NEWS
The Stream Watched Around The World

Roaring Kitty’s making his YouTube return tomorrow via live stream, with the news propelling GameStop higher and his position past the $500 million mark. Elsewhere, investors are awaiting tomorrow’s jobs data as they try to forecast when the U.S. will join the rate-cutting club. Let’s see what you missed. 👀

Today's issue covers the latest GameStop saga update, Big Lots’ big problems, and more from the day. 📰

Here's today's heat map:

7 of 11 sectors closed green. Consumer discretionary (+0.73%) led, & utilities (-1.04%) lagged. 💚

The European Central Bank (ECB) delivered on its promise and cut interest rates for the first time since 2019, even as ECB president Christine Lagarde warned inflation will likely remain above the 2% target “well into next year.” ✂️

Salesforce jumped 3% on news that board member and co-CEO of activist investor ValueAct, Mason Morfit, raised his stake to just under $1 billion. 💰

Instacart shares rose 9% after the company announced a $500 million share repurchase program, as prices remain well below their post-IPO highs. 🛒

Customer engagement platform provider Braze soared 14% after reporting a narrower-than-expected loss and revenues that beat expectations. 📲

Rivian shares jumped 3% after sharing its new all-electric R1 pickup and SUV redesign, which includes Nvidia chips and improved performance. 🔋

Other active symbols: $AMC (+12.43%), $NVAX (-6.75%), $FFIE (+2.35%), $LPA (+48.99%), $NIO (-6.83%), & $VNDA (+24.16%). 🔥

Here are the closing prices: 

STOCKS
“You Know What’s Cool…A Billion Dollars”

After leaving us hanging since Monday, Keith Gill (AKA Roaring Kitty) reemerged on the scene this afternoon by scheduling a YouTube live stream for tomorrow at 12:00 pm ET. 🍿

While it’s unclear exactly what will be discussed, the mere reappearance of his YouTube presence further ignited retail’s enthusiasm for GameStop and other “meme stocks.” Notably, the video’s description has a huge disclaimer stating clearly that his words/actions/etc. are not investment advice.

However, that’s simply a formality at this point because traders are not paying it any attention. GameStop shares were already up 47% on the day and continue to climb after hours, rising another 20% as of writing this.

The massive rally has caused Roaring Kitty’s GameStop position to swell to nearly $600 million as of the close (and over $700 million after hours). 🤑

And according to some calculations, if the stock hits $69, his position will be worth a whopping $1 billion. We don’t know what could be more poetic…other than it happening on 06/09 (which is, unfortunately, a Sunday).

At this rate, the stock could hit that level by the time tomorrow’s livestream begins. We’ll have to wait and see what Roaring Kitty’s message is and if he reveals the real reason for his return to the GameStop scene. 🤷

And while we’re on the subject of meme stocks and retail traders, we should mention Robinhood’s $200 million acquisition of crypto exchange Bitstamp. ₿

The move comes as the brokerage looks to capitalize on the recent resurgence of crypto prices and trading volumes, further expanding its exposure to digital assets. With Bitstamp’s 50 active licenses and registrations globally, Robinhood will be better positioned to compete with Binance and Coinbase. ⚔️

While not quite at 2020/2021 levels, it’s clear the market’s animal spirits are alive and well, with market-related businesses looking to make hay while the sun is shining. Speculate responsibly, y’all… 🌞