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Station to Station - Calexico - Station to Station

Members of the band Calexico play an acoustic version of Crystal Frontier in Frank Lloyd Wright’s Taliesin West.

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  • ‘Roaring Kitty’ Boosts GameStop Bet After Exercising Options

    (Bloomberg) -- The Reddit user who helped fuel the surge in GameStop Corp.’s stock price this year has doubled down on his bet by exercising his call options and buying even more shares.Keith Gill, who goes by monikers “Roaring Kitty” and “DeepF___gValue,” posted a screenshot of his portfolio showing that he has exercised 500 GameStop call options expiring Friday at a strike price of $12, giving him 50,000 more shares. The stock closed at $154.69 on Friday.On top of that, Gill bought another 50,000 shares of the video-game retailer, effectively doubling his holdings to 200,000 shares from 100,000 at the beginning of the month. His total investment in GameStop is now worth more than $30 million, giving him a profit of nearly $20 million.Gill’s mother, Elaine Gill, reached by phone at his childhood home in Massachusetts, confirmed the Reddit screenshots posted by her son.Gill rose to fame this year as one of the most influential voices on Reddit and YouTube amid an effort by retail traders to squeeze GameStop short-sellers. He testified at a congressional hearing in February, where he said he didn’t call for anyone to buy or sell the shares for his profit.The comments came as he was hit with a lawsuit that accused him of misrepresenting himself as an amateur investor. The suit alleges that he was actually a licensed securities professional who manipulated the market for profit, which he denied.GameStop Chief Executive Officer George Sherman, who is expected to leave, disposed of almost $12 million in shares, with the proceeds earmarked by the company to pay compensation-related taxes, according to a regulatory filing Friday. Earlier this week, he forfeited about 587,000 shares after failing to meet performance targets.The company is looking for a new CEO as part of a shake-up spurred by activist investor and Chewy.com co-founder Ryan Cohen, a person with knowledge of the matter has said.As part of a corporate overhaul spearheaded by Cohen, the company has brought in new executives, including chief officers for growth and technology as it seeks to move away from its brick-and-mortar business.GameStop, based in the Dallas suburb of Grapevine, Texas, has suffered with the video-game industry’s shift to online distribution. With gamers downloading or ordering software and gear online, there’s less reason to make a trip to a physical store.Shares of GameStop are up 721% so far this year, though they are less than half of the peak level in January. On Tuesday, the company announced plans to retire senior notes due in two years, leaving it virtually debt free.(Updates with background on company’s debt. A prior version corrected description of GameStop CEO’s stock transactions.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Credit Suisse sued over risk exposure to Greensill Capital, Archegos

    A pension fund filed a lawsuit against Credit Suisse Group AG on Friday in a U.S. court, accusing the Swiss bank of misleading investors and mismanaging risk exposure to high-risk clients, including Greensill Capital and Archegos Capital Management. The pension fund, City of St. Clair Shores Police & Fire Retirement System, based in St. Clair Shores, Michigan, filed the class action lawsuit in federal court in Manhattan, alleging violations of federal securities laws.

  • Gold Set For Best Week Since December With Yields Retreating

    (Bloomberg) -- Gold headed for its best week since December amid a retreat in bond yields and a report that top buyer China may import more of the metal.After weeks trading in a narrow range, gold has advanced as Treasuries yields and the dollar head for weekly losses. Lower yields boost the appeal of bullion, which doesn’t offer interest. Dollar declines helped spur a broad rally in raw materials, with the Bloomberg Commodity Index also on track for its best week of 2021.Bullion is showing tentative signs of breaking out of a slump following three straight monthly losses. Prices rose above the 50-day moving average on Thursday, a positive signal for traders who follow chart patterns. On Friday, bullion extended gains to the highest since February after Reuters reported that China has given banks permission to import a large amount of bullion to meet domestic demand.The overall robust performance in commodities this week was “being supported by a surprise drop in U.S. Treasury yields accompanied by a weaker dollar,” said Ole Hansen, head of commodities research at Saxo Bank. Gold, along with crude oil and copper, “broke higher, thereby potentially signaling renewed momentum attracting fresh buying from speculators.”Spot gold rose 0.8% to $1,778.17 an ounce by 1:43 p.m. in New York. Prices are up about 2% this week, on course for the biggest gain since Dec. 18. Futures for June delivery on the Comex rose 0.8% to settle at $1,780.20 an ounce.Federal Reserve Chairman Jerome Powell’s reiteration of his dovish stance on monetary policy also helped bullion this week. That helped offset the impact of improving U.S. and Chinese economic reports, which could otherwise diminish demand for the metal as a haven.“The economic data published in the U.S. yesterday afternoon turned out for the most part to be significantly better than the market had anticipated,” Commerzbank AG analyst Daniel Briesemann said. “It seems that market participants believed the U.S. Federal Reserve’s assertion this time that it would not react to good data and would tolerate economic overheating.”In other precious metals, silver and platinum advanced.Palladium rose 1.2% after reaching the highest in more than a year. The metal, which reached a record of $2,883.89 in February last year, has benefited from stricter emissions rules that boost usage in autocatalysts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Tech retakes market lead as investors eye yields, earnings

    NEW YORK (Reuters) -U.S. technology and growth stocks have taken the market's reins in recent weeks, pausing a rotation into value shares as investors assess the trajectory of bond yields and upcoming earnings reports. Technology has been the top-performing S&P 500 sector in April, rising 8% versus a 5% rise for the benchmark index. Big tech-related growth stocks in other S&P 500 sectors such as Amazon Inc, Tesla Inc and Google-parent Alphabet Inc have also charged higher.

  • Barclays Kicked Out of Business Group Over Prison-Bond Work

    (Bloomberg) -- Barclays Plc’s membership in the American Sustainable Business Council was terminated by the advocacy group over the bank’s decision to underwrite a municipal bond for two Alabama prisons owned by CoreCivic Inc., two years after saying it would no longer provide new financing to private prison companies.The council and partner organization Social Venture Circle, which combined represent 250,000 businesses to advocate for responsible practices and policies, announced Thursday they would refund Barclays’ membership dues. Barclays joined the group in 2019.Barclays is the lead underwriter for the bonds offered through a Wisconsin agency to provide financing for a limited liability company owned by CoreCivic. The new prisons will be leased and staffed by Alabama’s corrections department.Because Barclays isn’t arranging the financing directly for CoreCivic, the bank has said that the “commitment we made in 2019 not to finance private prison companies remains in place.” The bonds are being issued for Government Real Estate Solutions of Alabama Holdings LLC, an entity that’s owned by CoreCivic.The bond deal was initially planned to price on Thursday but has been moved to next week, according to two pre-marketing wires viewed by Bloomberg. The bank has cut the total par amount on the publicly offered bonds by about $200 million, the wires show. Barclays has seen strong demand for a private placement portion, according to a person familiar with the matter.It’s the first time the groups have kicked out a member, David Levine, co-founder of the council, said in an interview. The groups in a statement said they “refuse to perpetuate mass incarceration, systemic racism, and human rights abuses through the offering” of the bonds.“This was a big move on our part,” Levine added.A spokesperson for Barclays declined to comment.​Alabama officials have said the deal with CoreCivic will help it improve conditions within its prison system. The state was sued by the U.S. Department of Justice in December 2020 for failing to protect male prisoners from violence and unsanitary conditions.Kristi Simpson, a spokesperson for the Alabama Department of Corrections, said in an emailed statement that the new prisons will help provide a safer environment that will “better accommodate inmate rehabilitation and improve the quality of life for all those who live and work in them.”Isaac Graves, interim executive director of Social Venture Circle, said the group wanted to signal to other financial service providers that they shouldn’t find a “creative way” to finance private prison companies -- which is “exactly what they said they would not do.”While the prisons will be publicly-run, Levine said that the structure will still advance the prison system and ultimately profit CoreCivic.“The fact that it is owned by a private company says it all,” he said.Related: Barclays Bond Deal Shows Limits to Vow on Financing Prison FirmsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Atlantia investor urges Italy not to interfere in Autostrade sale

    Atlantia investor and hedge fund TCI has urged Italy's government not to put any pressure on the Italian infrastructure group to strike a deal to sell its motorway business Autostrade, a letter seen by Reuters shows. TCI's letter, dated April 12, asks the government to allow Atlantia to evaluate "independently and free from any political interference" an offer for Autostrade from Spanish infrastructure group ACS. Autostrade, which manages half of Italy's motorway network, has been in the political crosshairs since the 2018 deadly collapse of a Genoa motorway bridge run by the company.

  • Coinbase Hangover Rattles Crypto Assets With Bitcoin in Freefall

    (Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last went turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% just days after reaching a record. It was lower by 9% to $55,323 at 10:18 a.m. in New York. Ether, the second-biggest, dropped as much as 18% to below $2,000 before paring losses. Binance Coin, XRP and Cardano each lost more than 12%. Dogecoin, the token started as a joke, was the only gainer among the 10 largest coins.The weekend carnage came after a heady week for the industry that saw the value of of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. “Markets got too excited around $Coin direct listing. Basis blowing out, coins like $BSV, $XRP and $DOGE pumping. All were signs that the market got too one way.”Dogecoin, which has limited use and no fundamentals, rallied last week to be worth more than $50 billion at one point before stumbling Saturday. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the plunge was related to concerns the U.S. Treasury may crack down on money laundering that’s carried out through digital assets.“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Euphoria was in the air. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. Interest in crypto went on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients. That’s despite lingering concerns over their volatility and usefulness as a method of payment.Governments are inspecting risks around the sector more closely as the investor base widens.Federal Reserve Chairman Jerome Powell last week said Bitcoin “is a little bit like gold” in that it’s more a vehicle for speculation than making payments. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. India will propose a law that bans cryptocurrencies and fines anyone trading or holding such assets, Reuters reported in March, citing an unidentified senior government official with direct knowledge of the plan.Crypto firms are beefing up their top ranks to shape the emerging regulatory environment and tackle lingering skepticism about digital tokens. Bitcoin’s most ardent proponents see it as a modern-day store of value and inflation hedge, while others fear a speculative bubble is building.(Updates prices and context on other cryptocurrencies from 2nd paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Ripple Could Climb Even Further After Stunning Comeback

    Back in December, Ripple (CCC:XRP-USD) was caught in the crosshairs of securities regulators. The price of its XRP token fell below 25 cents. It remained weak, as major exchanges like Coinbase (NASDAQ:COIN) took it off their platforms. After that, it seemed things would get only worse for this popular altcoin. Source: Shutterstock But now, things have changed dramatically. Instead of getting destroyed by the Securities and Exchange Commission (SEC), it’s beating them in court. The case may still be hanging over its head. Yet, as seen the crypto’s parabolic move from around 45 cents, to around $1.68, in the past month, if confidence continues to run high it’ll soon be out of the woods. With this triple-digit percentage price move, is it too late to get in? Not necessarily. Assuming it continues to win in court, the price of Ripple’s token should continue to trend higher. In addition, with major cryptos like Bitcoin (CCC:BTC-USD) still making new highs, and even “memecoins” like Dogecoin (CCC:DOGE-USD) proving skeptics (like myself) wrong, overall short-term crypto mania may be sufficient to support additional upward price moves.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 10 Stocks to Buy for Your $5K Robinhood Portfolio Now, as is the case with this asset class in general, risk runs high. And, in the case of this crypto, not only is there risk of an overall market crash hanging over it. If its current success in court runs out, that could result in a drastic downward move in prices. XRP is Back With a Vengeance A few months back, the SEC seemingly had caught Ripple red-handed. Unlike other popular cryptos, the centralized nature of XRP made it vulnerable to allegations that it was an “unregistered security,” rather than a cryptocurrency. Yet, so far, the SEC doesn’t seem to have much of a case. How so? Namely, as InvestorPlace’s Dana Blakenhorn broke down on April 8, it all comes down to what comes out during the “discovery” process. If Ripple can prove that at one point the SEC regarded Ripple as a currency rather than a security, there may be grounds for dismissing the case. Yet, that’s not the only way in which Ripple is beating regulators. Other decisions from Judge Sarah Netburn have also been in the defendant’s favor. Again, its not guaranteed that XRP will soon be in the clear. But, as more information comes out, more of it indicates the prosecution is in over its head. With things moving in its favor, XRP will likely continue to rebound with a vengeance. But, that’s not all. Besides its apparent victory in the courts, it has the overall bullishness for crypto working in its favor. Together, both factors could mean higher prices ahead. Crypto Mania Could Give XRP an Additional Boost As I said above, cryptos large and small are still flying high. With speculators diving into Bitcoin, Ethereum (CCC:ETH-USD), and yes, even into meme cryptos like Dogecoin, this asset class overall could continue to move higher. So, what does that mean for XRP? Market bullishness could help it continue its climb. Now, that doesn’t mean we’ll see Ripple go on a tear similar to Dogecoin’s recent stunning surge. Why not? Remember, following its Coinbase suspension XRP isn’t as widely available for trading. Yet, it may be enough to sustain its momentum, once markets fully absorb its recent success in court. That being said, don’t bet the ranch on this becoming a major winner in the long-term. Near-term, I wouldn’t bet against. But, there’s little to indicate that XRP is going to supplant ETH as the number two crypto by market capitalization. This is mainly due to the fact that Ripple hasn’t been a major crypto held by the “smart money,” or institutional investors. It has been, and continues to be, primarily a crypto held by retail investors. This likely won’t change, even if it manages to get out of current legal troubles, and begin refurbishing its tarnished reputation. Exercise Some Caution, But Ripple Has Runway from Here The “another day, another all-time high” environment we’re now seeing with cryptos makes it seem like dabbling in this space is easy money. But, the risk of an overall “crypto crash,” like the one seen a few years back, remains high. Tread carefully with any play in this asset class. In addition, while as of late it’s beaten the SEC in the courts, things could go south at any moment. But, even with risks in mind, a small, speculative position in Ripple may be worth it at today’s prices. On the date of publication, Thomas Niel held a long position in Bitcoin. He did not hold (either directly or indirectly) any other positions in the securities mentioned in this article. Thomas Niel, a contributor to InvestorPlace, has written single stock analysis since 2016. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Ripple Could Climb Even Further After Stunning Comeback appeared first on InvestorPlace.

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  • Stocks End Week at Records on Economic Optimism: Markets Wrap

    (Bloomberg) -- U.S. stocks ended the week at all-time highs as Chinese growth data added to signs of a global economic recovery. The dollar slipped.The S&P 500 Index capped its fourth straight weekly advance as the strong data from Asia joined a raft of robust readings in the world’s largest economy to boost sentiment. Chinese stocks outperformed in Asia after a report showed the nation’s economy soared in the first quarter. The Stoxx Europe 600 Index posted a seventh week of advances, its longest streak since May 2018.The data from Beijing added to Thursday’s string of positive economic figures out of the U.S., pushing the MSCI All-Country World Index to a fresh record. Treasuries extended their gains. Morgan Stanley became the latest American bank to post record first-quarter results.Along with healthy corporate earnings, the week’s dump of data gave fresh impetus to the reflation trade. In the U.S., retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with about 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.“In addition to earnings, there has been plenty of impressive data to digest indicating that the U.S. economy is firing up,” Fiona Cincotta, senior financial markets analyst at City Index, said. “With a strong vaccine rollout in addition to fiscal stimulus and loose monetary policy, the recovery is picking up pace. Despite the blowout data, U.S. treasury yields are heading lower suggesting investors have bought into the Fed’s low rates for longer mantra.”These are some of the main moves in financial markets:StocksThe S&P 500 Index climbed 0.4% as of 4 p.m. New York time.The Nasdaq 100 added 0.1%.The Stoxx Europe 600 Index jumped 0.9%.The MSCI Asia Pacific Index increased 0.3%.The MSCI Emerging Market Index gained 0.6%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%.The euro jumped 0.1% to $1.1978.The British pound gained 0.3% to $1.3834.The onshore yuan was little changed at 6.52 per dollar.The Japanese yen was little changed at 108.76 per dollar.BondsThe yield on 10-year Treasuries fell one basis point to 1.57%.The yield on two-year Treasuries climbed less than one basis point to 0.16%.Germany’s 10-year yield advanced three basis points to -0.265%.Britain’s 10-year yield jumped three basis points to 0.762%.Japan’s 10-year yield increased less than one basis point to 0.093%.CommoditiesWest Texas Intermediate crude lost 0.5% to $63.14 a barrel.Gold strengthened 0.8% to $1,778.25 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • U.S. stops short of branding Vietnam, Switzerland, Taiwan currency manipulators

    WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators. In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as currency manipulators in December.

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  • Dogecoin Is the Poster Child for an Epic Financial Bubble

    Dogecoin (DOGE-USD) has had an incredible week, rallying dramatically to touch a high of 40 cents before retreating slightly. DOGE-USD is currently trading around 34 cents, truly astonishing when you remember that back in early January 2021 its value was about one cent. Source: Orpheus FX / Shutterstock.com Naturally, your first thought will be “what a great rally,” followed swiftly by “what a missed investment opportunity!” But Dogecoin isn’t an investment opportunity at all. It’s the poster child for an epic financial bubble. Even worse, this coin isn’t even a financial asset to me, though it is a digital currency. Dogecoin isn’t just a joke, but a very nasty one, and things could soon end very badly for those invested in DOGE-USD.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Cryptocurrencies: Where Is Their Value? The main factors that give any cryptocurrency its value are: Coin utility; Scarcity; Perceived project value; Transportability; Durability; and Ability to serve as a store of value and unit of exchange. The main question to answer now is whether Dogecoin has any of these mentioned factors to have any value 10 Stocks at the Heart of Good Retirement Portfolios The answer is it only has transportability. One person can send it to another through the internet. But this isn’t enough to have any value at all. It has no utility at all. It does not have any scarcity as there is no limit on the mining of Dogecoin. And the perceived value of the project is based on its ” fun factor,” which does not a solid investment make. Dogecoin: Fun Is A Reason to Speculate, Not Invest The official Dogecoin webpage bears the following statement: “THE FUN AND FRIENDLY INTERNET CURRENCY. Dogecoin sets itself apart from other digital currencies with an amazing, vibrant community made up of friendly folks just like you.” Then there’s a video that claims it is a revolutionary digital currency. DOGE is now accepted at online retailers to buy groceries or gifts. And online creators can make cash by receiving Dogecoin from their fans, instead of likes that add no monetary value. Social Media Use and Social Media Trolls The Dogecoin community is an active one and in the past, it has funded Olympic Athletes and contributed to charities. The “troll currency” Dogecoin, which started with memes and sending Jamaica to the Winter Olympics, has recently reached the top 10 cryptocurrencies by market capitalization. And the internet has gone wild ever since. But should you invest in this digital currency? One of the founders of Dogecoin, Billy Markus, has himself told the Wall Street Journal that he created the asset entirely “for fun.” Online fundraising for charities, donations and other causes has value, but that doesn’t make Dogecoin a valuable investment at all. The currency was based on open-source Litecoin (CCC:LTC-USD) and unlike Bitcoin (CCC:BTC-USD), has no limit on the number of “coins” that can be produced in the system. So while Bitcoin is designed to be deflationary, Doge does not follow the same logic, as this wasn’t a concern for its creators. Why Dogecoin Is Moving Wildly Occasionally Lately, Elon Musk has also taken a stand on meme coin via his Twitter (NYSE:TWTR) posts. As in the case of GameStop (NYSE:GME), Reddit has also done its bit to skyrocket the value of the “Shiba currency,” with cryptocurrency communities setting their sights on taking it to 10 cents. They have since eclipsed that goal. But is the Dogecoin frenzy a reason to invest? Of course, the impetus was again provided by Musk on April 10, when he described the token as “…going to the moon very soon.” In February he described Dogecoin as the “people’s cryptocurrency”, and the rest is history. With each of Musk’s tweets, after all, Doge was going up 20%. The idea of investing in Dogecoin is too risky for any sophisticated investor. And this insanity is reinforced by what people are searching on Google (NASDAQ:GOOG). Two of the most popular questions: Will Dogecoin reach $1? Will Dogecoin make me rich? Dogecoin Verdict If you think investing should be fun and aren’t worried about potential returns, then you may consider Dogecoin an interesting, speculative game. But the word to focus on is game. Dogecoin has no intrinsic value, its price is very easily manipulated and being another “meme” investment, it is subject to great volatility. I do not know if DOGE-USD will ever reach $1. But the truth is, I don’t care and it doesn’t matter. Who wants to invest in an asset without any fundamentals t0 support it? Dogecoin is the definition of an epic bubble, so it is completely off my list. No second thoughts about it. On the date of publication, Stavros Georgiadis, CFA, did not have (either directly or indirectly) any positions in the securities mentioned in this article. Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog at thestockmarketontheinternet.com. He has written in the past various articles for other publications and can be reached on Twitter and on LinkedIn. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn’t matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post Dogecoin Is the Poster Child for an Epic Financial Bubble appeared first on InvestorPlace.

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  • GameStop Investor Keith Gill Doubles Stake To 200,000 Shares, Worth $31 Million

    On Friday, Keith Gill exercised his 500 GameStop call options to get 50,000 more shares at a strike price of $12, which is less than a tenth of the current stock price. What Happened: Keith Gill, the Reddit WallStreetBets trader, also bought 50,000 more GameStop Corp (NYSE: GME) shares, bringing his total investment to 200,000 shares worth more than $30 million. Gill — who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube — is the man who helped inspire the GameStop short squeeze in January. On Friday, he shared a screenshot of his portfolio marked "final update" on the WallStreetBets subreddit. The screenshot showed nearly $34.5 million in his assets with $30.9 million of GameStop shares and $3.5 million in cash. The Wall Street Journal also reported Gill held more than $30 million in assets. Gill uploaded a video on YouTube entitled "Cheers everyone!" According to Gill's latest update on Reddit's r/WallStreetBets forum, his average price paid for GameStop shares is $55.17. Keith Gill gained fame amid Reddit's WallStreetBets craze. He has been posting about GameStop for a year and also making videos on YouTube. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock before its 1,000% increase. Gill was registered as an agent with MML Investors Services LLC, a broker-dealer arm for Mass Mutual. Last month, the company filed a termination request with FINRA to remove Gill's broker license. In February, a class-action lawsuit was filed against Gill after the GameStop short squeeze. He appeared at a Congressional hearing in February regarding Reddit's influence on the market. The CEOs of Robinhood, Citadel and Melvin Capital also spoke at the hearing. Price action: GameStop closed Friday at $154.69. Image: Screenshot of Keith Gill's video See more from BenzingaClick here for options trades from BenzingaKorean EV Battery Suppliers To Ford, VW Reportedly Reach Agreement To Avoid Import DisruptionWhy Alibaba Just Got Hit With A Record .87 Billion Fine In China© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • This dogecoin chart offers the clearest explanation for the buzz surrounding the ‘joke’ crypto

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