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7 Mins Ago
GameStop jumps nearly 8% after rollercoaster week
GameStop shares climbed nearly 8% in premarket trading Monday, set for a rebound from Friday’s big sell-off.
The meme stock had a roller-coaster week, which surged first after Keith Gill, the trader who inspired 2021’s epic mania, shared screenshots of his portfolio holding massive positions in the video game retailer.
GameStop tanked Friday, however, as investors responded to the company’s earlier announcement that sales dropped significantly in the first quarter and that it was selling more stock.
Meanwhile, Gill, better known as “Roaring Kitty” on X and YouTube hosted his first livestream in a few years Friday. He revealed that he didn’t have any institutional backers and the GameStop positions he had shared in screenshots were his only bets. Gill also reiterated his previous investing thesis and offered little new reasoning behind his large stake.
The stock plunged nearly 40% Friday, but still posted a 22% gain last week.
17 Mins Ago
JPMorgan upgrades Walmart
JPMorgan upgraded Walmart to overweight and said the shares can rally 23% over the next year and a half to $81, saying it was time to get defensive amid a softening consumer environment.
The firm also gave a macroeconomic reason behind the call.
The upgrade was partly due to “our desire to add more defensiveness to our ratings given signs of softening discretionary spending while we also we stare down a very uncertain backhalf that includes the presidential election cycle, holiday calendar blues with five fewer days/Christmas on a Wednesday, and an unclear outlook on rate cuts,” stated JPMorgan.
Walmart shares were 1% higher in premarket trading.
CNBC Pro subscribers can read more about the call here.
An Hour Ago
Nvidia shares slide to start the week
Nvidia slipped 0.4% Monday, the first day for the stock reflecting a 10-for-1 split. Shares have been on fire this year, surging more than 144%.
— Fred Imbert
An Hour Ago
European stocks under pressure
European stocks were under pressure Monday as concerns grew over right-leaning politicians gaining traction in the region.
The Stoxx 600 index, which includes a broad swath of European stocks, fell 0.8%. France’s CAC 40 dropped 2.2% after French President Emmanuel Macron called snap parliamentary elections to be held later this month following a big loss in initial EU Parliament election results.
Germany’s Dax index lost nearly 1%.
— Fred Imbert
12 Hours Ago
May inflation data set to release this week
Investors are looking ahead to May’s consumer price index that’s set to release Wednesday.
Economists polled by Dow Jones anticipate a rise of 3.4% from the year-ago period, and a 0.1% increase on a monthly basis. That’s compared to increases of 3.4% and 0.3%, respectively, in the prior reading.
Core CPI, which excludes volatile food and energy prices, is expected to show an increase of 3.5% year over year, and a 0.3% gain on the month. Previously, it gained 3.6% and 0.3%, respectively.
— Sarah Min
13 Hours Ago
Stock futures open flat
Stock futures opened little changed Sunday night.
Dow Jones Industrial Average futures rose by 13 points. S&P 500 futures and Nasdaq 100 futures were flat.
— Sarah Min
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