David Westin, Emma Chandra, Gamestop discussed on Balance of Power
And radio. I'm David Westin. There is news breaking across the Bloomberg right Now there's a vote going on in the Senate to confirm Tony Blinken is the next secretary of state, although that vote continues, they now have enough votes. So Tony Blinken will be the next secretary of the United States. In the meantime, let's turn to that, while dry that Gamestop's had markets have been captivated since late last week with the phenomenon that is Gamestop and the battle between short sellers and a group posting on Reddit With stacks shooting up in fluctuating wildly, and the Chandler is here now to bring us up to speed on the drama. That is game stuff. So Emma is quite a story. It is quite a story. It is quite a drama. David is keeping everybody entertained. I think as a lockdown in many parts off the world, let's start with a few numbers 32%. That's how much a stock popped at the open today. 400%. That's how much it's up this year close to 2000%. It's up in the past year. It is the story that doesn't seem to die. And as you mentioned that in the introduction, it seems to be a battle between short sellers who were heavily short the stock. Let's talk about the revenue. The revenues of the Talking falling. It was a dying company, You know, physical stores in mall selling games, People thought that it has had its day. And then, as you mentioned there's a bunch of retail trade is using Wall Street bets a forum on Reddit to talk up the stop saying that there are some good things about the fundamentals and also playing a game. It seems trying to be The short sellers, And that is perhaps why we've seen such a huge rally in Game stock Stop Gamestop stock over the past few days, weeks and in fact, over the past year also, David so Emma speculate with me here a bit. We're not supposed to do those journals but speculate with me. We've had social media before, like, Read it right. It's been around for quite a while. We should have had short sellers for a good long time. Come. These two came together in this particular stack at this particular time. That is, That is a very good question. David and a lot of people are pointing to the founder of Chewy. That's the company that sells pet food online that he's now a board member off game. Stop it. Someone who started to build a position in the stock back in August of last year, saying that their ways for this company to turn around that it could become more of an e commerce company that it could be one that dealt with games that a downloadable, which is of course, at the direction of travel we're seeing in that. Particular sector on once he got involved Ryan code That's when a number of other those retail need retail investors started to get behind what he was doing on. That's why we might have, And that's perhaps why we have seen this big change or this big rally on this big focus on Gamestop, but for a spectator's We love a good short squeeze. When Cohen comes along, I have to say thank you so much to Emma Chandra for that report on Gamestop Coming up Raytheon earnings beat today We're going to speak with CEO.