DIRS.INFO The most relevant business & tech news

☆ GameStop shares climb on strong volume
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

The videogame retailer's shares were last at $15.12, the third most actively traded stock on the New York Stock Exchange at 5:50 a.m. On Tuesday, GameStop shares had their biggest one-day percentage gain in eight months on no clear news catalyst. AMC Entertainment (AMC.N), another favorite among retail traders, rose nearly 4% to $6.95. "The market optimism now vacuum retail traders in – and it's the ultimate signal that the (market) rally is overstretched," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. GameStop shares have slumped 27% in 2023 up to Tuesday's close, while AMC had wiped out 80% of its value.

Persons: Andrew Kelly, GameStop, Ipek Ozkardeskaya, Medha Singh, Krishna Chandra Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, AMC Entertainment, AMC, Swissquote Bank, Thomson Locations: Manhattan , New York City, U.S, –, Bengaluru

Short selling involves borrowing a stock to sell it in the expectation the price will fall, then repurchasing the shares and pocketing the difference. Short interest in the U.S. market totaled $927 billion as of Thursday, according to analytics firm S3 Partners. The new rules require institutional investors to report their gross short positions to the SEC monthly and certain "net" short activity for individual dates on which trades settle. "Investment advisers will face more risk when selling short, which will harm investors, market participants, and market efficiency," said its CEO Bryan Corbett. SEC officials said the new rules, which the commission agreed upon in a 3-2 vote, support the agency's efforts to police the practice.

Persons: Jim Bourg, Gary Gensler, Gensler, Stephen Hall, FINRA, Bryan Corbett, Douglas Gillison, Chris Prentice, Michelle Price, Chizu Nomiyama, Chris Reese Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, GameStop, Financial Industry Regulatory Authority, Partners, Stephen Hall of Better, Justice Department, Thomson Locations: Washington, U.S

Short selling involves borrowing a stock to sell it in the expectation the price will fall, then repurchasing the shares and pocketing the difference. The practice has long been divisive, with critics accusing short sellers of trying to hurt companies, and short sellers arguing they help root out fraud and corporate misconduct. Since at least 2021, the Justice Department and the SEC have also been investigating potential manipulation by short sellers and hedge funds around the publication of negative research reports. SEC officials said the new rules, which the commission agreed upon in a 3-2 vote, support the agency's efforts to police the practice. Specifically, institutional investors will have to report gross short positions to the SEC monthly and certain "net" short activity for individual dates on which trades settle.

Persons: Jim Bourg, Gary Gensler, FINRA, Douglas Gillison, Chris Prentice, Michelle Price, Chizu Nomiyama, Chris Reese Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, GameStop, Financial Industry Regulatory Authority, Partners, Justice Department, Thomson Locations: Washington, U.S

☆ GameStop names billionaire Ryan Cohen as CEO in turnaround push
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Traders work under signage for GameStop Corp. (NYSE: GME) on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 8, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 28 (Reuters) - GameStop (GME.N) on Thursday named billionaire Ryan Cohen as its CEO and chairman on Thursday, tightening the activist investor's grip on the ailing brick-and-mortar videogame retailer that he intends to turn around. Gamestop said he will relinquish that title and will not receive any compensation for his new roles. Cohen arrived at GameStop after building online pet products retailer Chewy into a powerhouse that he sold for $3.5 billion in 2017. The billionaire had initially tried to steer GameStop aggressively toward a more online-focused model as the chain, dependent on physical stores, looked to revive its business.

Persons: Andrew Kelly, Ryan Cohen, Cohen, Matt Furlong, Jenna Owens, Michael Recupero, Furlong, Aditya Soni, Arun Koyyur Organizations: GameStop Corp, New York Stock Exchange, REUTERS, GameStop, Gamestop, Bed, Nordstrom Locations: Manhattan , New York City, U.S, Bengaluru

Traders have priced in a 73% chance of the U.S. central bank holding interest rates at the current 5%-5.25% range during its monetary policy meeting on June 13-14, according to CMEGroup's Fedwatch tool. "Today's data in terms of higher claims shows that the Fed policy is having a clear effect," said David Russell, vice president of Market Intelligence at TradeStation. The CBOE Volatility index (.VIX), also known as Wall Street's fear gauge, dropped to a fresh pre-pandemic low of 13.73. The U.S. Labor Department is due to release inflation data on June 13, the first day of the Fed meeting. The S&P index recorded six new 52-week highs and two new lows, while the Nasdaq recorded 38 new highs and 29 new lows.

Persons: David Russell, Wells, Ryan Cohen, Piper Sandler, Zhu Jiang, Sruthi Shankar, Shristi, Vinay Dwivedi Organizations: GameStop, Dow, Nasdaq, Treasury, Traders, Market Intelligence, Fed, Nvidia Corp, Apple Inc, Tesla Inc, GameStop Corp, U.S . Labor Department, Bank of Canada, BoC, Dow Jones, Adobe, Lucid, NYSE, Thomson Locations: Wells, U.S, Wells Fargo, China, Bengaluru

☆ Futures muted as bond yields rise on rate jitters
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.01%, S&P 0.06%, Nasdaq 0.09%June 8 (Reuters) - U.S. stock index futures were largely flat on Thursday as government bond yields hovered near recent highs on worries that major central banks could keep raising interest rates. The benchmark S&P 500 (.SPX) and the tech-heavy Nasdaq (.IXIC) closed lower on Wednesday, with megacap stocks leading declines as U.S. bond yields rose after the Bank of Canada (BoC) surprised markets with an interest rate hike. The 2-year Treasury yield , which tends to move in step with short-term rate expectations, rose for a third day to 4.56%, as investors await the Federal Reserve meet next week. Eventually we don't think the Fed will hike in July," Jefferies strategist Mohit Kumar said. They see a 50% chance of a rate hike in July.

Persons: Jefferies, Mohit Kumar, Russell, Thierry Breton, Ryan Cohen, Zhu Jiang, Sruthi Shankar, Vinay Dwivedi Organizations: Dow, Nasdaq, Bank of Canada, BoC, Microsoft Corp, Apple Inc, Amazon.com Inc, Treasury, Reserve, Traders, U.S . Labor Department, Dow e, Meta, Inc, GameStop Corp, Thomson Locations: U.S, KBW, China, Bengaluru

☆ He Was a Quant at Citadel. Now He Agitates for GameStop Investors.
▼ + stars: | 2023-04-28 | by ( Alexander Osipovich | ) www.wsj.com time to read: 1 min

Dave Lauer was once a quant at hedge fund Citadel. Now he is a thorn in the side of Wall Street in a battle over how individual investors’ trades are handled in the U.S. stock market. Mr. Lauer is the co-founder of We the Investors, an advocacy group that draws much of its energy from apes—investors active on social media who tend to favor meme stocks such as GameStop Corp. and AMC Entertainment Holdings Inc.

☆ Analysis: Heroes or villains: Short sellers' role in the U.S. bank crisis
▼ + stars: | 2023-04-09 | by ( Lawrence Delevingne | ) www.reuters.com time to read: +7 min

How much short sellers contributed to the downward spiral reprises the debate about whether so-called shorts are market watchdogs or opportunistic investors who profit from others’ misery. In the case of the banking crisis, a review of data and interviews with short sellers and their critics show, the answer may be both. Some high profile short sellers were later celebrated as making prophetic calls about the U.S. housing market. Even so, interviews and public postings show at least some short sellers had placed bets against regional banks well before the crisis hit. SHORT POSITIONSSuch early short sellers, however, were in the small minority.

☆ AMC stock slumps, 'APEs' jump after litigation deal
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

April 3 (Reuters) - AMC Entertainment Holdings Inc (AMC.N) shares tumbled 24% in extended trade on Monday, while its preferred shares jumped 21% after the movie theater chain said it agreed to settle litigation and proceed with converting its preferred stock into common shares. The preferred shares have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. AMC said that as part of the settlement, it has agreed to pay the plaintiffs one share for every 7.5 shares they own. Shareholders voted last month in favor of increasing the total number of authorized shares and carrying out a one-for-10 reverse stock split as part of a plan to convert its preferred shares into common shares. AMC listed the preferred shares under the symbol "APE" in a nod to Reddit's wallstreetbets stock trading forum, where participants often describe themselves as apes.

ET (1800 GMT), with investors keenly awaiting Chair Jerome Powell's conference at 2:30 p.m. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 16, 2023. REUTERS/Brendan McDermidHowever, a scramble by troubled regional U.S. lender First Republic Bank (FRC.N) to secure a capital infusion has kept alive some worries about the banking sector. Declining issues outnumbered advancers by a 1.13-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and six new lows, while the Nasdaq recorded 27 new highs and 75 new lows.

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

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

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET to gauge the central bank’s rate-hike trajectory. U.S. Treasury yields rose, with the yield on the two-year note, which best reflects interest rate expectations, last at 4.212%. Declining issues outnumbered advancers by a 1.56-to-1 ratio on the NYSE a 1.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and four new lows, while the Nasdaq recorded 13 new highs and 34 new lows.

The U.S. central bank's two-day policy meeting will end at 2 p.m. ET (1800 GMT), with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. While the central bank is likely to continue its hiking cycle with a 0.25% move, we think the guidance for future meetings will be considerably more open," said Gabriele Foà, co-portfolio manager at Algebris Investments. ET, Dow e-minis were up 24 points, or 0.07%, S&P 500 e-minis were up 1.5 points, or 0.04%, and Nasdaq 100 e-minis were down 12.75 points, or 0.1%.

☆ Futures edge lower on caution ahead of Fed rate decision
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

The expected rate hike of 25 basis points is a turnaround from the steep 50 basis points rate rise anticipated before the recent banking turmoil, triggered by the recent collapse of two regional banks. Markets will also be watching out for a news conference by Fed Chair Jerome Powell following the interest rate decision, looking for cues about the central bank's future path in his commentary. U.S. Treasury yields inched lower amid the cautious mood, with that on the two-year note last at 4.13%. ET, Dow e-minis were down 57 points, or 0.17%, S&P 500 e-minis were down 9.5 points, or 0.24%, and Nasdaq 100 e-minis were down 54.75 points, or 0.43%. Shares of GameStop Corp (GME.N) jumped 38.9% after the company posted a surprise profit for the fourth quarter, helped by lower costs and job cuts.

☆ Wall St ends sharply lower as Powell warns inflation fight continues
▼ + stars: | 2023-03-22 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell's subsequent Q&A session. Worries persist that the Fed's aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O), have exacerbated those fears. All 11 major sectors of the S&P 500 ended the session deep in negative territory, with real estate (.SPLRCR) suffering the steepest percentage drop, its largest one-day plunge since Sept. 13. The S&P 500 posted six new 52-week highs and 13 new lows; the Nasdaq Composite recorded 44 new highs and 179 new lows. Volume on U.S. exchanges was 11.84 billion shares, compared with the 12.70 billion average over the last 20 trading days.

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

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

☆ GameStop Shares Surge After It Posts Surprise Profit
▼ + stars: | 2023-03-21 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

GameStop has been working to turn around its business. GameStop Corp. shares surged more than 40% after the retailer said cost cutting helped it record its first quarterly profit after seven consecutive quarters of losses. GameStop has been working to turn around its business for close to two years under the leadership of a revamped executive team and board of directors.

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

☆ AMC tumbles as shareholders approve plan to convert APE preferreds
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Shares of AMC Entertainment Holdings Inc (AMC.N) tumbled about 17% on Tuesday after shareholders voted in favor of converting the company's preferred stock into common shares. The approval of the measures at Tuesday's shareholder meeting comes as AMC faces an April 27 hearing in a lawsuit claiming it circumvented shareholders who were against adding more shares. The preferred shares, which trade under the symbol "APE," have lost over 70% since they were issued in August as part of a plan to pay down the company's debt. The common stock was down 17.3% at $4.51 following the vote, putting it on track for its worst day in almost two years. The preferred shares were up 6.9% at $1.85.

Feb 15 (Reuters) - The founder of WallStreetBets, which has been credited with helping ignite investors' frenzy into "meme" stocks, sued Reddit Inc on Wednesday, accusing it of wrongly banning him from moderating the community and undermining his trademark rights. According to the complaint filed in federal court in Oakland, California, Rogozinski applied to trademark "WallStreetBets" in March 2020, one month before his ouster, when the community reached 1 million subscribers. "Jamie was removed as a moderator of r/WallStreetBets by Reddit and banned by the community moderators for attempting to enrich himself. Meme stocks typically gain popularity through discussions, often among inexperienced investors, in online forums such as WallStreetBets and Twitter. The case is Rogozinski v Reddit Inc, U.S. District Court, Northern District of California, No.

☆ Wall Street watchdog set to adopt rules aimed at GameStop-type risk
▼ + stars: | 2023-02-15 | by ( Douglas Gillison | ) www.reuters.com time to read: +2 min

The U.S. Securities and Exchange Commission (SEC) was also due to vote on whether to propose changing rules protecting client assets held by investment managers. Trade groups have broadly welcomed the commission's proposal to cut the so-called settlement cycle to a single business day from two, six years after an earlier SEC rule shortened the period from three days. GameStop's share price tanked after its earlier volatility resulted in a multi-billion-dollar margin call on trading platform operators such as Robinhood Markets Inc (HOOD.O). A shorter settlement cycle should see fewer defaults and thus help cut margin deposit costs, thereby reducing the chances of such a scenario recurring, according to the SEC. Reporting by Douglas Gillison; Editing by Megan Davies and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

Analysts said the new cash may afford Bed Bath only a few quarters to revive its business, and a weakening economy would diminish any chance of a successful turnaround. Bed Bath declined to comment on Hudson Bay Capital's role in the share sale. "All is on hold," a maker of children's apparel said last week, adding that it had stopped shipping products to Bed Bath since early January. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Reuters reported late last month that Bed Bath had lined up liquidators to close additional stores unless a last-minute buyer emerged.

Hudson Bay Capital is unrelated to Canadian department store chain Hudson's Bay Co. Bed Bath & Beyond declined to comment earlier Tuesday on Hudson Bay Capital leading investment in the share sale. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyPrices on Bed Bath & Beyond bonds due in 2024 climbed to 24 cents on the dollar from around 5 cents, a level still indicating financial distress. Bed Bath shares rose 2.7% in extended trading, after closing down 49% on Tuesday.

Organizations: & ' $

Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer. "It’s a similar situation in which a deeply financially distressed company is attempting to sell securities," said Lynn LoPucki, a professor at the University of Florida. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

☆ Bed Bath & Beyond moves to raise $1 billion to avoid bankruptcy
▼ + stars: | 2023-02-06 | by ( ) edition.cnn.com time to read: +3 min

Bed Bath & Beyond said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. Bed, Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, two people familiar with the matter said. Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. “It’s a similar situation in which a deeply financially distressed company is attempting to sell securities,” said Lynn LoPucki, a professor at the University of Florida.

Search resuls for: "GameStop Corp"

25 mentions found