OVERVIEW
The Weekend Rip: June 09, 2024

Stocks closed the week mixed, with small-caps leading the decline and tech buoying the large-cap indexes. 📊

Let's recap and prep you for the week ahead. 📝

What Happened?

🐱 On Monday, the GameStop saga continued as Roaring Kitty returned to Twitter in his classic Sunday night fashion. Meanwhile, E*Trade considered kicking him off their platform, while the NYSE experienced technical issues and the OPEC+ meeting sent oil prices spiraling.

👨‍💼 On Tuesday, bonds made a big-time comeback as total job openings to available workers fell to their lowest since June 2021. Hewlett Packard Enterprises reached new all-time highs on AI server hype, and election results rocked Mexico’s and India’s stock market indexes.

🤑 On Wednesday, Nvidia topped $3 trillion and became the second-largest stock in the world. Struggling athleisure retailer Lululemon provided more color on its business progress, and BlackRock and Citadel Securities backed a new Texas Stock Exchange (TSXE) venture.

📈 On Thursday, Roaring Kitty sent GameStop shares surging again by announcing a live stream at 12 pm ET on Friday, almost becoming a billionaire in the process. Home furnishings retailer Big Lots continued to have big problems with its core customers.

☹️ On Friday, Roaring Kitty’s livestream failed to deliver the GameStop gains, saying his bet is on CEO Ryan Cohen and management. Meanwhile, United Airlines joined the slew of companies pushing the attention economy as far as they can with new personalized ad offerings.

🤩 This week's Stocktwits Top 25 showed mixed performance vs. the indexes.

🔥 Certain symbols were on the Stocktwits trending tab for most of the week, including $GWAV, $NVAX, $VKTX, $HOLO, $FFIE, and $PLTR.

Here are the closing prices: 

Bullets From The Weekend

🏫 Could abandoned schools make a dent in the U.S. housing imbalance? Shuttered schools accounted for about 3% of U.S. apartment conversions during 2023, with former offices and hotels comprising 28% and 36% of newly completed projects. While it’s still a relatively small percentage, state and federal incentives could help drive more school flips in the future and bring more housing to much-needed areas. Axios has more.

❌ BlackRock slashes the value of its Byju stake to zero. The Indian edtech giant was once valued at $22 billion but has faced a host of major issues over the last few years, ranging from plummeting revenues to regulatory and fundraising issues. BlackRock isn’t the only investor to write down its stake, with analysts at HSBC estimating the value of other companies' stakes in the company to be immaterial (if anything at all). More from TechCrunch.

🏭 Volvo shifts EV production to Belgium to avoid China tariffs. The automaker, which is majority-owned by China’s Geely, was considering halting the sales of Chinese-built electric vehicles (EV) in Europe if the tariffs were introduced. Instead, it’s shifting production to Belgium to help avoid those extra costs, as they would have made it difficult to stay competitive on pricing and drive its bottom lines toward profitability. Reuters has more.

STOCKTWITS CONTENT
Discover New Trade Ideas With “Chart Art” By Stocktwits

In early April, we launched “Chart Art” to curate the best analysis and trade ideas from the Stocktwits community. And so far, thousands of readers have enjoyed discovering new ideas and Stocktwits users to follow each day.

Like this idea shared by Stocktwits user @Dr_Stoxx and featured in Chart Art shortly before Blue Bird Bio shares began a 50% rally.

There is so much great content happening on Stocktwits, and it’s our job to help you find it. If you want to join thousands of other traders and investors receiving our “Chart Art” email every evening by 8 pm ET, click here.

And if you need another reason to join, you’ll receive a welcome email with a list of the top Stocktwits chartists to follow for real-time posts like this.