Hey there weekday warriors,

Today we’re deep-diving into Roaring Kitty’s portfolio. And the NBA champs are for sale.

Enjoy the next 4 minutes and 15 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ US stocks “were higher Monday with the Nasdaq Composite closing at a record, as Wall Street looked to maintain the strong momentum seen in the first half of 2024.” (CNBC)

+ The 10-year Treasury yield was “higher on Monday as investors awaited key economic data due this week and digested the latest inflation insights." (CNBC)

+ Oil “settled higher Monday, benefiting from stronger-than-expected Chinese manufacturing activity data, suggesting a recovery in the world’s second-largest economy and major crude importer.” (Reuters)

+ Bitcoin “climbed on Monday, recovering a measure of recent losses, although sentiment towards the token and broader crypto markets remained largely negative.” (Investing)

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia +0.6% 2) Tesla +6.0% 3) Chewy -6.6%

The market moves you need to know about…

– Oh, you thought you had a bad Monday? Shares of GameStop fell 5.5% after two bad breaks. First, news broke that Roaring Kitty has eyes for a new stock (Chewy). Plus, Roaring Kitty was sued by GME investors who claim he orchestrated a pump and dumb scheme (although it was later withdrawn).

+ Nio was up 6.7% after reporting that it nearly doubled vehicle deliveries to 21k in June.

– Everyone: “Nothing can stop cruise line’s comeback.”

Hurricane Beryl: “Hold my beer.”

Carnival crashed 5.4% after weather reports indicated Hurricane Beryl will disrupt cruises in the Caribbean.

+ Maersk just went all “yeah, that’s gonna be a no for me dawg.” It had been kicking the tires on acquiring German logistics provider DB Schenker. That is, until yesterday. Shares rose 6.9% on news that it was going to pass on DB.

Roaring Kitty diversifies

“It’s called diversification, look it up.” - Roaring Kitty, probably

Keith Gill aka Roaring Kitty aka Deep F*cking Value ain’t no one-trick pony. Turns out GME isn’t the only stock he likes.

An SEC filing showed that the master of memestonks bought a 6.6% stake in Chewy (-6.6%), worth nearly $250M at Friday’s closing price. That makes him the online pet store’s third-largest shareholder.

Shares of CHWY initially jumped 9% on the news. But the gainz had gone the way of Marley from ‘Marley & Me’ (I’m not crying, you’re crying) by the end of trading. The stock ended the day down more than 6%.

“I told you so!” - all the mouth breathers

To some WallStreetBets’ sleuths, this wasn’t exactly surprising. After all, Keith had posted an image of a random dog cartoon on Twitter last week, which sparked speculation. One of the hypotheses? That he was eyeing Chewy.

But that wasn’t the only reason Keith’s Disciples thought Amazon for dog toys might have been his newest pick. Gill has developed something of a man crush on Ryan Cohen, the current CEO of GameStop and founder/ex-CEO of Chewy.

Gill spoke highly of Cohen during a recent YouTube livestream. In fact, he said pretty much his entire GameStop bull case at this point is based on Ryan Cohen and Co.’s ability to execute.

+ Sell the rip…

The owners of the Boston Celtics are selling high. The majority owners, led by a controlling family (which makes them sound a lot more like the Corleones than the Grousbecks) have put the team up for sale.

For those of you living under a rock, the Celtics just won their record 18th championship and are arguably the most valuable team in the league. One analysis pegs the team’s current valuation at ~$5B.

To put things in perspective, the Wyc Grousbeck-led group bought the team for $360M in 2002.

+ Boeing (+2.5%) just put the ‘acquisitions’ in murders & acquisitions (it’s already really, really good at the murder part).

As expected, BA is buying fuselage maker Spirit Aerosystems (no relation to Spirit Airlines, but equally sh*tty) for $4.7B.

You might recall that Spirit parts were responsible for the epic Alaska Airlines door blowout that sparked Boeing’s death spiral. Boeing, which spun off Spirit in 2005, claims that together the two can dream up even more epic aerospace disasters stamp out manufacturing issues.

While ~70% of Spirit’s revenue comes from Boeing, Airbus is also a significant client. The European jet maker will be compensated for its dedicated manufacturing lines.

+ RIP to the only vending machine that even begins to rival Dippin Dots…

Gas stations circa 2005 fell into two categories: those that had a Red Box, and those that didn’t. But like Jordan’s mid-90’s Bulls, all great runs come to an end. Redbox’s parent, Chicken Soup for the Soul Entertainment (-39.4%), has filed for bankruptcy protection.

Chicken Soup took on a boatload of debt (~$360M to be exact) to buy Redbox in 2022. Just one problem: it didn’t have a ton of money to purchase the rights to new movies… which is probably why Redbox was always at least one movie behind on every franchise. Falling sales and crippling debt finally caught up to it.

+ What would a meme stock rally (see: Chewy) be without Robinhood (+0.3%) halting trading (we didn’t forget, Vlad)?

Yesterday AM, there was a major outage on the brokerage app that has since been resolved.

+ Richard Branson: 6 inspiring books that changed my life—including one ‘everyone should read’ (Read)

+ Thousands of homeowners are about to get slammed with higher monthly payments (Read)

⏪ Yesterday we were keeping an eye out for EV delivery numbers. We covered Nio above. We should get Tesla’s figures today.

⏩ Today we’re keeping an eye on…

+ Tesla should release its quarterly delivery numbers

+ Jay Powell participates in an ECB panel, and everyone will be looking for his thoughts on rate cuts following last week’s inflation data

+ May JOLTs job openings

Friday, I asked, “What else should corporate America get rid of?”

Team building (without alcohol) eked out a win over return to office (3 days in the office) mandates. Followed by "unlimited" PTO.

Here’s today’s question…

All this vending machine talk got me thinking…

What’s the best thing you ever got from a vending machine?

Reply to this email to let me know.

Before you go…

You discover something new every time you look at this thread…

Does this look like the face of a guy you should take financial advice from?

No, it’s 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.