22 Burst results for "Ryan Cohen"
CNBC's Fast Money
"ryan cohen" Discussed on CNBC's Fast Money
"That Ryan Cohen is out of the game. The company, that's in his sights right now and what he might be able to do for it. That's coming up later on in the show. And later on options action, a fairytale for Disney, question mark. We're laying out a trade that's looking for some real upside in the Magic Kingdom stock. You are watching fast money live from the NASDAQ market side right here in Times Square in New York City. We'll be right back after this. All right, welcome back to fast money. Check out shares of Nordstrom, up 25% topping the tape as GameStop chairman. Yeah, that one, the Chewy founder, Ryan Cohen, launches his latest activist campaign, Cohen's buying a major stake in the retailer to shake up the company's board, likely targeting the seat of former bed bath and Beyoncé CEO Mark tritton, Nordstrom, seeing its bet stay since last march. I mean, Courtney, this is a stock that has a short interest component. There's a lot of people out there who are betting against it. And that might be one of the big reasons why that stock is up 25% today. It very well might be. And I think Nordstrom really has, I think it's really lacked in expectations. I think people had a lot more expectations than what it has been able to meet over the last really several quarters here. And I do think what's interesting too is it's specifically on this news of Ryan Cohen coming in as an activist investor. But I do think it's interesting is we're clearly going to see that investors want to see some sort of turnaround in Nordstrom. So whether anything happens with this or not, I think it will be interesting to see because it's a very closely held many family members who oversee Nordstrom and clearly you're going to have to make some changes here to make investors happy. So I think it's going to be interesting to see, is this the catalyst they need to make some of those changes regardless. There are a lot of major shareholders. Can we call an activist investor an opportunist? Because I don't think there's anything fundamental going on. What are you going to do to Nordstrom to change the story? I mean, it's department store. We know what's happening there. And he's been extremely opportunistic, and I think you can do that, especially when there is this kind of short interest. I'll leave it at that. All right. Time now for our chart of the week, check out shares
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Earlier in the day, although it's questionable whether that was short covering, whether that was any kind of tactical positioning ahead of some other big headline events next week as well. Yeah, it's pretty amazing. And what a week, I mean, we're still going to end up with some really significant gains for the week overall. So net net, Scarlett, gains for a lot of investors. All right, and if we look at the industry groups, of course, the S&P 500 finished 1% lower, the NASDAQ 100, 1.6% lower. If you look at the industry groups, it was a lot lower as well. We did have some green up there. We have tech. Some of those tech names did make it into the green that is banks also had an okay day, JPMorgan had a big day, but again, it was a lot of red on this screen right at the bottom. You have retailing and Carol a lot of that is just from Amazon. Yeah, no, that's a really good point. All right, let's get to some of the specific gainers. I'm kind of obsessed with Tesla because it continues to move higher. This stock is now up 60% year to date. It was top of the NASDAQ 100 and the S&P today, Tesla fraud trial wrapping up in San Francisco. I will say by the end of the day, I mean earlier it was up almost 6% ending the day with about a 9 tenths of a percent gain. Story last night about Tesla expected to announce an investment in Mexico very soon, and then you had Tesla shipments of Chinese China's China made, let me try that again. Chinese made cars climbing 18% in the month of January despite somewhat quieter lunar new year break so I talked about the price cuts and maybe that helped kind of spur some of the buying. But nonetheless, it's been on a tear. We know here in 2023. Apple, let's bring it up. It is up about two and a half percent top of the NASDAQ 100. We know the story disappointment last night, a disappointing quarter hurt by supply chain snags. But instead, it seems like investors were really focusing on the company's longer term prospects. So kind of interesting and remember, Tim Cook talking about a rebound in China. So again, sometimes it feels like we get some signals. Nordstrom, can I mention up about 25% news last night, stock jumping activist Ryan Cohen building a large stake in Nordstrom and we've had some Alice come out and actually upgrade the stock. So really, on a tear, $5, 24 cents of the stock closing app. It's amazing seeing what Ryan Cohen has been doing over the last couple of years. You got the gainers Carol. I got the decliners Ford finishing it down 7.6%. Katie, you talked about this one earlier. The company missed earnings expectations for the most recent quarter, blaming poor execution and supply shortages. Deutsche Bank interestingly enough came out and downgraded its rating on Ford shares to sell and said it was skeptical that management can actually achieve the $2.5 billion in cost savings that it's targeting for 2023. And then you got Amazon down 8.4% today expenses rose faster than sales for the 6th quarter in a row. Andy jassy, the CEO said his number one priority is getting those costs under control. And we actually saw some brokers raise their price target on the stock for the company, but still down 8.4% today. And then Jen digital finishing the day down by 9.6%. This is the worst performing company on a percentage basis in the S&P 500 today. They own Norton LifeLock. They do other cybersecurity as well. They provided fourth quarter revenue forecast range with a midpoint that fell short of expectations. All right, let's move on to the bond market now. It's my favorite thing to talk about. And we are looking at quite a sell off here two year treasury yields up 19 basis points. Carol, to your point, still in the range, but looking at it, that is the biggest one day move since about June. So you also saw some selling across the curve really ten year treasury yields back above three 50. We're talking 14 basis points there. And that's selling continued across the curve. But you add that together, you did have the yield curve invert further now down to about negative 76 basis points. So again, a lot of selling this is a readjustment. This may be what gets us out of the range. I'm not quite so sure. Yeah, we'll need more time before we can determine that. You mentioned how the bond market has been very consistent all day today in selling off pushing yields higher. What else is also being consistent is the dollar. Dollar much stronger today gaining versus most of the G ten currencies and most of the major currencies. No one's saying that that trend has been broken where people are calling for a weaker dollar in 2023. But if the dollar does move in another direction, it calls into question what the earnings outlook will look like for a lot of these companies that make their profits overseas. Right, exactly. We were talking about this weaker dollar that we've seen as of late, how that could give a kick to some of the earnings momentum out there. So we shall see, I want to point out, I put out a little Twitter survey. I said so off of the jobs report, no rate cut this year, rate cut this year, not easy being the fed 46% said no rate cut this year. Only 11% said a rate cut this year and about 43% said it's not easy. You're still waiting for it. You're telling me there's a chance. That's right. It goes back to what you said out yesterday, scar. That's an interesting response given what you've seen the market doing because the market is certainly pricing in that there's going to be a cut, but the folks who voted in that poll, not so much. I'm still thinking about earnings for the week ahead. We got next week. We got quite a slew of earnings continuing. We got Disney. We got Activision. We got chipotle. We got take two just to name a few Katie. I'm gonna be in Miami all week, so I'm really sure about the earnings. I am also looking forward to Jerome Powell. He is going to be speaking on Tuesday. So I'm going to tune in for that. But I mean, it gets back to that conversation about what would actually cause a rate cut in 2023, is that a recession is do things deteriorate to the point where the fed actually eases or is it just getting back to neutral if we are truly in restrictive
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Futures point to a lower open this morning yields move higher with the ten year treasury yielding now 3.4 7%. I actually checked that 3.5% moving up all throughout the morning on the commodities front WTI crude oil is steady at just under just above $76 a barrel. Gold, it's lower. It's called that $1910 an ounce of Bitcoin a little bit lower, $23,000 per token. Let's get some more color on the pre market equity trading, lots of earnings, lots of eco data with Bloomberg markets corresponding pretty good. They're pretty, what are you looking at? Well, there's a bunch of earning stories that we have to get through, but I want to start with the tech ones because of course that did drive sentiment. Pre 8 30 a.m. this morning. This is interesting. When we look at the likes of Apple, Amazon, alphabet, it is really important to keep in mind before we get into the earnings numbers, is that if you look to yesterday's session, you had a mind-blowing rally in the NASDAQ as some of these stocks were up 8, 7, 8% on the day. So it was only natural that the positioning kind of set up these earnings to disappoint no matter what. It would have taken the best earnings of the world. You probably still would have seen the stock drop just a little bit. And that's really important context when you talk about what some of these numbers are doing. So I want to start with apple here. AAPL is your ticker. They of course came out and missed their earnings, basically saying that they weren't able to sell enough iPhones as they previously expected. So AAPL down about 2% in the pre market, then of course you have Amazon as well AMC N is your ticker disappointing forecast for them to their shares though, taking a bigger hit and an even bigger one I should say when it comes to the jobs numbers. You can see it in their intraday stock market chart, which works really well on radio. Down about 6% on the day. They're disappointing forecasts for their cloud computing business, but also their ecommerce. So they're kind of getting hit from both sides for Amazon. Then of course, Google as well as a big one, GOO, GL will go with their class a shares down about 5%. There's that class C shares are seeing the same action. We hear that expected advertising. And again, a disappointment when it comes to the economic backdrop. So a theme that you're seeing across the board here when it comes to those tech earnings. But again, for context, if you had bought these tech shares, right after the meta earnings, and then sold them right after these disappointing earnings, you still would have made money. These companies because they did. So that is important context. Another big one you want to keep an eye on, a big pivot away from tech is a retailer, Nordstrom, that is in the green. And I don't think we say that very often. No, we don't. Or in the green. JW N is your ticker shares are up about 30% in the pre market. This comes after meme stock investor, Ryan Cohen builds a large stake in the department store operator. And I remember we know Ryan Cohen from chewie, we know him from GameStop, his reputation as he makes a steak, and he basically makes some sort of changes, whether it's bringing the company into ecommerce, whether it's changing board members, whatever that may be. We still don't know what it is for Nordstrom, but his kind of mono or his reputation is basically that it is ultimately a good thing when it comes to an improvement. And that's the way. We have 30% you're right. So the shares are coming. For Nordstrom. Yes. Yeah? There's two more I want to get through very quickly. And it's really a China story. Qualcomm is one of them QC OM. Worse than expected forecast for the second quarter, saying that the Chinese reopening really not showing up in their smartphone demand the way that they want them to. And a similar story for Starbucks, which is weird because they do two completely different things. But the same story Starbucks down about 2.3% saying weakness in China hit their overall earnings pretty hard. Mike double tall moke is like 6 bucks. I know. See? Crazy. I not tell you this like a couple months ago. I was like, caramel lattes are on the rise and it's horrible. That's inflation folks. That's inflation. That's inflation. What are we going to do with that? Overpriced coffee? Brew it at home. All right, pretty good. The Bloomberg markets correspondent, thank you so much. We appreciate it. You know, I'm looking at all the cable networks we have here, folks in the studio. We've got all the networks up on various screens here. I see video of F-35 air force planes, balloons, flags of China. I don't know what's going on. So is this a thing in Washington, D.C.? Margaret Brennan, host of face the nation, Sunday mornings on the CBS television network and CBS News chief foreign affairs correspondent joins us Margaret, this is a wacky kind of story here, but we've got some U.S. diplomats scheduled to go to China. What's the feeling this early morning in Washington about this balloon that's floating over the western United States? The whole story, according to our Pentagon correspondent David Martin, The Pentagon continues to track it and we will see we know President Biden asked about shooting it down and that was ruled out on Wednesday because of concerns regard to debris, but that could be reconsidered. There could be other ways to sort of take it out and render it ineffective. The Chinese government this morning is saying that, oh, this is innocent. It's civilian. It was up there for meteorological purposes, just to check the weather. Years at CBS. And she nailed it. I would have butchered that word too, Margaret. Continue. It's hard. I need more coffee, but the long and short of it is, is there diplomatic fallout? Obviously, the Biden administration chose to go public with this for a reason. Because it was so brazen. Will Secretary of State Anthony blinken go ahead with that trip? It sounds like the stage one still making decisions they have an announced any changes to his schedule just yet. I feel like some high school kid in Colorado with a drone is going to take this thing out and it'll just fix it for us or she thinks of course. So Margaret, I see here on your lineup. You've got a panel of freshman House members, a couple of Democrats, a couple of Republicans, what's the focus of this discussion you're going to have Sunday morning on face the nation? Well, you know, I
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Some of them are downbeats still down between 50 and say 60%. I note that the activist investor Ryan Cohen has raised the stake in Alibaba and is pushing for buybacks. We don't see that very much with Chinese companies, some, but not a lot. Do you think that's a possibility? But you don't rule that out and showing a willingness to buy the course would be supportive. Just remain with the starting name of these technology companies from excessively overburdened levels that we took excessively undervalued levels in the rally back to something that's closer to fair value. So when we sort of say fade the China reopening rally, I'm not sort of talking specifically on technology companies because I think they had their big damage to technology stocks was driven a lot by regulation and the governments correct down on tech companies rather than just COVID issues. We sort of talk about more about fading some of the pure reopening plays with the resources cover the ones exposed to Chinese GDP type activity. Which will get an update on soon, I think, on the activity numbers. Yeah, very soon. So do you fade commodities as well? We see 9 or call in the last couple of days. Miners today in Australia started to come back a bit. You have BHP you reach all time highs. And the last week. So it's not to say that they can't push our, of course, they can, but we think that it's a time to take some profits and you look for a little pull back on top because the meeting can be a negatively suit and they have reasonable medium term view, but it's got to be careful when some of these trades get saturated. And the narrative. So I alluded to the fed pivot story earlier and just as a parallel to the China reopening, you mentioned that you think that China reopening trade is done, the reopening story is still playing out. What about the fed? What about the, you know, do we need the fed to actually start cutting before we turn positive? Is it pause enough? That thing is a little bit more on the feed per the trade. It means elements are the same by the time the fit actually pivots which will be counting right. So I'm sure it's been well priced and more than priced into it. So you're probably fine with the time fits cutting rates. The market's running out of excuses to find a positive in you. You may actually go big, remember most recessions and then previous history have both great and greats being Catholic equities falling anyway and we think it get to that point at some point this year where it can start to roll over more than it is the job like it does stop the crack that fits starts to cut right but equities for anyway, but before then yes, you've got this feed pivot trade which is at the moment as in full swing and possibly has some more legs to have just by the fact that three months of week inflation prints have been almost no inflation outside of shelter for the last three months. And it's achieved it without economic data really rolling over yes designs and moderation and wage growth signs and a bit of moderation and retail sales, but it's a pretty robust economy stock. So that's a very good setup and the market market might want to run with it one of the little bit more. What do you think is priced in at the moment in terms of future fed policy? Because we seem to have a situation where U.S. equities in particular rally and then the fed comes along and delivers a reality check. Is that pattern coming to an end? It gets tougher for the feed to keep giving that real reality check in the light of the start that we got. It went three months of week inflation, that started coming a train that you can begin to extrapolate. So at the moment, the 5th fund arrived the market pricing and other 50 or so, but a little bit more hikes, but then we've got cats being priced and later this year. The current futures group and supply fits fundraising down to 4% by the end of 2000 and 23 and getting down to 3% by the end of the 2024. So that's there to make it into 3% by 2024 as a rate that that is basically pricing and a small recession and cutting rates is that against the payout. Yeah, I just, in the time we have left, can we just pivot quickly the bank of Japan, the meeting this week. It's interesting most economists we pulled don't think of the likelihood of any change, but a lot of BOJ watchers are expecting something. They think there's more brewing there. How do you play it from an investment perspective? Yeah, and it's certainly a good question. We're going to say to play it, you don't even play. The Japanese being on the Japanese forms and I'll explain why. As you've just mentioned, and vistas have really leaned into the strike. The bank of Japan is going to auto abandon your control target to put 5% or maybe raise it to one of the same. So there's a lot of pre positioning ahead of this meeting on Wednesday. Now maybe those speculators are right and it happens on Wednesday and which case the yin strengthens further. But if they're wrong, we're going to get a pretty savage reversal of the modes of the last week or get a big sharp drop in the game. So playing the yin this week or playing Japanese bond yields as for the brave. It's good, it could be fireworks out there. We see a safer trade is actually shorting some U.S. treasuries or Australian government bonds and the reason for that is just paying to keep its own yards out. Low Japanese ambassadors
CNBC's Fast Money
"ryan cohen" Discussed on CNBC's Fast Money
"136 basis points in the past 36%. Over a hundred over a 136% cumulative performance over the last 20 years. So you're looking for the if you look at the S&P 600, small cap versus the S&P 500, 136% cumulative return over the last two decades. So yeah, we're thinking about that in diversifying portfolios away from just large gaps sometimes. It's hard act to follow bottom. And what's your stat? You can say that again. And I really shouldn't be surprised at this point. It's a meme stock. But Bed Bath & Beyond price action this week, it's up about 30%. And that is in the face of what I would call pretty some pretty scary development. So you clearly have the Ryan Cohen situation where he's come out, he's another reporting that he needs to do and said that he's taken all chips off the table to the tune of about $70 million. We have the unfortunate death of their CFO. And you have a stock that's just in an existential crisis in turmoil. You don't know if suppliers are willing to ship. I understand that they're shoring up liquidity, but if you were playing for the short squeeze, you got it. You got exactly what you were playing for. And to now double down. I don't know what the real catalyst is here. And anytime I see the retail investor, perhaps posturing themselves to get hurt, I'm certainly going to take notice. I'm just utterly shocked at this one. I don't really understand the playbook here going forward. Karen? Yes, so you know I often say buy when there's blood on the streets, even if it is your own. This one happens to not be my own, but it could be soon because I bought some today. Germany, the Dax. If you look at what's happened, obviously, there are so many macro headwinds is even way to settle a word for what's happening in Germany and other European countries right now. However, if we look at various crises over time, we look at 2008. We look at the German Greek bank crisis 2011. If we look at the PE, the current PE, which I know it will go down somewhat. But is trading well well below the average PE, let alone the high PE, so that's over the last 14 years. But here's another step that I find also interesting and important to the story. Let's go to the next one, which is the Dax versus the price to book. And this sort of takes into account all the earnings that the Dax companies have had during the last 14 years. So if you look at how low that is, the price to book was the average average 2.76, now I think we're at one point 2.78 now at 1.7. That's a 40% discount to the average, Germany will find a way. I feel like this is a pandemic moment for the Dax. And so the EWG is the ETF that I used. All right. Grasso you're up. Mine is geopolitical and in this to me is shocking because it's shocking and it's not shocking. The market does in fact are something in until it knows what the factor in. But the China Taiwan tensions. Every day, another headline. To me, I don't understand. We're worried about June Lowe's, if there is some ratcheting up of hostility with China and Taiwan, we're going to drop probably to the February 2020 level of 32 50. In an afternoon, it could be over the weekend. It will be a horrendous drop. And I think the market is being overly cavalier about this as if it's not going to happen. I think Russia, Ukraine is probably leading me to believe that this is more likely to happen than not. And I think the markets are ill prepared. The national security adviser this week just saying that it is a distinct threat that China invades Taiwan. So I agree. Up next on fast money, a winning housing stock is crowned chart
"ryan cohen" Discussed on KOMO
"The New York City medical examiner is ruling the sudden death of an executive a suicide. Gustavo arnall, the CFO of Bed Bath & Beyond jump to his death Friday from the 18th floor of a downtown Manhattan high rise. Arnell's death coming days after the struggling retail giant announced it would close around 150 stores and lay off a 5th of its employees. They had about a $100 million in cash and they burned through over $300 million in cash in the previous quarter. And they were about to run out of cash so they desperately needed to both cut costs and to raise more money somehow. This on top of the $1.2 billion stock fraud lawsuit facing Bed Bath & Beyond are now named as a defendant in that class action lawsuit along with investor Ryan Cohen and others. The defendants accused of artificially inflating the company's value when Cohen bought nearly a 10% stake in the company and then sold it for a huge profit a few months later. They were both sued for essentially what's called a pump and dump scheme where they drive up the stock artificially so that they can sell it and make a profit. At the time, Bed Bath & Beyond stock price shot up over 350%, becoming what's known as a meme stock. What a stock gains popularity among young retail investors through social media. Investor Ryan Cohen, who rose to fame for his big bets on GameStop stock in 2020, was one of the biggest names to buy a stake in Bed Bath & Beyond. Shares surging when Cohen's involvement was first revealed. ABC News reached out to Cohen for comment, but did not hear back and in a statement about Gustavo arnall Bed Bath & Beyond said, quote, he'll be remembered by all he worked with for his leadership talent and stewardship of our company, our focus is on supporting his family and his team during this sad and difficult time. And if you or someone you know is struggling with thoughts of suicide, free confidential help is available 24 hours a day, 7 days a week, you need to call or text the national hotline at 9 8 8. ABC's will reeve. Your stock charts dot com money update on news radio 1000 FM 97 7. The stocks finished lower, this first day of the holiday shortened trading week the Dow off around 170 points, the NASDAQ and S&P both lower as well. In today's economic news, the institute for supply management said that service actor activity unexpectedly grew in August. In commodities these oil futures settled a bit higher following OPEC's decision to cut output by 100,000 barrels a day next month, West Texas intermediate crude futures gained a penny to $86 88 cents a barrel. CVS Health says today that it's buying Dallas based home healthcare company signify health for about $8 billion. The transaction is expected to close in the first half of next year. That's your money now. A federal judge in Florida has authorized a special master to review the documents seized in the Mar-a-Lago search. Lawyers for Trump had requested it. Here's ABC News senior investigative correspondent Aaron kotze with more. The judge temporarily blocked the Justice Department from using any of the seized materials that they took from Donald Trump's home back on August 8th for any criminal investigative purpose. That means not only do they have to stop reviewing the materials. Yes, they've been through them at least once, but that's an ongoing process. It means they can't even ask a witness about the materials say in a grand jury proceeding. A deadly fire broke out Monday in California, which is already dealing with several wildfires. At least 1500 households forced to evacuate up to the fairview fire
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Luxury retail and personal care industries reporter for Bloomberg news. She joins us on the phone from New York City. Okay, Jeanette, we're seeing the way that shareholders are reacting to this news. Give us the details of this turnaround plan. Hi. Thanks for having me on. So as you mentioned, it's the sale of as many as 12 million shares. And I guess on the slightly positive side, the company secured about 500 million in new financing, that was something that had been questioned for the past. The past several the past several weeks. Obviously, that is more that is more debt that the company will have to pay down. So they've also laid out a plan about how they're going to make their to make their business more efficient. And that includes in part what you mentioned, closing about a 150 stores that's out of about a thousand in the U.S. and Canada, as well as laying off about 20% of their corporate and supply chain staff. And then to make the business more efficient and sell more and really just bolster sales, which has been falling about a quarter in the previous quarter and are expected to fall about another quarter in the current in the current quarter in the current in the current three months. The company has said that it's going to shift its strategy. And discontinue some of the private label brands, the brands that it produces itself that it had really pivoted to in the past in the past couple of years under the former the former CEO. And so jenae, it's so interesting to compare and contrast some of the corporate news that we got today because snap actually, the parent company of SnapChat, also announced today that it's laying off 20% of its workforce. It's appointing a COO. I'm not going to ask you about snap. But if you look at that stock, it's up 9% today and then Bed Bath & Beyond comes out and unveils this really big sweeping plan and shares are absolutely plunging. I mean, why is this happening in the stock market? Our shareholders saying through the share price. We should say that we're asking Jeanette also to explain a meme stock here. So of course. Of course. But you know right. Right. I mean, I think part of what people are doubting is just the ability to execute on this strategy. The company is trying to execute a strategy during which would be difficult and at any point in time. And it's even more difficult now because of the current consumer environment, right? Bed Bath & Beyond obviously sells bed bath and home products that's 50% of what it sells. Those are exactly the type of products that we're not seeing as much demand for now. So it's just trying to get into execute this turnaround strategy in a questionable consumer market. And the company hasn't been successful in executing task turnaround strategy. So I think investors are just doubtful of whether it's going to be able to make good on what it's laid out today. Cheers down about 64% and change from its highs back in September. And it did have that really sharp spike up to $23 a share. Just a few weeks ago with all the Ryan Cohen news, we're not going to get into that right now, Jeanette. What are analysts saying right now about sort of the fair value here? I mean, I was joking when Katie was asking that question that we're going to have you explain a meme stock, but is it no longer a meme stock at this point? Because of the decline that we've seen recently, is it kind of at least according to analysts being traded more based on fundamentals here? I think given the craziness with meme stocks, I don't even think analysts themselves would bet to call what's going to become lean stock again or not. But I mean, I think in terms of the in terms of the fundamentals, I mean, look, the company, as I kind of mentioned, the sales are sales are falling. And the company this morning also said that sales for the current quarter are down 25%, right? I mean, we're seeing other companies that are also reporting kind of falling sales in this current soft environment, but that's really something to that's something that's going to be very difficult. Well, Jeanette to that point, what are analysts saying, not about the meme nature of this stock, but about the plants that the company unveiled today, specifically. I think one of the things that we were looking to see is what they would and beyond would do with its buy buy baby brands so that obviously is the name indicates cells sold baby. I spent a lot of money there. So on your child. Yes on my child. I bought bought baby stuff for him. That makes sense. You might have been one of the people that was slightly cushioning the sale there because bye bye baby actually has done better than the namesake brand Bed Bath & Beyond. And so it's kind of, let's call it the tarnished jewel in the tarnished crown of Bed Bath & Beyond. And so the company said, we are there was some speculation that maybe the company was going to sell that bye bye baby. And they said, no, we're going to hang on to that. We think that we can use this and leverage this and some analysts have said, that is a good thing. It's a good thing to hold on to that. That is a bright spot within this business. And perhaps, it's good to have it on hand if they were to sell it in the future. When it looks like they could get the business back to a stronger point. They'll never a dull moment. What's that? That's what I've noticed. They probably do, right? You said they do, right, kitty. No, there's not enough cat stuff. Oh, okay. Or maybe you got to go to a pet store for that, okay? Big thank you to Jeanette Newman, U.S. luxury retail and personal care industries reporter for Bloomberg news joining us this afternoon on the phone from New York City. You can follow her on Twitter at Jen Newman. You're listening to a Bloomberg business weekend this is Bloomberg
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Michael kassner. And I'm susannah Palmer in the Bloomberg newsroom. There are a few days left until the August primary and candidates in the 12th congressional district race are trying to sway voters who haven't yet made up their minds. More from Bloomberg's Pellegrini. Susanna, this follows a new poll by pixel 11 Emerson college and the hill that showed representative Jerry Nadler ahead of his opponents representative Carolyn maloney and challenger surge Patel. You can still early vote today or tomorrow. And the primary is on Tuesday. Susannah. Bloomberg's Denise, Pellegrini. Sources say some Bed Bath & Beyond suppliers are restricting or halting shipments altogether this after the home goods retailer fell behind on payments more from Bloomberg's Charlie poet. It complicates the company's scramble for liquidity, sources say several of the firms that provide credit insurance or short term financing to vendors have revoked coverage of Bed Bath & Beyond. The retailer shares shed half their value last week after influential investor Ryan Cohen dumped his stake in the company. Bed Bath & Beyond plunged another 40.5% yesterday. Wendy's shares plunged as much as 4.3% in after hours trading yesterday. This after Wendy's restaurants in the Midwest were linked to an outbreak of E. coli bacteria. The CDC says when these removed some romaine lettuce from stores as a precaution after 22 people in a Midwestern E. coli outbreak reported eating at the restaurants in the week before their illnesses began. The CDC isn't telling people to avoid eating at Wendy's or to stop eating romaine lettuce and said a specific food has not been confirmed as the source of the outbreak. U.S. stocks broke a four week winning streak this week, the S&P 500 Index fell 1.2% for the week. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. Broadcasting
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Ones move away. All right. We're going to talk with Anders melon in just a moment. He's got an interesting story about Ryan Cohen, Bed Bath & Beyond, I mean the story just keeps on giving and giving and speaking of giving and gave a lot to Ryan Cohen. Yeah, it's giving CEOs are getting a lot from their boards in terms of compensation. We're going to dive into that too with Anders. All right, first up, it's back to Charlie pellet and I'll look at the trading day. 28 minutes to go ahead of the closing bell, the Dow, the S&P and nez stack all trading lawyer you mentioned bad bath and beyond BBBY on the ticker there right now, it is down by 43%. Stocks lower across the board on track for a losing week in fact the S&P could see its biggest daily decline since June. Here's where we stand S&P now lower by 53 points, that is a drop of 1.3%. We've got the Dow down right now by 284 points down 8 tenths of 1% as tac composite index lower now by 246 points dropped there of 1.9% broad based selling NASDAQ 100 lower now by 1.8% Russell 2000 slumping 2.2%. Ten year yield 2.97% on the ten year two year 3.24% spot goal down $11 the ounce now down 7 tenths of 1% ounce of the precious metal at 1747, West Texas intermediate crew down three tenths of 1% $90, 19 cents a four a barrel of WTI. Is chief investment officer at flow bank and she told us it looks like June was the market low and the rally could have legs. The rally started
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"All of that in a moment, but first I want to get a look at the market stocks ending in the green after swinging between gains and losses. Cisco rising after an upbeat forecast and Bed Bath & Beyond sinking. On the back of a filing by GameStop chair Ryan Cohen's firm, Bloomberg's Christine Aquino, here to tell us all about the day. Christine, Emily, it really is all about the dip buyers today. Not a whole lot of conviction out there though, but in the absence of volume and clear negative news, the path of least resistance for stocks is definitely higher. Let's take a look at the tech complex here. Green across the board, as you can see, the NASDAQ finally delivering a game here. The first one in three days, and even semiconductors. They've been battered for the last few days, but they're finally ending the day higher here by 2.2%. As you mentioned, though, Bed Bath & Beyond definitely missing out on this rally after the news about Ryan Cohen wanting out of the stake in the company that has made for a plunge of nearly 20% on the day, that's the biggest since June, but the good news is that it is nearly not nearly enough to undo that 400% rally that we've seen since July. That's going to hurt though for retail traders still to have really plunged into this stock here. But one thing also to keep an eye in a tech complex though. It's having a good day today, but valuations definitely keep an eye on those because that's definitely creeping higher for the NASDAQ 100 here. Currently trading at a price multiple of 24 that's well above what we're seeing for the S&P 500 around 18 here. And you know, we have talked about investors thinking about that asset rotation and loading up on treasuries because those have reached cheaper levels earlier this week. And so if we see that tech valuation really creeping higher from here, that could be what finally tips the scale back into treasuries and out of these more expensive tech stocks here, Emily. All right, Christina kino. Thank you. Let's get back to that Bed Bath & Beyond stock. The latest meme stock target sliding, activist investor Ryan Cohen, first sparked this frenzy when his firm, RC ventures disclosed a 9.8% stake back in March and called for a sale of the company shares have plunged now that Cohen has officially taken a stake to zero. I want to bring in Bloomberg's John Edwards for more on this. John, what sort of Intel do we have on why Ryan Cohen sold out here? Well, we haven't heard from him directly yet, but it looks like he's just lost patience with this struggling retailer. You know, he came in back in the spring in March thinking that he could really affect a turnaround here. And it looks like he has lost patients with that and bailed out. He made a lot of changes, he brought in three independent directors, then in June, as that patient started wearing thin, he backed the ouster of the CEO, Mark tritton, and the thought then was that Cohen thought that Bed Bath & Beyond should sell either sell itself entirely or sell its buy buy baby unit, which is doing better than the rest of the chain. But it looks like he has just run out of patience and Bed Bath & Beyond is run out of time with him at least. Walk us through the timeline because obviously earlier in the day there was this filing from our C ventures, they might sell, then we learn they have officially sold out. Is there any potential for regulatory scrutiny here? Yeah, you know, some shareholders have made some noise about filing complaints about the way that Cohen has handled this. And again, came into the stock with a lot of fanfare. And then there's that filing that was made officially on Tuesday, but disclosed yesterday that they were thinking about getting out of their entire stake. And then, of course, the new filing that they have indeed taken their stake down to zero. So a lot of these retail investors who piled into the stock are certainly upset with Cohen at this point and some might be looking to take action, but it's unclear if he's actually done anything wrong. All right, we will keep following that. Bloopers John Edwards, thank you for that update. Meantime, billionaires
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"The Bloomberg business out and at Bloomberg quick take. This is a Bloomberg business flash. Prom Bloomberg world, Hank waters. I'm Charlie pellet, we have got the Dow Laura S&P nesta bar both higher right now. Stocks though struggling for direction in a choppy session. Stocks have been swinging between modest gains and losses, then trading, S&P now up by almost two points, little change there. The Dow remains on the minus side down 92 points right now, drop there of three tenths of 1% while NASDAQ is up 24 are by two tenths of 1%. We've got the ten year of three 30 seconds, ten year yield right now, 2.88%, spot gold is down $3 the ounce to 1758 town by two tenths of 1% of West Texas and immediate crude oil surging 3.6% back above $91 a barrel 91 32 right now on WTI. Investors continue to digest a yesterday's release of the latest fed minutes, Jennifer Lee is senior economist at BMO, nesbitt burns. It basically sounds like that 75 basis points are probably not in play. And it's just of which our call for another 50 basis point hike. In September and the meeting afterwards. But I think they're just going to be very data dependent wait and see what happens. And I think that's definitely the right mindset to be in. Meanwhile, Federal Reserve bank of St. Louis president Jim bollard says he is leaning toward a 75 basis point rate increase of the September meeting, his remarks came in an interview with The Wall Street Journal. 5 months after disclosing a stake in bed, bath and beyond activist shareholder Ryan Cohen wants out, sparking a sell off in shares of the home goods retailer Bed Bath & Beyond they're down now by 23%. Cole shares lower after the company slashed full year earnings and sales guidance for the second straight quarter Kohl's down now by 7%. Again, recapping we do have the Dow trading lower down now by about three tenths of 1% S&P little changed up now by one point. I'm Charlie pellet
WSJ Tech News Briefing
"ryan cohen" Discussed on WSJ Tech News Briefing
"At adp we understand the importance of building the right team and offer the data insights to help. Just as importantly our ai. Technology helps you pay the team. Accurately grow stronger with adp hr talent time and payroll. This is your tech news briefing for friday august thirteenth. I'm zoe thomas for the wall street journal. If you followed the memes stock drama around game stop earlier this year. You probably heard stories about some individual making loads of money or losing a lot of it. One investor who made out particularly well is the company's new chairman ryan cohen in twenty nineteen cohen had a twelve percent stake in game. Stop and little say over what went on inside the company. But since then he's managed to rest control of the company with promises to revitalize it as a modern online game retailer on today's show we'll be joined by reporter sara needle men. She covers the video game industry for the wall street journal. And she's been talking to insiders about coen's rise within game stop and what he's got planned for the future of the company that's after these headlines facebook may be forced to sell jiffy after uk. Anti-trust officials said its purchase of the gift provider could harm competition. Facebook bought jiffy last year. Saying it planned to integrate it into instagram and other apps regulators said if the social media giant limited the use of gifts gifts exclusively to its own platforms or change the terms of usage it could hurt competitors like twitter and take talk facebook. Said it disagreed with the preliminary findings and that it would work with the regulator. A final report is expected in october. Businesses are pushing to limit legislation. That would require them to report cyber attacks to the. Us government competing bills in the house and senate looked to increase transparency around hacks on critical infrastructure following several high profile attacks including the solar winds breach last year several companies and trade associations though are calling for the rules to narrowly define which types of hacks have to be reported and forgiving firms. A seventy two hour window to report the incident. The senate introduced a bill last month with a twenty four hour reporting window. And we report exclusively. One of the world's biggest high frequency trading firms jumped trading group plans to launch a unit that will execute stock orders for individual investors. It's a market. That's growing more lucrative as interest in meam stocks and apps that make investing accessible right from your phone have fueled a surge in. Us retail trading jump executives. Say the firm will set up a retail wholesale business that will buy and sell orders for customers of online brokerages like robin hood and td ameritrade. All right coming up ryan. Cohen's audacious risa game stop. We'll talk about how he climbed his way to power and what he might do next after the break. Adp we work with more than eight hundred sixty thousand companies worldwide. That gives us a pretty good idea of how to help. Businesses grow stronger whether it's through data insights that help you make informed decisions about building a team that works better as a team or by keeping you ahead of thousands of changing regulations. So you can keep ahead of everything else like building that better team grow stronger with adp hr talent time and payroll..
GameStop Appoints Ryan Cohen As Chairman
"Investor Ryan Colin is chairman. To succeed Curtis Wolf, who resigned effective Monday. Cone will stand for election at the annual meeting on June 9th. He's Gamestop second largest shareholder, and he's leading a transformation in the company toward more. Commerce. A couple of ARNs reports out Constellation brands is one of them. It's down
Yahoo Finance Market Minute
GameStop announces another executive departure
"Announced its chief. Customer officer is leading the company. This comes at the same time or in same day that the company will be announcing its quarterly results for its fourth quarter and fiscal year. Twenty twenty this is yet another major move after activists investor ryan. Cohen joined the board of the company back in january. It's also been the focus of a short squeeze. Shares today are around one hundred and eighty five dollars each remember that shares back in january were up at four hundred eighty three dollars of an intraday high on january twenty eighth. It's been quite a run for game. Stop and analysts are saying that the stock is trading detached from fundamentals
GameStop Shares Jump After Retailer Taps Chewy Co-Founder Ryan Cohen To Lead E-Commerce Shift
"Shares of games Doc stop up nearly 12% in pre market trading after Bloomberg reported that the company tapped board member Ryan Cohen to guide the video game Retailers transition to an E commerce business. Going. A major Gamestop investor and founder of the online pet retailer Chui will lead a board task force on digital changes.
"ryan cohen" Discussed on NewsRadio WIOD
"Now that Ryan Cohen's about they're going to switch the e commerce and the stock went from the third. It was actually around five in August. Tonto in the thirties recently and then this month it ran up to, I think, 145 $150 and then on Wednesday, the 27th in overnight trading it hit 3 60. Okay. And so the story remains to be seen how that's gonna end. But there's been an enormous short squeeze. So there's other stocks that are acting like that as well. And I guess it's one of the signs of euphoria that you mentioned. Obviously, How does that translate to? What were the work that you're doing right now? Because of the euphoria, you're not investing long right now. It's just just so everyone knows. We offer an account of Charles Schwab that Pete gives us the signals and we buy and sell for our clients based on Pete's recommendations, and since we started in September of 2019 It's up 40% Since that time versus 23 for the S and P 500 in 2020. The strategy was up 19.14 versus 18 for the SNP, But the big difference is this account was never really down all year. Whereas if you if you bought the S and P 500, you had to endure huge decline, and then it came back and by the end of the year Get a nice year where with the peat strategy. We were in cash during that decline, and we actually were able to avoid it. And you know, we didn't make his much once the market was rebounding because we were more cautious, but We certainly had a decent year. Not not a great year for repeat standards, but you know, still slightly beating the S and P 500 where you didn't have to endure that big roller coaster now, if anyone is interested in learning about Pete Strategies are. In fact, I know Pete offers a knee email to his subscribers and some people pay $1000 a month for if anybody wants to receive that email, where Pete will give you his analysis and recommendation for three weeks at no cost. Text the word Spartan 2474747 texts Where Spartan 2474747 So Pete Currently, you know, you are very cautious about the market talk about as of late January. What's making you be very cautious and what's making you potentially be bullish. What's keeping us cautious is there is there is a market time technique that is called the Elliot Wave. And there, Elliot Wave has five cycles that has 33 strong up upturned cycles to two corrective waves. And, But the fifth way, which is the one that we've identified they were currently in is the most euphoric wave. And it is the wave where things get Sylvia and ridiculous which they are now, just as you mentioned about Gamestop to, you know, Think about what you just said. Back one from $5. 2 300 or two over $350 in a very short period of time, Okay? And what I'm talking about a company that has found the cure for cancer but talking about a brick and mortar company That's gonna that's going to be transitioning supposedly To E comments so How? How much competition this game stop. Have lots. Ah, lots and lots. So this is that way? Five euphoria. It is very dangerous. There are a lot of people out there that are gonna get really hurt very, very soon. This guarantee, and we've seen this movie many, many times before. And they're always ends. Ugly is not this easy to make money where he's just throw money in companies that are that are just not viable or that are failing. Or they have very little to no profits and their going from 5 to $350 within a very short period time. Another one. He's a M. C. M. C went up within a couple of days. 5 600%. It was last time anybody wants for a movie. I don't know anybody. I again it. Did AMC just find the cure for cancer. No, it is its stock price is not wanted at these levels and the only reason why it is that these levels It's because you have the Robin Hood Day traders that think they're the masters of the universe, and they're just throwing money to the wind. It may be doing well now, but it's gonna be short lived, and all of them are most them or 95% of them are gonna be annihilated. Extremely soon. Trust me on this one. I really like, you know, we've seen this movie many, many times before. And the ending is disastrous. Yeah, All right. You heard here her so listeners. Obviously, this strategy is a trading strategy. It could create additional diversification. If you consider it is part of your overall portfolio. It's not buying hold. It is from trading, but There is risk. If you want to learn about the risk of the potential reward calls it 866 wealthy will be happy to talk to about this trading strategy. We do it all for you. In your accounts. You don't have to do anything but sit back and watch and again If you want to see three weeks of the emails of our daily trades and our analysis text, the word Spartan 2474747, and we will get you on that list to get the Three weeks email to you each morning and I think it's very, very valuable. So take advantage of that. Text The word Spartan 2474747. Thanks for joining us, Pete. Thanks for having me. Yeah, well, stay tuned, everyone. We'll see how this all turns out. We'll be right back.
WNYC 93.9 FM
"ryan cohen" Discussed on WNYC 93.9 FM
"Stop a store in a strip mall, hoping someone comes for a $60 game or a $20 action figure. It has kind of deluded them as a destination specifically to buy games. Rebecca Valentine reports on the Games business and has spent years following game stops stalling efforts to reinvent itself. Video gaming is booming as an industry, especially in a pandemic. More people are ordering physical games online, and even more people are simply downloading them. Game stops online presence has not kept apace with either Meanwhile, it has about 5000 store locations, and that's after shuttering hundreds trying to slim down. I keep waiting for whatever this big turnaround that they say is gonna happen to happen, and it's still have it for years. Used games were game stops Cash cow these days. Gamers joke about how little the store pays for old games, and that business has declined. A few years ago, Gamestop got into selling collectibles which have done okay. It's sold some office space and its corporate jet and paid off some debt. It even tried to sell itself unsuccessfully. Early last year, Gamestop emerged with a groundbreaking plan concept stores piloted in Oklahoma. They had like a retro theme store with like all these retro games you can play Or you could sign up for time, Kind of like a gaming cafe or something, but you could like do birthday parties there. I went there on like a community game night. There was like a fortnight tournament. All these kids were playing in their parents for their socializing was genuinely really need, but the timing was poor right before the pandemic made gatherings unsafe. This left Gamestop banking On a pivotal moment last holiday season, the release of new PlayStation and Xbox consoles, Gamestop reported a huge spike in online sales. But total sales at stores still declined. They've been in decline for five years. Joe Feldman is a senior equity analyst at Telsey Advisory Group. Many investors air now watching whether game stops, new board members pushed for a new turn around plan. They include Ryan Cohen, co founder of pet retailer Chewie, who has campaigned to get Gamestop into e sports and streaming and mobile. But that's an uncertain future juxtaposed against the harsh reality 2020 they're going to reported last year. They're going to lose money in this year, which is why game stops current high share price is so mind boggling to experts like him. Because it's disconnected from game stops. Actual business where,.
AP News Radio
GameStop's stupefying stock rise doesn't hide its reality
"I'm Julie Walker behind gamestop stock surges the grim reality of its prospects the video game retailer is floundering even as the industry around it is blooming gamestop was swept up in a battle between big money to hedge funds betting against it in small investors trying to prop it up causing shares to soar sixteen hundred percent despite shaky financials underneath shares have since cratered the company's quarterly report shows the sales decline as it struggles to adapt to mobile gaming and digital downloads that renders stores obsolete gamestop's new board member Ryan Cohen the founder of online pet store chewing has raised hopes of a turnaround even though experts say he faces challenges he wants to focus on line to give gamers superior experiences and analysts say gamestop could do their own stock offering and reinvest in the business I'm Julie Walker
"ryan cohen" Discussed on MyTalk 107.1
"Good. Let's talk about money, Bud Monday. There are more things in the world to buy down Steve. Most people have money for Souls. My name Monday Choices have to be made. But mostly, is e everyone. You know, shout out to I am Grant sent me an article over the weekend from celebrity network dot com All about that game stop stock mayhem That happened last week on Wall Street. Where a reddit thread essentially pushed up the price of read it from like doubled, it was like around $15 pushed it up to the high four hundred's making some people tons of money losing Hedge funder to in New York City, billions of dollars 13.1 billion was the registered loss at one point. Any way. You think everybody has this, Uh, this foam? Oh, when something like that happens anytime you're about a stock that sky rockets It's like, man. What if we would have been in on that? 100 bucks. 1000 bucks What would have happened? Let me read to you from celebrity Network. This we talk about the topic of money and lots of it. You probably heard a little bit about the insane stock market gains being experienced by game stop this week. If someone haven't heard about it long story of the shortest at a bunch of those regular traders got together on that Reddit Forum basically conspired to send share prices of a few companies to the moon. Now one of those companies, Gamestop, the stock was $4 a year ago. Was around $8 in September. 10 days ago, it was around $40. Yesterday. Friday's trading was at $346. So if you managed to buy 1000 shares when it was treating it $8 now that be $8000. Your account on Friday would have been worth $340,000. That would have been great. Now imagine how it would feel if you bought not 1000 shares. Not 10,000 shares, not 100,000 shares. But nine million shares back in September at $8. Brian Cohen does not have to imagine that feeling. Let me continue reading. Who is this Ryan Cohen guy? A decade ago, Ryan co founded the online pet food toy company, chewy dot com, He and his co founder, were rejected by a bunch of venture capitalists firms. Finally got $15 million in capital in 2013. In 2016 chewy dot com raised 230 more million dollars. They ended up doing 900 million in revenue and in 2017 my gosh, Chewie, let's let's go for the later in 2017 Chui was acquired by PetSmart. For $3.35 billion Uh, pets. Petsmart, By the way, took to republic in 2019. It has a market cap a 43 billion, meaning the company's worth. Just insane amounts of money. So, Cohen this guy they were talking about Ryan Cohen, who got all this game Stop stock. He cashed out from Julie calm. Several $100 million. That's what he got. Well, what he ended up doing was, uh, in August of 2020. This guy was forced to make an SEC filing because he had bought into a third company. He said he was gonna put the majority of his fortune into Apple and Wells Fargo. But there was a third company out there as well. And the SEC. The suit said. Hey, dude, you need to tell people about this because he had put in all of these shares to game stop. And his position. Having purchased that many shares of Gamestop stock caused the government to say Wait a second. Is there anything shady going on here? That we don't know about? So he spent an average of $8 per share to acquire that steak, which is about 10% of the company. So get this. In total. Ryan Cohen spent $76 million piecing together Nine million shares of game stops Stock back in September. In November. This guy post the letter to game stops board of directors blasting the company's performance, just like you guys need to be doing better. At the time. The company's share price was about 10 bucks. Five years earlier, The Gamestop stock had been a $30, so it'd really seen better times and come down. Well, then all of this happens, uh, long story short when it got to its highest peak Last week, Gamestop stock went to $483 a share. Now it's a fluid situation. But this guy Ryan Cullen, his nine million shares of game stop that cost him $76 million to acquire At one point last week was worth $4.3 billion, right? Wow, that now even when it goes down game stop. They ended Thursday at 193. They went back up on Friday. Still, even at 193. His stake in the company is worth 1.74. Million. Holy moly. It's Let's do what we've done The past few days here, let's get a quick eye. Gamestop stock. Okay, some $248. So he's at over $2 billion still. On 76 million It's and if you're thinking like the billion is kind of close because he's already at 76 million, Remember, you have to get 200 Million and 203 456789 before you get to your first billion every Yes, right. I mean a lot of money it, Zach. It just feels like an M and a bee aren't that far, But there that's a lot more money just because they share the alien Exactly 76 Million, and 4.3 billion are just so far apart. Holy crap like, Isn't that something 1700% return? I think is what I read or something like that. You know, when I went to 1.4 billion, you got roughly 1700% return and I'll admit I thought of it. I was like, what if what if, what if you had, like 1000 bucks? That you could just throw at it that you put, you know on it at the right time. You're going to see a lot more people who are trying to get involved in these mean stocks, which is what they're calling them. And then there are lot more people are gonna be on Reddit They had the most downloads. They've ever had..
Newsradio 970 WFLA
"ryan cohen" Discussed on Newsradio 970 WFLA
"Just become sort of hypnotized by the promise of the Internet like happened in the late 19 nineties or there have been many little bubbles in Wall Street history. My favorite one is In the early 19 sixties, Investors became convinced that every American was going to end up going bowling like three or four times a week. And so there is a huge bubble in bowling stocks. This is very different from that. What happened on this? Read it on the sub reddit. Was that people recognize that Gamestop was not just very cheap. And had a relatively small low. In other words, there aren't that many shares outstanding, but they also realize that a huge percentage of that float so by some accounts All of the shares, plus some were being sold short by short sellers. So short sellers were basically betting the game stops stock was going to continue to fall and the reason that's important Is that when a stock starts rising sharply is it's been heavily shorted. What oftentimes will happen is that short sellers will have to buy the stock back. In order to the phrase on Wall Street is cover their short because they don't necessarily wanna keep their short as that stock is rising because if they do every dollar, it rises, another dollar they lost. And so if short, sellers can't take the pain, they buy the stop well. In short sellers buy stock. That obviously helps push the price higher. So if there are more people shorting higher above them, who maybe don't you know that sends the price higher that there are more short sellers were getting pain inflicted. They may stay, Okay. I can't take the pain. They buy the stock, etcetera Gamestop as a company. They're selling physical games. I thought they were maybe getting a boost because they were a player and selling the new Xbox and PlayStation consoles. But you know, really Those types of things are trending mortgage. It'll buying on the digital marketplace is so what kind of future does Gamestop really have in that sense? So when they all got together as you mentioned the short sellers that having to buy things back, so the price is going up? What happens when they start selling that off now to make their profit? You know what happens when it doesn't keep rising? Let me say one thing First, which is to say there was a kind of catalyst in the summer. That kind of got people buying Gamestop independent of trying to drive the price up or whatever, which was that A guy named Ryan Cohen, who had been at this company called Chu is this pet company that he helped make of shockingly valuable coming like a $3 billion company Given the market they were in You engage stops, board and long lines for your term. But he actually had supposedly has this plan to try to turn Gamestop into this e commerce company and blah, blah, blah. So that was one of things that first got people interested in maybe taking a dip in the stock. But what really happened was as that price started to rise, and then some short sellers. That all of it, even a greater out better opportunities Short. Then people started to say, Wait a second. We can actually gain this thing, so they pushed the price higher. One other thing they did, which I won't go into the details of because it's a little complicated, but they've also used options trading to help boost the price stock. Basically, what they're doing is they're creating these kind of positive feedback loop, so that is to say. They're doing things that drive the price higher, which in turn makes the price go higher. So that's been the strategy they're using..
GameStop-Robinhood 'Wall Street bets' frenzy explained
"The game continues with game. Stop the stock dipped overnight that it's back. It's up nearly two thousand two percent this month. This is crazy for a full recap of the game. Stop shorts squeezes read. It's and losses checkout wednesday's episode of squawk pod with the robin hood and bank of america. Ceos so it's pretty much just as crazy as the stocks volatility is the conversation as prompting inside the legacy wall street community and outside. It's a rebellion of the retail. Investors cry some market manipulation cry others it's a pivotal moment in market history still others claim. And so it may be. It's exciting a reversal of the traditional power roles on wall street for once the little guy the occupy wall street. The redder is forcing the hedge fund. Power players hand. People are here for it. Billionaire tech investor. Kamath paulie Says he closed out of his position and game. Stop one day after joining the trading frenzy and then tweeting about it in an interview yesterday on cnbc. He addressed the role of regulators. I think fifty an example of if you are going to so massively oversell accompanied to the. You're selling forty more shares of that company that don't exist and all of a sudden other folks like hey wait a minute. This is going to get squeezed and they buy. That's just a smart trade retail side wall street misfit and they paid the price so maybe what regulators should do they. Hey wait a minute. How can we allow companies to be one hundred forty percent short. That doesn't make any sense. Maybe on wednesday night the online hangout. Service discord banned. The red it subgroup behind the entire game. Stop short squeeze drama wall street bets discord said the group to allow hateful and discriminatory content. After that the sub reddit briefly went private moderators of wall street. Betts said they were unable to enforce read. Its contents policy and responded discord with this statement. If you gather two hundred fifty thousand people in one spot someone is going to say something that makes you look bad. Who doesn't look bad. Maybe game stop at least not to ryan cohen. He's a board member and founder of chewy. The pet supply taylor. Cohen has made a mere seventeen hundred percent return since investing seventy six million dollars in game. Stop late last year. Share price of game stop went from under twenty dollars in the beginning of january just january two over four hundred forty dollars back down to three fifty even up past five hundred. It is a truly wild ride for everyone.
Bloomberg Radio New York
"ryan cohen" Discussed on Bloomberg Radio New York
"Receipts here is Dave Wilson. Thanks, Charlie 80 yards or down Maura than US shares. The S and P. A. D r indexes lower by half a percent. And the S and P. 500 as you mentioned only down 2/10 of a percent. You've got She 80 yards of Denmark's or said lower in U. S trading. At the moment they're down. 5.1%, the wind farm developer was cut The equipment itself Neutral Bank of America after its 80 yards set a record last week, the U. K's and Tain has lost. 5.7% CEO shakes again said he's leaving the gaming company to becomes co CEO. Sports streaming service, Daz in group and Tane is the target of an $11 billion takeover offer by MGM Resorts. China's neo is Risen 9.1%, the electric car maker, unveiled a new luxury sedan and a larger battery pack and an annual event held last weekend. Neil also agreed to work with US chip maker and video on self driving electric vehicles and video shares up 4.9%. And the 80 yards of India's Tata Motors have gained 14%. The newspaper Economic Ties reported on speculation that the automaker may produce Tesla's electric vehicles for the Indian market Now to to denied it's in collaboration. Talks with Tessler, Charlie. All right, Well, thank you very much. Dave Wilson following those eight ers force. Gamestop shares up 11% after activist investor Ryan Cohen stepped up his transformation efforts of the struggling video game retailer, gaining a seat on the company's.