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Just hours after being named GameStop 's CEO, Ryan Cohen sent out a memo to employees Thursday that emphasized he will take dramatic steps to ensure the struggling video game retailer survives. I expect everyone to treat company money like their own and lead by example." Cohen, a billionaire activist investor and founder of direct-to-consumer pet food and supply retailer Chewy , was named the company's new leader Thursday morning. Cohen's CEO announcement previewed the company's emphasis on slashing costs: He will not receive a salary in his new role. I expect everyone to treat company money like their own and lead by example.
Persons: Ryan Cohen, " Cohen, Cohen, Matt Furlong, Mike Recupero, Furlong, Ryan, CNBC's Gabrielle Fonrouge Organizations: GameStop, CNBC, RC Ventures Locations: Grapevine , Texas
Ryan Cohen was announced as the new CEO of GameStop on Thursday. AdvertisementAdvertisementGameStop has a CEO once again after Ryan Cohen, the billionaire founder of Chewy, was appointed Thursday. Cohen had been executive chairman since early June after CEO Matt Furlong was shown the door. Cohen, who's the largest investor in GameStop with a 12.1% stake, sold Chewy in 2017 for $3.3 billion. Cohen first took a stake in GameStop in 2020 and joined its board in January 2021 before becoming chairman that June.
Persons: Ryan Cohen, Chewy, , Cohen, Matt Furlong, Furlong, Keith Gill, Kitty, Paul Dano, Gill, David Organizations: GameStop, Service, Amazon, Forbes, YouTube, Sony Pictures
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
Washington CNN —An antitrust lawsuit from 17 states and the Federal Trade Commission this week against Amazon represents the US government’s biggest regulatory challenge yet against the e-commerce juggernaut. The landmark case targets Amazon’s retail platform, alleging that it’s harmed shoppers and sellers alike on a massive scale. Here are five of the biggest highlights and takeaways from the plaintiffs’ 172-page lawsuit. Just this month, the FTC added three Amazon officials to a separate consumer protection case dealing with Amazon Prime. Instead, the plaintiffs have to show that Amazon is part of a well-defined geographic and economic market that it dominates.
Persons: Lina Khan, Amazon, David Zapolsky, ” Khan, Khan, Douglas Farrar, ” Farrar, superstores, ” What’s, Jeff Bezos, , Organizations: Washington CNN, Federal Trade Commission, Amazon, US, Walmart, Target, eBay, Amazon Music, Bloomberg News, CNN, Amazon Prime, FTC Locations: Seattle, United States
Ana-Maria Jaramillo introduced her now husband, Gus May, to breakfast tacos when they met in 2017. They agreed that if their relationship became more serious, they'd bring breakfast tacos to DC. AdvertisementAdvertisementAna-Maria Jaramillo grew up eating homemade breakfast tacos on a flour tortilla — and figured almost everyone else did, too. La Tejana serves up breakfast tacos in Washington, DC. Jaramillo introduced May to breakfast tacos in 2017.
Persons: Ana, Maria Jaramillo, Gus May, , Jaramillo, Tejana, — Jaramillo, she'd, May, It's, Maria, Suzannah Hoover, That's, fryer, " Jaramillo, that's, We've, we've, we're Organizations: DC, Small, Service Locations: Monterrey, Mexico, McAllen , Texas, Austin, Washington ,, Washington , DC, Washington, Texas, Mount Pleasant, Pleasant, La
Stock Chart Icon Stock chart icon Confluent's year-to-date stock performance. But they are the central nervous system of companies...It's some of the best enterprise software in the world. Stock Chart Icon Stock chart icon Coty's year-to-date stock performance. Stock Chart Icon Stock chart icon Samsara's year-to-date stock performance. Stock Chart Icon Stock chart icon Chewy's year-to-date stock performance.
Persons: Jim Cramer's, you've, it's, Coty, I've, I'm Organizations: Coty
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: People buying pet supplies on Amazon is a problem for Chewy, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Confluent, Coty, Samsara and Chewy.
Persons: Jim Cramer
Klaviyo — Klaviyo shares jumped more than 9% after the marketing automation company surged to $36.75 after its New York Stock Exchange initial public offering. Stellantis — Shares rose about 1.7% after sales in Europe of brands such as Peugeot and Opel surged more than 6% in August. On Holding — The shoe stock rose finished lower ever after Needham initiated coverage with a buy rating. Lululemon — The athleisure clothing company rose nearly 2% after Needham initiated coverage with a buy rating, saying it expects double-digit top-line growth as accelerating technical innovation drives demand. Davidson initiated coverage on the stock at a buy.
Persons: Instacart, Steelcase, Jefferies, Davidson, Mills, Coty, Morgan Stanley, Chewy, Oppenheimer, Needham, Goldman Sachs, Azul, it's, , Alex Harring, Hakyung Kim, Jesse Pound, Michelle Fox, Sarah Min, Yun Li, Lisa Kailai Han Organizations: Nasdaq, New York Stock Exchange, Bausch Health, , Health, Peugeot, Opel, Chrysler, United Auto Workers, Citi, D.A, LSEG, Coty, Technologies, Textron — Textron, Berkshire Hathaway, Cessna Citation, Azul, JPMorgan, First, Bank Locations: Europe, U.S
Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Apple as overweight Morgan Stanley said its iPhone survey checks show that China is a "bright spot." Needham initiates On Holding as buy Needham said the shoe manufacturer is one of the "fastest growth stories" in retail. Needham initiates Lululemon as buy Needham said in its initiation of Lululemon that it has "superior growth characteristics." Morgan Stanley downgrades Zebra Holdings to underweight from equal weight Morgan Stanley said the turnaround is taking longer than expected for the computer printing tech company. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said Amazon's Tuesday announcement of seasonal hires is a "bullish leading indicator for expected continued retail share gains."
Persons: Morgan Stanley, Apple, Needham, Lululemon, Oppenheimer, Chewy, Bernstein, SVB, Jefferies, Instacart, Rosenblatt, Sonos, Goldman Sachs, Morgan Stanley downgrades nCino, it's, D.A, Davidson, Wedbush Organizations: Apple, UBS, Nike, Microsoft, RBC, IBM, JPMorgan downgrades, JPMorgan, Boeing, Citi, Citizens, FDIC, Health, America, Azul, Holdings, UW, " Bank of America, Disney, Bank of America, DIS Locations: China, SVB, U.S, Germany, Great Britain, France
If Dr. Choi’s mother had a specialty, it was her encyclopedic knowledge of Korean ceremonial foods like yakgwa and how to present them. That’s why the recent commercialization of the cookie, with its ubiquity among young people who respect the tradition enough to reinterpret it, has delighted Dr. Choi. Today, Koreans enjoy yakgwa outside of those rites of passage, like as an after-school snack or weekday dessert with vanilla ice cream. When fresh, the cookie’s sticky, amber syrup should drip off slowly, drenching your fingers, like Winnie the Pooh’s paw, in honey. (The YouTube star and cookbook author Maangchi uses the word “juicy” to describe biting into fresh yakgwa.)
Persons: Choi, Choi’s, , Winnie, Maangchi Locations: Dang, Manhattan
There's Anthony Ramos' Marcus, a GameStop cashier, being lectured by his parents that this stock trading thing isn't real. Reddit versus Wall StreetMany social media traders discussed the meme stock moment in David vs Goliath terms — the retail traders versus the hedge funds. Several brokerages limited trading in meme stocks at the height of the meme stock mania. In the second quarter of 2019, before the meme stock mania began, the company generated about $1.3 billion in net sales. The AMC stock sales have diluted the holdings of individual shareholders, and the market cap of AMC is still down more than 50% from its peak.
Persons: Pete Davidson, Paul Dano's Keith Gill, Kitty, There's Anthony Ramos, Marcus, Jenny, hasn't, David, Gabe Plotkin, Seth Rogen, Capital, Robinhood, Chewy, Ryan Cohen, Matthew Furlong, shakeups, Adam Aron, Plotkin Organizations: Sony Pictures Entertainment, GameStop, YouTube, Ferrari, AMC Entertainment, AMC, SEC, Amazon, Wall Street titans, Charlotte Hornets
Cramer's Lightning Round: Yes to St. Joe
  + stars: | 2023-09-13 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon RTX's year-to-date stock performance. Stock Chart Icon Stock chart icon St. Joe's year-to-date stock performance. St. Joe : "I've liked St. Joe forever...I'm going to say yes to that one." Stock Chart Icon Stock chart icon Illumina's year-to-date stock performance. Stock Chart Icon Stock chart icon Cava's year-to-date stock performance.
Persons: Joe, I've, Jim Cramer's Organizations: Parts, Charitable Locations: Joe's, Cava
There are several ways the Japanese serve and cook soba, a nutty-tasting, brilliantly slurpable noodle made of buckwheat flour. I was seduced, so I went back the next day, again joining the long lunch line and, again, ordering my cold soba, with a serving of tempura shrimp. Buckwheat flour on its own is expensive, and the noodles it produces tend to be brittle. Commercial dried soba noodles manage to retain some of that texture and much of the flavor, as long as they are not overcooked. Once cooked and refreshed, your soba noodles can go into a cold broth, as they do in this recipe.
Persons: soba Locations: Kanda
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: I'd own Chipotle over Cava, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stocks including: Chewy, RTX, St. Joe, Advanced Auto Parts, Illumina, Bel Fuse and Cava.
Persons: Jim Cramer, Joe, Bel Fuse Locations: Cava, St
GameStop’s success doesn’t belong in a meme
  + stars: | 2023-09-07 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, Sept 7 (Reuters Breakingviews) - Meme-stock success might look more whimper than bang. GameStop (GME.N), the poster-child for pandemic-era retail-trader enthusiasm, reported second-quarter results on Wednesday that showed losses narrowing and positive, if miniscule, adjusted EBITDA. It’s an improvement on the path to sustainability, especially compared to other retail darlings like bankrupt Bed Bath & Beyond. Hardware sales fell 18% from the prior quarter, as the after-effects of supply shortages fade. GameStop’s share price may still be well above 2019 levels, but its ambitions are as low as ever.
Persons: hasn’t, Ryan Cohen, Jonathan Guilford, Hong Kong, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, GameStop, X, Hong, Thomson Locations: Grapevine , Texas
Here are Wednesday's biggest calls on Wall Street: UBS upgrades Toast to buy from neutral UBS said the restaurant tech company "continues to prove itself as a top provider" for the restaurant industry. " UBS downgrades Block to neutral from buy UBS said it sees slowing profit growth for Square's parent company. Deutsche Bank reiterates Nio as buy Deutsche Bank said it's concerned about the company's growth trajectory but that it's sticking with its buy rating. " Deutsche Bank reiterates Tesla as buy Deutsche Bank said it's standing by its buy rating on the auto giant. Bank of America reiterates SoFi as neutral The firm said SoFi is a key beneficiary of student loan refinances.
Persons: Baird, Goldman Sachs, William Blair, Argus, Russell, CFRA, it's, TD Cowen, Cowen, Morgan Stanley, Needham, Nio, Tesla, SoFi, refinances Organizations: UBS, omni, Nvidia, Technology, HSBC, Apple, Constellation Brands, Bloom Energy, Deutsche Bank, Bank of America
When it comes to chocolate chip cookies, I prefer a chewy texture and balanced sweetness. The chocolate chip cookies my mom made will always reign supreme in my mind. A growing number of bakeries are offering their own takes on the classic chocolate chip cookie. I decided to visit both chains to see how their hero chocolate chip cookies stacked up. The Insomnia chocolate chip cookie was smaller and thinner than the Crumbl cookie, and much flatter.
Persons: City, Krispy Kreme, Crumbl, Manhattan Jennifer Ortakales Dawkins, Jennifer Ortakales Dawkins, munchie Organizations: Service, New, Starbucks Locations: Wall, Silicon, chewy, New York City, Philadelphia, Canada, Manhattan, scone, Insomnia's
Check out the companies making the biggest moves before the bell:Dollar General — The discount retailer tumbled 15.3% after reporting second-quarter earnings per share of $2.13, missing the StreetAccount consensus estimate of $2.47. Revenue also missed, coming in at $9.80 billion versus the $9.93 billion expected. Campbell Soup — Shares added about 1% after the company reported revenue of $2.07 billion, beating the $2.06 billion expected from analysts polled by Refinitiv. Second-quarter adjusted earnings per share came in at 31 cents, versus the 22 cents expected from analysts polled by Refinitiv. However, its revenue guidance for the third quarter of $2.74 billion to $2.76 billion fell short of the $2.79 billion expected from analysts, per StreetAccount.
Persons: Campbell, Shopify, Morgan Stanley, Salesforce, Goldman Sachs, Cronos, Tilray, Okta, SkyWest, Raymond James, Refinitiv, , Jesse Pound, Alex Harring Organizations: Revenue, Refinitiv, UBS — U.S, UBS, Cronos, Tilray, U.S . Department of Health, Human Services, Arista Networks, Citi, Arista, postmarket Locations: Austin , Texas, Swiss
Options Action: Biting into Chewy options
  + stars: | 2023-08-31 | by ( ) 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 EmailOptions Action: Biting into Chewy optionsMike Khouw, Optimize Advisors president, joins CNBC’s Melissa Lee and the Options Action traders to talk Chewy.
Persons: Mike Khouw, Melissa Lee Organizations: Options
Goldman Sachs reiterates Salesforce as buy Goldman said it's standing by its buy rating on the Salesforce after its earnings report on Wednesday. JPMorgan initiates Establishment Labs as overweight JPMorgan said in its initiation of the med tech company that Establishment Labs has a "unique offering." JPMorgan initiates MP Materials as overweight JPMorgan said in its initiation of the rare-earths materials company that it sees "solid demand growth." JPMorgan downgrades Hostess Brands to neutral from overweight JPMorgan downgraded the stock mainly on valuation. Redburn Atlantic upgrades Exxon to neutral from sell Redburn upgraded the stock mainly on valuation.
Persons: Evercore, Morgan Stanley downgrades Palantir, Morgan Stanley, Goldman Sachs, Goldman, it's, Salesforce, Rosenblatt, Wells, VSCO, Uber, Raymond James, it's bullish, Truist, Canaccord Organizations: BMO, Civitas Resources, Apple, Amazon, Shopify, " Bank of America, Nvidia, Bank of America, JPMorgan, Labs, Materials, Citi, Arista Networks, Arista, Evercore, JPMorgan downgrades Hostess Brands, Exxon, ExxonMobil Locations: United States, Sell
Salesforce — The cloud software company saw its stock jump 3% after it announced quarterly results and guidance that surpassed Wall Street's expectations. Dollar General — The discount retail chain plunged 12.2% Thursday after reporting second-quarter earnings per share of $2.13, which was lower than the StreetAccount consensus estimate of $2.47. Ciena — The network equipment stock surged nearly 16% after topping Wall Street's fiscal third-quarter earnings expectations on the top and bottom lines. Okta — Okta shares surged 13.5% after the access management company topped analysts' second-quarter earnings expectation and issued a strong full-year outlook. Victoria's Secret — The intimate apparel stock popped nearly 7% even after missing second-quarter earnings expectations on both the top and bottom lines.
Persons: Salesforce, Marc Benioff, CrowdStrike, Ciena, Morgan Stanley, Shopify, StreetAccount, Chewy, UGI, Raymond James, , Macheel, Sarah Min, Yun Li, Alex Harring, Michelle Fox, Pia Singh, Jesse Pound Organizations: Aphria Inc, U.S . Department of Health, Human Services, Tilray Brands, Cronos, Revenue, Technologies, Arista Networks, Citi, Refinitiv, StreetAccount, Signet, UBS — U.S, Suisse Locations: Leamington , Ontario, Switzerland
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExcept for AI, cyber security is the hottest area of tech for investors: MAI Capital's GrisantiChris Grisanti, chief equity strategist at MAI Capital Management, joins 'The Exchange' to discuss how to trade three stocks with upcoming earnings reports: Crowdstrike, Chewy, and Dollar General.
Persons: Chris Grisanti Organizations: MAI, MAI Capital Management
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe consumer is slightly more discerning coming out of Q2, says Chewy CEO Sumit SinghSumit Singh, Chewy CEO, joins 'Closing Bell Overtime' to talk Chewy's quarterly earnings, the state of the consumer and more.
Persons: Sumit Singh Sumit Singh
CrowdStrike beat analysts' second-quarter expectations on the top and bottom lines. The cybersecurity company reported second-quarter adjusted earnings of 74 cents per share on revenue of $732 million. The identity and access management company exceeded analysts' second-quarter expectations. Okta posted second-quarter adjusted earnings of 31 cents per share on revenue of $556 million. Salesforce — Salesforce climbed 5.6% after the software company reported fiscal second-quarter earnings and revenue that surpassed estimates.
Persons: CrowdStrike, Refinitiv, — Okta, Okta, Salesforce — Salesforce, Salesforce, — Chewy Organizations: Refinitiv, Costco Wholesale
Kevin Plank, now former CEO of Under Armour, during a CNBC interview on Mad Money on Feb. 28th, 2018. That afternoon, Ruhle questioned the Morgan Stanley report on Bloomberg's air and referenced data points that Plank had gathered. A couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle "look at that stock!!!" and then helped her arrange an interview with basketball player and Under Armour athlete Stephen Curry the following day, records show. Plank, the current executive chairman of Under Armour, asked Pelkey to help set up the interview with Curry.
Persons: Kevin Plank, Armour, Stephanie Ruhle, Plank, Morgan Stanley, Ruhle, Diane Pelkey, who's, Pelkey, Morgan, Stanley, Stephen Curry, Curry . Plank, Curry Organizations: CNBC, Bloomberg, MSNBC Locations: Maryland
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