U.S. Markets closed

Every individual, corporation needs to plug into bitcoin: MicroStrategy CEO

MicroStrategy CEO Michael Saylor discusses why every company should invest in bitcoin.

Latest Stories

  • Why the stock market just got clobbered

    Did the stock market bubble just pop?

  • GameStop Stock Drops After SEC Announcement. An Expert Says the Agency’s Statement Means Little for Now.

    Shares of highly shorted companies like Bed Bath & Beyond, National Beverage, and AMC Entertainment have surged alongside GameStop in recent trading.

  • Dow Jones Dives After Fed Decision; GameStop Stock Surges; Apple Earnings Due

    Stocks sold off hard after the Federal Reserve monetary policy decision Wednesday, sending the Dow Jones Industrial Average down over 600 points.

  • It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher

    The dynamic that has seemingly contributed to a short squeeze in the stock of videogame retailer GameStop Corp. also appears to be affecting shares in a host of other heavily shorted companies.

  • GameStop, other retail darlings dented after Reddit group briefly shuts doors

    A slugfest between Wall Street and Main Street took an unexpected turn late on Wednesday after moderators of a stock trading forum that has helped fuel massive rallies in the shares of GameStop temporarily closed its doors. Shares of GameStop, AMC Entertainment, Koss Corp and BlackBerry all dropped at least 20% moments after the shuttering of the forum, highlighting the role it has played in fueling stock rallies that many say have been driven primarily by retail investors.

  • GameStop rally quashes hedge funds, brings calls for scrutiny

    Shares of GameStop and AMC Entertainment Holdings more than doubled on Wednesday, forcing hedge funds to retreat with heavy losses and sparking calls for scrutiny of social media-driven stock market trading. Short-seller Citron, a target for some of the individual participants on Reddit's "WallStreetbets" thread who have helped drive gains for several niche stocks in the past week, said in a video post it had abandoned its bet on GameStop shares falling after the video game retailer's value soared almost tenfold in a fortnight. With commentators and lawyers calling for scrutiny of the moves, Nasdaq chief Adena Friedman said exchanges and regulators needed to pay attention to the potential for "pump and dump" schemes driven by chatter on social media.

  • Apple reports record earnings powered by iPhone 12 sales

    Apple posted record Q1 earnings on the strength of iPhone sales.

  • American Airlines Surges After Mention in Reddit Stock Forum

    (Bloomberg) -- American Airlines Group Inc., the most shorted major U.S. carrier, surged after a mention on Reddit’s Wall Street Bets forum.“AAL the next GME?” said Reddit user u/cardiffgiantthe1st in an online discussion Wednesday, referring to the stock tickers of American and GameStop Corp., the video-game retailer that has quintupled in value this week alone.American’s stock gain adds to a flurry of share increases this week as Reddit-fueled retail traders take on short sellers and drive up prices. With stock after stock, legions of day traders have identified companies with high levels of short interest and piled in. In the case of GameStop, the soaring price has forced many short sellers to give up their positions.American rose 6.6% to $16.56 at the close in New York, the most since Dec. 3, after paring gains from an intraday surge of as much as 15%. Other companies on a Standard & Poor’s index of big U.S. airlines fell.The Fort Worth, Texas-based carrier declined to comment.The gain isn’t “justified by anything fundamental,” Darryl Genovesi, an analyst at Vertical Research Partners, said in an email. He expressed the same view about the stock surge during the session of another company he covers, Virgin Galactic Holdings Inc.Short-Squeeze RiskShort interest as a percentage of American’s free float is about 29%, according to data from S3 Partners. No other major U.S. airline has short interest of more than 5%.American is scheduled to report fourth-quarter earnings on Thursday. Like its rivals, the airline has been contending with the unprecedented collapse of air travel because of the coronavirus pandemic.Following American’s advance, CFRA Research changed its recommendation on the shares to hold from strong sell and lifted its price target to $19 from $8.“We think the stock is a high risk for one of the recent retail-investor-driven short squeezes we’ve seen play out,” CFRA analyst Colin Scarola wrote in a client note.The firm also elevated Spirit Airlines Inc. from sell to hold for the same reason. Short interest is about 16% of Spirit’s free float, according to Vertical Research.(Updates from 8th paragraph with CFRA comments on American, Spirit.)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.

  • What is Wall Street Bets, the upstart Reddit group that is pummeling Wall Street?

    Here's an FAQ about what's going on with the market and what "Wall Street Bets" is.

  • How trading apps are responding to the GameStop fustercluck

    The furor surrounding GameStop and its stock price has consumed social media, business television, and the hopes and dreams of many retail investors. After noting reports that some traditional brokers were limiting access to GameStop and other so-called meme stocks, TechCrunch was curious what the newer, app-based investing services were doing for their own users. A spokesperson for M1 Finance, a Midwest-based consumer fintech player that offers a basket of banking and investing services -- more on its growth here and here -- told TechCrunch via email that it wasn't taking "specific" steps regarding individual stocks.

  • GameStop mania may have ruined this hot Wall Street trade

    And there goes Wall Street's reflation trade.

  • Another GameStop? Here Are the Next 10 Most Shorted Small-Caps.

    Highly shorted stocks are being targeted by some investors trying to force people who have bet the prices will fall into covering. Watch Dillard’s and AMC Entertainment.

  • Stock market news live updates: Stocks sink after Fed decision, S&P 500 posts worst session in three months

    Stocks dipped Wednesday as investors awaited another batch of corporate earnings results and the Federal Open Market Committee’s (FOMC) January monetary policy decision.

  • Reddit Day Trader Army Fattens Fortunes of the Super-Rich

    (Bloomberg) -- A horde of traders on Reddit that see themselves as sticking it to the establishment by hunting for heavily shorted stocks is adding billions to the wealth of some of the world’s ultra-rich.Larry Chen, chairman and chief executive officer of GSX Techedu, saw his fortune increase $4.2 billion Wednesday as U.S. depository shares of the Beijing-based online tutoring company rose 36%, pushing his net worth to $15.6 billion on the Bloomberg Billionaires Index.Fellow Chinese billionaire Wang Jianlin’s wealth surged by $773 million through his stake in AMC Entertainment Holdings Inc. A flood of retail traders caused the stock to spike as much as 310% even as the broader market slumped. Hedge funds such as Mudrick Capital, which owned 4.6 million shares in the cinema operator as of Jan. 4, also got a boost.Chewy Inc. co-founder Ryan Cohen added about $1.8 billion with his holding in GameStop Corp., the video-game retailer that has surged more than 1,700% this year. Fellow investor Donald Foss, founder of subprime auto lender Credit Acceptance Corp., now owns a stake worth about $1.2 billion, according to the Bloomberg index.Even the head of Tootsie Roll Industries Inc. benefited, with CEO Ellen Gordon’s fortune rising $185 million as the confectioner’s shares rose to a record, while National Beverage Corp. founder Nick Caporella saw his net worth jump $1.8 billion to $6.8 billion as shares of the maker of LaCroix soda water climbed 40%.Meteoric RallyDay traders have been piling into previously unloved tickers favored by short sellers in recent sessions, driving them to record highs. The meteoric rally of GameStop has already worn down some institutional investors, with Melvin Capital closing out its short position by Wednesday.The hunt for heavily shorted stocks is being led by the Reddit forum WallStreetBets, which boasts roughly 2.8 million members. Some of the more outspoken have taken an activist stance, portraying their campaign as taking a stand against such societal problems as financial inequality and generational injustice.Gordon owns just over half of Tootsie Roll Industries’ common shares and 81% of its B shares, according to company filings. Her stake in the maker of Tootsie Pops, Junior Mints and Dubble Bubble gum, which she owns both directly and on behalf of other family members, is now worth $1.8 billion.Cohen disclosed an investment in GameStop in August. By December, he’d purchased 9 million shares in the retailer for a total cost of $76 million and now holds a stake worth about $3.1 billion. GameStop shares rose 135% to a record $347.51 in New York after triggering three volatility halts.Wang, the founder of closely held conglomerate Dalian Wanda Group, now owns a stake worth about $1 billion in AMC, which climbed to $19.90 in New York trading, the most since October 2018. Wang has a net worth of $14.4 billion, according to the Bloomberg Billionaires Index.(Updates gains starting in the second 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.

  • Nancy Pelosi Buys Tesla Calls, Stands To Benefit From New Biden EV Plan

    The ability of members of U.S. Congress to buy and sell stocks has been controversial over the years. One of its most prominent members made some purchases in December that could benefit from the new Biden administration. What Happened: It was revealed over the weekend that Speaker of the House and California Rep. Nancy Pelosi purchased 25 call options of Tesla Inc (NASDAQ: TSLA). The purchases could have been done by Pelosi or her husband Paul, who runs a venture capital firm. The options were bought at a stake price of $500 and expiration of March 18, 2022. Pelosi paid between $500,000 and $1,000,000 for the options, according to the disclosure. Pelosi also disclosed that she bought 20,000 shares of AllianceBernstein Holdings (NYSE: AB), 100 calls of Apple Inc (NASDAQ: AAPL) and 100 calls of Walt Disney Co (NYSE: DIS). Tesla shares have risen from $640.34 at the time the calls were purchased to over $890 today. The call options were valued at $1.12 million as of Monday. Related Link: How The 2020 Presidential Election Could Impact EV, Auto Stocks Why It’s Important: The purchases by Pelosi are questionable as arguments could be made that the companies stand to benefit from new President Joe Biden’s agenda. Biden's push for electric vehicles, which could include lifting the cap on sales, would give buyers tax credits again and is advantageous for Tesla. The president has also suggested a possible cash-for-clunkers program that could incentivize customers for trading in used vehicles towards the purchase of an electric vehicle. Pelosi could now have a conflict as she works to pass clean energy initiatives from which her family could profit. Former U.S. Senator David Perdue, a Republican, was criticized for making numerous stock trades during his six years in Congress. Perdue was the most prominent stock trader from Congress, making 2,596 trades during his time served. Some of Perdue’s transactions came while he was a member of several sub-committees. The Justice Department investigated Perdue and found no wrongdoing. What’s Next: It's legal for members of Congress and their spouses to own stocks. The transactions have to be disclosed per the STOCK (Stop Trading on Congressional Knowledge) Act that was passed in 2012. U.S. Senator Jeff Merkley of Oregon is one member of Congress who has co-sponsored legislation to ban the adding of individual stocks by members of Congress. Both Merkley and Pelosi are Democrats. Pelosi’s transactions could push for more regulations concerning stock purchases by members of Congress. (Photo: Official U.S. Embassy photograph by Archibald Sackey and Courage Ahiati.) See more from BenzingaClick here for options trades from BenzingaCharging Infrastructure SPAC Plays: Is EVGo The Best Of The Bunch?Barstool Fund Nears M For Small Businesses And Is About To Get A Huge Boost From Michigan© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GameStop saga is about 'working class vs hedge funds': Reddit WSB user

    A clash of the classes — “the old proletariat vs bourgeoisie” — is at the heart of the ongoing GameStop (GME) short squeeze saga, says one WallStreetBets user.

  • Penny Stocks to Watch for February 2021

    The past year or so has thrown a lot of people for a loop, but these penny stocks could weather the tumultuous environment.

  • Robinhood CEO: The retail investors that have felt 'talked down to' are now 'empowered'

    Robinhood CEO Vlad Tenev explained how many retail investors on his platform feel — and how that relates to the GameStop trade. What's happening now, he says, is also not representative of the company's user base.

  • Plug Power Is a Winner, but Wait for a Better Entry Point, Says J.P. Morgan

    Plug Power (PLUG) shares have kicked off 2021 with a bang, rising nearly 90% since the turn of the year. The PLUG narrative is benefiting from favorable macro conditions; A new U.S. administration intent on forwarding the case for clean energy is acting as a strong catalyst, driving positive investor sentiment toward the stock. Adding to the good news, the company said it has exceeded its 2020 gross billings target, while it expects to beat its previous 2021 estimates. The company previously guided for $450 million in billings in 2021, but now anticipates $475 million, a 5.5% increase. Further ahead, by 2024, PLUG is targeting $1.7 billion in sales, 40% above the previous estimate. Add into the mix a recent $1.5 billion investment in return for a 10% stake in the company from South Korea’s SK Group, and a joint venture with French automaker Renault to develop hydrogen-powered light commercial vehicles, and it’s no wonder J.P. Morgan analyst Paul Coster calls the company a “best-in-class long-term idea.” “A good story keeps getting better,” Coster said. “With PLUG capitalizing on its leadership position in Hydrogen energy and mobility solutions by nailing down customers and partners that expand the TAM, improve visibility and de-risk execution. The firm is also capitalizing on its soaring market cap to issue shares, building a balance sheet that will permit the company to execute its growth strategy with confidence.” However, while the analyst anticipates “meaningful profitability in 2023-24,” the stock appears “richly valued” compared to peers. As a result, Coster rates PLUG shares a Neutral (i.e. Buy), along with a $70 price target. This figure implies ~9% upside from current levels. (To watch Coster’s track record, click here) “We look for a pullback as an opportunity to get into this stock,” the analyst summed up. While Coster sits on the sidelines waiting for PLUG stock to reset itself, most analysts remain on board. According to TipRanks analytics, out of 12 analysts, 10 say Buy while 2 suggest Hold. But there’s a catch; the analysts, while keen on the company, evidently think shares have soared enough as the $60 average price target indicates. (See PLUG stock analysis on TipRanks) To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

  • 'Fighting 100 mini Mike Tysons': The powerful influence of Reddit trade

    Reddit and its r/wallstreetbets forum have become powerful, unpredictable forces in the market, sending certain stocks unexpectedly to the moon.