggressive Wall Street reforms," Kennedy Jr. wrote in a social media post. The apes were motivated in part by a desire to buck bearish Wall Street analysts' grim assessments of the companies' long-term prospects. Kennedy Jr. is actively courting undecided voters with a fringe political brand that could appeal to some anti-establishment meme stock investors. Kennedy Jr. has made obscure statements about his investment record.
Persons: Robert F, Kennedy Jr, Joe Biden, Donald Trump, Kennedy, Trump's, Trump Organizations: Independent U.S, GameStop, AMC Locations: Santa Monica, Los Angeles, bitcoin
Those strike prices were substantially higher than the stock's price, which was trading between $10 to $16.50 that week. But what Sosnick found interesting was that the open interest went up faster for the $30 strike calls, signaling an expectation that the price would really rally this time. The table below shows the rise in open interest on strike calls of 20, 25, and 30 set to expire by May 17 and the price of the contracts. AdvertisementTom Sosnoff, the cofounder of Thinkorswim and Tastytrade, says there's probably a reasonable explanation behind the rise of open interest in GME. As for the rise of open interest on the 30-strike price, he attributes it to the cheapness of those contracts relative to the other strikes rather than a function of price prediction.
Persons: Keith Gill's, Roaring, Gill, Steve Sosnick, Sosnick, GME, Tom Sosnoff, there's, you'd, Sosnoff Organizations: GameStop, Social, Interactive, Traders Locations: GME
In this article GMENVDATSLAGOOGL Follow your favorite stocks CREATE FREE ACCOUNTAndriy Onufriyenko | Moment | Getty ImagesThis 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. Like what you see? You can subscribe here. What you need to know todayThe bottom line
Persons: Andriy Onufriyenko Organizations: CNBC
Wix.com — The web development company jumped more than 25% after it posted better-than-expected first-quarter results. Norwegian Cruise Line — The cruise line operator jumped more than 8% after Norwegian Cruise Line lifted its full-year earnings guidance. It also reported better-than-expected first-quarter results. Hasbro — Shares gained 3% after Morgan Stanley called Hasbro a top pick, saying its recent underperformance gives investors a strong entry point. Uranium stocks have recently gained after President Joe Biden signed a bill banning imports of Russian uranium for nuclear fuel.
Persons: Wix.com, Li Auto, Goldman Sachs, Morgan Stanley, Johnson, Elliott, Joe Biden, NuScale, — CNBC's Michelle Fox, Lisa Kailai Han, Alex Harring, Samantha Subin Organizations: Norwegian Cruise, Target, GameStop, Micron Technology, Hasbro —, Hasbro, Bloomberg News, Elliott Management, Nvidia, Microsoft, Dell Technologies Locations: Norwegian, U.S, NextDecade's Rio
Apple — Apple shares slipped less than 1% after Reuters reported the technology giant is implementing aggressive discounts on its iPhones in China. Micron Technology — Shares moved 2.3% higher after Morgan Stanley upgraded the semiconductor company to equal weight from underweight. Johnson Controls — Shares rose 5% after Bloomberg News reported Elliott Management has built a more than $1 billion stake in the security and safety company. Teradyne – The semiconductor testing equipment stock rose nearly 3%. Goldman Sachs upgraded Teradyne to a buy rating, citing its recent strong quarter and expectations for a "cyclical recovery" within its system-on-chip design test business.
Persons: Morgan Stanley, Li, Johnson, Elliott, Goldman Sachs, , Alex Harring, Michelle Fox Organizations: Apple, Reuters, Micron Technology —, Micron, Nvidia, Barclays, Stifel, Li Auto, GameStop, AMC Entertainment, Bloomberg News, Elliott Management Locations: China
Insider Today: Google's big shakeup
  + stars: | 2024-05-19 | by ( Matt Turner | ) www.businessinsider.com   time to read: +4 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. If you're interviewing for a job in the coming weeks, check out these five questions to ask at the end. Roaring Kitty; Getty Images; Alyssa Powell/BIThis week's dispatchInvestors go back to the futureAdvertisementStocks hit record highs. And with bitcoin hovering near record highs and the crypto winter seemingly behind us, crypto companies are on the front foot once more. Erdinhasdemir/Getty Images, Choness/Getty Images, Abanti Chowdhury/BIThe hottest jobs right now are blueWant a six-figure salary?
Persons: , Kitty, Alyssa Powell, Keith Gill, Brandon Celi, Abanti Chowdhury, Jobs, Richard A, Rick Doblin, Sundar Pichai Mateusz, Chelsea Jia Feng Google's, shakeup, Sundar Pichai, Pichai, Adam Selipsky's Organizations: Service, Business, Dow, Consumers, Walmart, UPS, FDA, Getty Images, Google, Amazon Locations: Ukraine, East, Silicon
GameStop's meme-stock rally officially ended on Friday after the company announced plans to sell 45 million shares. GameStop said the extreme rally in its stock does "not appear to be based on the underlying fundamentals of our business." This week's meme-stock rally that sent shares of GameStop surging as much 271% is done. The rally in GameStop shares came to its sputtering conclusion on Friday when the struggling video game retailer announced plans to sell 45 million shares in an at-the-market offering, which could result in massive dilution for existing shareholders. AdvertisementThis type of share sale allows GameStop to, at its discretion, sell shares directly in the open market to willing buyers to raise capital, with an upside limit of 45 million shares.
Persons: Organizations: GameStop, Service, AMC Entertainment, SEC
Meme stocks are in the spotlight this week. These so-called meme stocks, which gained popularity through social media platforms like Reddit and X (formerly known as Twitter), have attracted retail investors looking to make a quick profit. Future of meme stocks One analyst, who has previously been bearish on GameStop and tech stocks, said that while fundamentals for the stock have improved, GameStop is still in the "danger zone." 'Danger zone' stocks Here are some other stocks Trainer says is in his "danger zone" list, which also includes his "zombie stocks." He cited its "continuing deterioration" of its fundamentals, including its "unsustainable" expenses and steady cash burn.
Persons: David, Trainer, DoorDash's, Yun Li Organizations: GameStop, AMC, CNBC Pro, AMC Entertainment Holdings, Tilray
The stock market is in the early stages of a period of rising retail investor activity, and that could bode well for Robinhood Markets , according to Bank of America. The bank double upgraded the online brokerage and financial service provider to buy from underperform on Friday, raising its price target to $24 from $14, implying about 34% upside in the shares. "Retail engagement peaked in 2021 and then declined significantly through the > 500bps of Fed rate hikes and the 2022 bear market, troughing in 2023," Bank of America analyst Craig Siegenthaler said in a note. "However, following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets … and we expect this to continue through 2026." Siegenthaler said a rise in retail engagement can drive 44% organic growth, margin loan utilization and more than 60% year-over-year trading activity that can drive payment for order flow.
Persons: bode, Craig Siegenthaler, Siegenthaler, Michael Bloom Organizations: Bank of America, GameStop, AMC, " Bank of America Locations: underperform, Underperform
GameStop shares tumbled more than 20% premarket Friday after the video game retailer said it plans to sell additional shares and reported preliminary results that showed a drop in first-quarter sales. In a new regulatory filing, the video game retailer said it will sell up to 45 million class A common shares in an at-the-market offering. The sale comes after GameStop shares surged earlier this week in a brief revival of the meme stock trade. Meanwhile, in a separate statement, GameStop said it now expects net first-quarter sales in the range of $872 million to $892 million, down from around $1.24 billion in the same quarter last year. GameStop's first-quarter net loss is expected to be between $27 million and $37 million, narrower than a net loss of $50.5 million in the year-earlier period.
Persons: FactSet, GameStop's, Keith Gill Organizations: GameStop
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow breaks through 40,000 barrierThe Dow Jones Industrial Average briefly passed the 40,000 mark for the first time before ending lower. The S&P 500 and Nasdaq also hit record highs but ended the session in negative territory. The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each. [PRO] New S&P 500 targetsWall Street's recent record highs have prompted market analysts to revise their S&P 500 year-end price targets.
Persons: Dow, John David Rainey, We've, Armour, Armour's, Kleiner Perkins, Bob Pisani Organizations: CNBC, Dow Jones Industrial, Nasdaq, Walmart, GameStop, AMC Locations: North America, Sequoia
Take-Two Interactive Software — Shares of the video game company were down more than 2% after an update about the timing of the new Grand Theft Auto game. Doximity also reported in line revenue guidance for the first quarter. Expected revenue of $585 million to $589 million was weaker than the $590.2 million consensus estimate. The information technology company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the FactSet consensus estimate of 76 cents earnings per share. Revenue guidance of $3.1 billion to $3.150 billion was less than the anticipated $3.3 billion.
Persons: Reddit, Doximity, Globant, FactSet, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: GameStop, OpenAI, Bloomberg, Globant SA, FactSet, Citigroup, DXC Technology
The sale comes after GameStop shares surged earlier this week in a brief revival of the meme-stock trade. Reddit — The social media stock popped 12% after Reddit announced a partnership with OpenAI. Take-Two Interactive — Shares of the video game publisher were up about 1% after its quarterly report showed stronger-than-expected bookings. Revenue guidance of $3.1 billion to $3.15 billion was also softer than the $3.3 billion expected by Wall Street. JD.com — The Chinese e-commerce stock advanced 2.2% on the heels of a Macquarie upgrade to outperform from neutral.
Persons: Reddit, OpenAI, Doximity, Globant, DXC, Tilray, Coinbase, JD.com, Macquarie, Jefferies, Yun Li, Jesse Pound, Samantha Subin, Hakyung Kim Organizations: GameStop, OpenAI, Reuters, Microsoft, Nvidia, Bloomberg Law, Globant SA, Technology, FactSet, Wall, Bank of America, Macquarie, DuPont de Nemours, Jefferies
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