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- š¦ GameStop comes Roaring back
š¦ GameStop comes Roaring back
And OpenAI is coming for Siri, not Google
Hey there weekday warriors,
Today weāre getting into the only thing that really mattersā¦ GameStonk is back. Enjoy the next 4 minutes and 25 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
+ US stocks āfinished mixed Monday as investors took a breather after three weekly gains and ahead of key inflation readings later this week.ā (Yahoo! Finance)
+ The 10-year Treasury yield āmoved lower as of Monday morning, with traders looking ahead to Wednesday's CPI inflation report." (MarketWatch)
+ Oil āsettled higher Monday, as signs of an improving economy in China boosted demand hopes at time when wildfires in China threaten supplies. ā (Reuters)
+ Bitcoin ārebounded on Monday, as investors anticipated upcoming United States inflation data for April, which could play a crucial role in influencing the Federal Reserve's decision on whether and when to reduce borrowing costs in 2024.ā (Investing.com)
+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) GameStop +74.4% 2) AMC +78.3% 3) BlackBerry +6.9% (ā¦ and what year is it?)
The market moves you need to know aboutā¦
+ Shares of vaccine maker Novavax gapped up 47.6% in early trading on Monday. On Friday shares nearly doubled. Investors are bullish on Novavaxās comeback story (clearly). NVAX had issued a āgoing concernā warning early last year. But it got a little help from Sanofi last week. The massive vaccine maker agreed to inject cash into Novavaxās veinsā¦ in return for access to its rona boi jab and the tech behind it.
+ Walgreens Boots Alliance soared 5.4% after news dropped that Walgreens is contacting potential buyers for the Boots UK drugstore chain.
+ HubSpot jumped in early trading yesterday after reports that Google has made a pretty compelling offer to buy the CRM maker. But HUBS gave most of the gains back and ended the day just 0.02% higher.
Roaring back
(Source: Giphy)
āRoaring Kitty? *takes drag of cigarette* I havenāt heard that name in yearsā¦ā
This is not a drill. After a nearly 3-year hiatus, Keith Gill aka Roaring Kitty aka Deep F*cking Value has returned to the internet.
In case you were living under a rock in 2021, heās the Wall Street Bets user credited with ushering in the epic GameStop (+74.4% // +21.1% after hours) short squeeze that brought massive hedge funds to their knees and made Vlad Tenev an enemy of the people.
His first post back?
For those of you who donāt speak fluent internet, the image above is a meme that implies sh*t is about to get real.
He proceeded to Tweet a bunch of other memes and GIFs that hinted something big was coming.
That āsomething bigā probably has to do with GameStop. Shares of GME have risen about 70% from mid-April to last Friday.
To be clear, the stock was mooning on absolutely no news. And the company is arguably in much worse shape than in 2021 during GameStonk Mania 1.0. FFS, we havenāt even gotten a recent Tweet from CEO (and mystical internet figure in his own right) Ryan Cohen.
No one man should have all that powerā¦
Roaring Kittyās tweet sent shares of GameStop up 74% on the day.
GME wasnāt alone. It felt like January 2021 yesterday. Shares of AMC, which also got the memestonk treatment 3 years ago, went parabolic, climbing 78% on the day.
+ No wonder Sam Altman tempered expectations about OpenAIās event yesterdayā¦
We didnāt get a search engine to compete with Google or ChatGPT 5. Instead, we got GPT-4o (read: GPT-4 āomniā). Feels like an update that could have been an emailā¦
So what was the āmagicā Sam was hyping in his announcement? The newest version will better integrate OpenAIās voice and video functionality. It just took Siri out back and finished her off once and for all. Thereās a new voice assistant in townā¦
Oh, and OpenAI said the new model will be twice as fastā¦ and half the cost.
Clearly, Samās play here is to bring ChatGPT to the masses. And itās 100%, unequivocally, totally a coincidence that OpenAI held its event a day before Googleās I/O conferenceā¦
+ Annnd itās goneā¦
Squarespace (+13.2%) is throwing in the towel. After 3 years of being a sad excuse of a publicly traded company, the website builder is going private as part of a $6.9B (nice) deal with Permira.
Permira will pay $44 per share. Friendly reminder: SQSP opened at $48 when it IPOed in May 2021.
+ There was only one thing that made less sense than GameStopās spike todayā¦
Shares of Xponential Fitness (+11.3%) ended the day up more than 11%. This seems strange considering the company behind Pure Barre suspended its CEO and announced an investigation by the US Attorneyās Office. Thatās in addition to the ongoing SEC inquiry.
But, hey, at least it reiterated its full-year guidance during its earnings call.
The SEC and a shareholder lawsuit claim that the company lied about unit volume metrics and franchise closures.
+ Anglo-American (-2.4%) is playing hard to get. The miner rejected BHPās (UNCH) much-improved second offer of $43B. BHPās first proposal was ~$39B.
+ Drop the "Melinda." Just "Bill". It's cleaner. Melinda French Gates (Billās ex) is resigning as co-chair of the Bill & Melinda Gates Foundation. But she isnāt walking away empty-handed. Sheāll have āan additional $12.5 billion to commit to my work on behalf of women and families.ā That was negotiated as part of the coupleās divorce.
+ āWealth can be pretty isolatingā: Problems that rich people face, according to therapists (Read) Poor rich people.
+ Chicken Wings Are the New Inflation Hedge (Read)
Yesterday, we were keeping an eye on OpenAIās launch event.
+ Check out all the details on OpenAIās event above.
Here's what weāre keeping an eye on today...
+ Home Depot, Alibaba, Sony, Sea Limited, and On report before the bell
+ Rumble earnings drop after the close
+ Producer Price Index data drops at 8:30 AM EST
+ J-Poww speaks at an ECB eventā¦ because apparently, he doesnāt have enough on his plate here at home
+ Google's I/O Developer Conference gets underway. Expect AI to be mentioned no less than 37,000 times.
Yesterday, I asked, āDo you feel better or worse about the economy than you did in April?ā
52.6% (eerily similar to yesterdayās #) of you feel worse. Less than 8% of you feel better.
Hereās todayās questionā¦
Are you as excited as I am about another meme stonk mania? |
Oh, andā¦
What did you think about today's newsletter? |
Does this look like the face of a guy you should take financial advice from?
No, itās the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...
This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional