some investors made money in gamestop and some lost. overall, at least so far, we have not seen strong evidence of securities violations or harm to the markets for buying and selling equities on stock exchanges. there have been some questions about short sales and i hope we are able to get into that topic during questioning. my second point in my written statement, i discuss the role of the broker-dealer robinhood. it has come under scrutiny because of the wall street bets traders using it, and because it has certain features that make buying and selling security easier and more attractive. like commission free trades or accounts with no minimum dollar amounts. the criticisms of robinhood fail to give appropriate weight to the benefits of its business model. the robinhood brokerage service is innovative and makes significant positive contributions to society and the economy. it reduces cost for consumers, makes securities trading simpler and easier. it increases consumer choice and lowers their years to participation in the market for c

we were right next to the gamestop there was a lot of foot traffic. it made me wonder. the brick and mortar sales you have the very high momentum traders getting in and out of the positions even though there seems to be a fundamental ground swell of support the ground swell of chewy.com executives involved with the company or what have you it is something where people want the ease of moving in and out of the name and buying it when it suits them. >> kate kelly. a great story over the weekend >> with your help. thank you, andrew. >> i was just riding your coat tails. thanks >> nice to see you. >> steve >>> all right. coming up, the battle over government spending. former senators join us on the president's $2 trillion infrastructure proposal. >>> right now as we head to break, this is the look at the biggest pre-market movers. ♪ i know ♪ ♪ i got a bad ♪ ♪ reputation ♪ >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. and in an emergency, they need a network that puts them first. th

shares of gamestop falling premarket.hat is the videogame retail chain that says it will sell up to 3.5 million shares in and out the market offering. gamestop is the roller coaster stock that has been championed by reddit traders. jordan says it has uncovered a plot to destabilize the kingdom. the former crown prince has reportedly worked with unnamed entities and is under house arrest. an executive shakeup may be on the way at credit suisse. bloomberg has learned the swiss bank leaders are discussing whether to replace the risks chief while ceo thomas cap stein would stay in his job. -- thomas gottstein would stay in his job. 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 ritika gupta. this is bloomberg. ♪ >> i think you can reinvigorate labor with this bill, but also the entire american economy as we move forward with the american jobs plan. inside that bill, there's lots of components to get america back to work, to add

shares of gamestop falling in free-market trading. video game retail chain says it will sell after 3.2 5 million shares. gamestop is a roller coaster that has been championed by reddit based traders. two iconic monsters may have provided the breakthrough hollywood needed. "godzilla vs kong" drew in the largest crowd since the start of the pandemic a year ago. it brought in more than $48 million over the five day good friday holiday. this is the u.s. is just starting to reopen. this is bloomberg. ♪ >> as we immunize millions upon tens of millions of people, these very rare vaccine associated events are going to come through as a trigger. the important thing to keep going on is understanding how that penetrance is, how low that is an weighing the cost benefit analysis. tom: johns hopkins university school of public health. right now, we are going to continue to discuss this with his colleague. what i saw this morning and this weekend was an explosion in brazil and particularly, the new wary that many of you have called for in india. tel

simple, could only go so far right now there are just two stocks being kept higher gamestop and amc gamestopings up, certainly enough to justify the 900% move and amc is up and maintaining attitude based on a belief the short sellers have to be wrong and the stock can rally because it's the last movie theater standing however, in the last two business days, both amc and gamestop have made expanded moves to issue new stock so they can raise cash the short balance sheet and latter one to give firepower to turn things around amc is looking for authorization to sell 500 million shares or $5 billion worth of stock they most likely wouldn't use that not the full amount. that would be wrong. at least the ceo is thinking big and won't have to ask permission again if shehe wants to go backo the well, spike in the stock, sell or drop raise money. gamestop is offering less than a billion dollars and doing so at the market in part because they don't want to hurt the share price. i immediately when i read about this, he did it on squawk on the street but i applauded these moves. amc is very expensive deb

26th this year, was tweeted he bought gamestop and later game stonx on the same day. surged to the peak of $350 a share, the following day, they never reached that level since then and he appeared on cnbc to discuss gamestop neither responded to our request to comment in response to the einhorn letter a and saying the laws don't apply to him, referring to musk, and he can do whatever he wants. i got off the phone with a regulatory expert who told me it is hard to legally distinguish between those comments when einhorn himself comes out for or against a company that said this person notes from athenical standpoint business celebrities have the responsibility to think of how their words impact finances of those who follow them into a particular trade of i also spoke with amy lynch former s.e.c. regulator who said regulators have not finished looking into trading surrounding gamestop just yet so this story is not quite over from the regulatory standpoint. >> chapters continue to be written. thank you leslie. >>> anarchy in the eyes of david einhorn, guy, but freedom of s

just like gamestop the cult behavior. liquidity from stimulus checks it's pure speculation. badly. >> well, do you think it is like the game we all used to play as kids musical chairs at some point, the music ends and somebody is standing without a chair. do you think dogecoin is just -- i'll set it to you at a higher price until i can until it stops going up >> brian, with musical chairs, there is a chair there's no chair here. this is pure speculation you know, a lot of examples of this across the markets. all around the world people are literally using the gameification of the markets to invest it is not investing. it is not even trading it is ponzi-nomics we social eized this idea that t is okay. i don't want to talk about it. you are the host i have to go along >> well, mark, mark, mark, to be fair, we are not talking about dogecoin itself. i agree with you 100%. we have been doing this for 25 years. we are talking about after asset class. dogecoin whatever it may be the idea there are dangerous, frothy markets we have to say be careful. i don't want to talk about dogec

let's look at gamestop. down more than nine and half percent fee to when you raise a billion dollars in the process at least sweat that is what the company plans to do and that means there is more supply lowering stock prices. this is what gamestop maybe should have done at the height of the wallstreetbets saw that. the stock near $200 and it's up 900% this year. gamestop had some really impressive metrics they released of the weekend ahead of the possible share sale same global sales went up by 11% for the past nine weeks. that shift from bricks and mortar over to digital to sell instead. amc the other reddit favorite raising cash during the height of the gamestop frenzy in late january, american airlines did the same but it looks like the cofounder taking hold and i'm wondering if roaring kitty will buy any more gamestop shares at $200 or so. ashley: we will have to wait, but keith fitz-gerald was tesla and i believe it's doing well this morning. susan: on friday we saw a record blowout first quarter deliv

right now gamestop is on peace for its biggest gains since march 25th.at this hour, copper. goldman sachs says the shiny metal will be worth $15,000 a ton by 2025 as the world transitions to clean energy. copper futures on the london metal exchange settled at more than $9,000 a ton today. okay, nice move for copper which is known, of course, as a big industrial play. that's pushing names in the sector higher like freeport-mcmoran and alcoa, all green on the screen with tech leading the tribe here. we've got alcoa up better than 6%. home goods giant bed bath and beyond sinking, the company missed on revenue expectations, and sales fell 16% to $2.6 billion during the first three months of this year. there was a highlight. bed and beyond did see digital sales increase 86% during the quarter. analysts also raised concerns though over weak fiscal 2021 guidance, so, you know, that's kind of overtaking the good news. shares are down 11.6%. >>> as coinbase surges, looking at a gain of 32%, is so do the trading volumes of all cryptocurrencies. charlie gasparino j

gamestop is down under 4% even the shares have jump 900% since january. his robinhood retail investor crowd still in danger? it doesn't even matter if you trade on a different platform than robinhood work and asked the man who run one of the largest trading platforms in the world in a fox business exclusive former tv ameritrade joe on what we have and have not learned from the main stock mania, monster weekend at the box office godzilla versus kong, the biggest audience since the pandemic began but did that success trigger a new battle that sets the stage for the warhead between movie theaters and hollywood moviemakers. and the entertainment ceo adam aron is here and a fox business exclusive on cinema versus streaming. in one week later the ship that blocked the suez canal finally free but your coffee and toilet paper might still be stuck, enter blue yonder whose artificial and to intelligence could be the genius that swooped up the supply chain nightmares we begin with a fox business alert. check out the nasdaq, we have risk, we are jumpy 218 points or m

if gamestop really wants to harness this meme stock energy, they could turn the 5,000 odd stores intohange dollars for crypto crypto currencies at good prices and rename cryp game to set up gaming palaces where winners are paid in a theory ritz better than sticking with a hardware business doing okay now because of the playstation and xbox consoles. but doesn't have much of a future these days. everybody downloads games. i think there is a reason cohen is being caged as long as he does nothing, the stock can keep going higher but the moment he tries something and it doesn't work immediately, people are just going to move onto the next stock. the next stock will bet especially that sherman is gone general sherman. the march to 770%. look, some of these younger investors are banding the market and david, the goldman sachs fantastic research analyst publishes a press we know and this is about the slowdown in buying from individual investors and it's the younger investors, i think. listen to this, while online retail brokers daily average trades are up year over year, the growth in tradin

. >>> we'll tell you what clditou mean for gamestop when "power lunch" returns lately, it's been hardk about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. >>> all right. now it is time for power movers for a monday supreme court ruling in favor of google in the legal battle with oracle around whether google infringed on the patents for its android operating system they said it was fair use. both stocks are higher. >>> the online clothing resellers are all lower today. people want to shop out in stores again and buying new. >>> we end with amc on the other side of that trade a strong opening weekend for "godzilla versus kong" demonstrating the desire of many to return to theater seema? >>> shares of gamestop, another big intraday mover this morning announcing to take advantage of the stock surge by selling new shares let's bring in

we have to get to the wild action gamestop shares, were looking at this from a different prism wallthat the easter bunny dropped off on friday with the jobs report, there is a sweet rally spilling out filled with record highs as we head into the final hour, so sweet that even gamestop shares are having trouble staying

and gamestop was one of those over the last year. surprise to me when that conversation metastasized and became a national or even global conversation. it's always i think a little peculiar to me when reddit leaks out into the real world. maybe it shouldn't because at this point we're quite large, but i think i still have memories from when we were significantly smaller. it's an extraordinary moment for you as founder, ceo, at the centre of this enormous story of global significance about the nature of financial markets. i read reports that you came under some pressure from wall street figures to take this community down. is that true and if so how did that pressure manifest? because i can relate going back to how i opened the show as a newspaper editor — when people don't like stuff, they ring you up and say stop. is that what happened to you? i'm sure the sentiment was there but it didn't make it directly to me. i know the hedge funds that were on the wrong side of those trades were having a bad day. and i'm sure that was the feeli

gamestop is also up 9% on the session today.in. >> thank you. >>> and ahead on "power lunch," ceo pay sky high even among companies that struggled in the pandemic that discussion next. >>> plus wyoming becoming the more crypto friendly state in the country. we'll explain when "power lunch" returns after this quick break what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the

our clients were sellers of gamestop last month. it was like 200 was a trigger. as soon as it hit over 200, our clients, particularly the week starting march 8th, our clients became big sellers of gamestop when it hit 210, it's sell with two hands if you will. so it's really interesting the price action there, 200 was the magic number. >> speaking of gamestop, what about overall retail trader participation in general, j.j., is it still hovering at the levels that we saw in january when the gamestop frenzy really started taking off or does it cool off a bit and does that represent a headwind to the market >> well, i think, sara, our clients tend to follow the overall market you've seen volumes falling over the last couple of weeks i think it's due to a couple of things this year more than ever perhaps spring break went more to people you had a report on earlier today about the fact the tsa reporting the amount of people going through security over the last week and a half or so has been absolutely phenomenal, we're nearing pre-covid

moves higher karen, personal clarification on gamestop we know they were considering it they hadn'tone it because they didn't have the most recently quarterly results. they posted results, they're considering it now where are we on this >> well, considering it? what are they waiting for what do they need, 300, 400, why consider it. i guess maybe it takes time to get it done but i think they should absolutely do it. they don't they don't have dire need for the money adam has worked tirelessly to save cnbc, i understand why he wants to, good for him, he got lucky to sell stock at a great price. i don't know what gm is waiting for, they should at least sell at $1 billion and take out their debts. i don't get that at all. >> tim, you own the stock too. >> draftkings has shown twice in 15 months that they can raise money. in october after 400 move they issued 16 million shares at discount at $52 a share. investors have been rewarded it's a growth company. not a broken company it's a growth company very much with the tailwind behind its business and it is about market share grab, that is

read more about that only on cnbc.com and find out why gamestop's ceo is not the only one walking wayy with millions. more on that next. when "techcheck" continues. ♪ - [narrator] grubhub perks give you deals on all the food that makes you boogie. (upbeat music) get the food you love with perks from- - [crowd] grubhub. >>> time now for a segment we call "person a." last week gamestop announcing ceo george sherman would step down effective july 31 or earlier upon appointment of a successor. according to filings his exit calls for accelerated vesting of over 1 million shares valued at about $169 million as you know, gme is up about 700% this year sherman's not the only one to cash in on the rally four executives recently left the company taking with them close to $300 million in vested stock. changes in the c suite co-founder ryan cohen continues to play a larger role within management, helping with the pushout of traditional brick and mortar retail moving them towards ecom gamestop announced cohen will become its chair following the company's annual shareholder meeting june 9th that is

broke the shorts, the stock briefly climbed to $400 before people ran the register, chaching the gamestop bulls, any sellers at these levels. don't i know it called it from the hospital that day ripping out my catheter and told people please, please, please, take some money off the ta table. for that i was branded a fool because i didn't grasp ryan cohen's vision and i've been on the wrong side of the yolo ever since. when i urged gamestop to sell stock to clean up the balance sheet, i took it on the chin from these people. oh my. they turned my twitter mentions file into more of a health scape than usual how dare i suggest game stop raise capital paydown debt that's what the company ultimately did today and the move was met with cheers from the same people who trashed me the stock surging 18% because the eyes of the followers ryan cohen can do no wrong. that is the thinking and frankly, i'm going to take a break from giving free advice on twitter because cohen should have paid me for the idea. we saw the struggle to keep amc alive. there is no call surrounding the ceo so when he decided

>>> we have other breaking news on gamestop. let's talk about peloton i own one of these treadmills. we have breaking news just out involving video game retailer gam gamestop george sherman stepping down effective as soon as a successor is found no reason was given. the company noting it has been evaluating executive leadership to ensure the right skills are in place for a changing environment. that stock up now about 6% on that news alone. the gamestop saga does not end i think a lot of people thought that ryan might take the role. it sounds like he is not going to they are on a path to changing the dynamics of the company. i'm not sure what the company will look like >> $10 billion market cap now. >> right >> when you look at coinbase -- is coinbase worth 100? maybe gamestop is. i don't try to figure anything out anymore in terms of valuation. there are quite a few companies that i barely know what they do. at least i know gamestop there is one near my house i can touch the brick and mortar at 400 40 billion now 10 billion is

. >>> from the surge of bitcoin to the gamestop frenzy.y sandwich shop with a large market value to the list. wall street is taking notice. brook has traveled to southern new jersey to find out why. >> reporter: until last week your hometown deli was just an unassuming sandwich stop. now it's a wall street mystery. why is a single deli a publically traded company? how did it get valued at $100 million and what is paul marina doing as its ceo, he is a high school principal and legendary wrestling coach, but has no business background. the sandwiches are not bad and store is not open that much, which could be why it has grossed $35,000. >> this is pure insanity. >> he said that the laughably priced deli is a serious sign of lax regulation and a over heated market. the very definition and on its face, abs is urd andso is gamestop and crypto currency. >> bit coins and nfts are the next investment. there's no purpose in selling shares in a single deli. why do you think it was form inside. >> those are questions i wouldlove to ask the principal

you look at gamestop. you look at nfts. gamestop might be theranos.t has been picked, pushed around by loose money sloshing around. in the end fundamentals matter but there could be money made in whatever stage of the public we're in that i believe we're in. charles: to that point, david, you could actually be in paypal, for instance, i'm in paypal. a week ago i was down big. today i'm up fractionally. two weeks ago you would be in nvidia. you were down big and now up big. these are good names. not gamestop. do you ride out the waves, does that make you feel comfortable? or do you take the hits and keep chasing the crowd? >> i think you have to do what you've been doing. you said it at the top and i happen to agree with the statement. i think in the end fundamentals rule and you need something to hold on to. price momentum is a wonderful tool, we all use it but today's investor has to be prepared to deal with a 30, 40% drawdown in some of their favorite names. you're savvy enough to do that, look you through that noise, you will be rewarded on the oth

regulators are considered -- said to be considering tougher regulations after gamestop.to increase transparency for the tops of derivatives. the regulator faces pressure from capitol hill to shed more light on public companies after the gamestop frenzy. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: still ahead, we are hearing beijing mate lynn support to a bad debt manager using pboc funds. details next. plus hsbc has ranked 77 countries on their ability to shift from fossil fuels and profit from cleantech. we will tell you which are in the lead. this is bloomberg. ♪ shery: chinese government bail out our backstop maybe in the works to clean up balance sheets on wrong asset management. china's considering a plan for the pboc to sue more than $50 million of unprofitable assets from the asset manager. stephen engle is taking a closer look at this. what do we know so far? stephen: obviously, last week speculation about a possible de

, and then gamestop periodically, adam aaron, then back to gamestop i call it a single issue site. wall street bets you know, you have single issue politicians. >> yes. >> this is a single issue site they care about gamestop they got their guy, david. sherman has been there for two years. no one thinks about the, about what the stock has done under sherman, right sherman took it from what, well, it's not allowed to, it has to go 100%, to your man, cohen. >> right >> well, it's your man cohen because you're the one who has talked about him a great deal and have spoken with him, with reverence, to a certain extent. >> yes. >> i mean -- >> absolutely. >> and a stock that could be $170 today and market value that could be well over 11, 12 billion, close to $12 billion. >> i think he has to do with "time" magazine. >> does that in any way reflect the fundamental prospect force this company at this point >> i don't know. i will have to check with the single issue people who still think it should pass 400 carl, here's what i know about gamestop the stores are not where the action is. but

. >> where does this leave gamestop, mike, dare i ask >> well, gamestop -- first of all, i think it isecking in on that gamestop story, as if nobody before thought about selling video games and video game content online before we had a little bit of a disruption in the board of gamestop. so i don't think it changes that story necessarily, but for microsoft, the $1.8 trillion market cap company, you can buy f a relatively low price relative to microsoft some kind of access to a fast growing realtime network where there's a lot of eyeballs being consumed and i look at what stock purchasers are happening discord is an adaptable platform, not just playing games. >>> softbank had compass debuting compass calls itself a technology business but realtors are skeptical of the techie story compass is trying to sell. >> from my experience there hasn't been any technology that i can single handedly point to and say this has changed my business better. >> whan t kind of technology, robert, do they think that they have that other companies don't. a searchable database? i don't know what kind of tool

you know it's the second most popular stock behind gamestop which is pretty fascinating, considering there were a lot of other names in place. >> you may or may not be able to do that but what do you extrapolate the spike in interest given what you seen in gamestop. >> yeah if you look at the alternative data it's really interesting. so, 76% of academy sports 76% of stores are in space where there is currently no mask mandates compared to 27% for competitors such as dick's sporting gooded and 32% for walmart. if you look at posts on reddit you could see some of the commenters doing due diligence and i think it contributed to a blow-out quarter and i think it's a consumer brand reddit readers are getting behind. >> justin thank you for the insights, of think now now let's bring in our next guest with a buy rating on the stock with $33 price target. welcome to the show. this is a name we don't talk about often but to pick up where justin left off in terms of the over lay where the stores are and mask mandate being lifted is this part of your bullish case when you lay out your bullish c

who's announcement as the next ceo would give gamestop share, the biggest pop?ho is the ideal next ceo for this company tweet us your ideas. maybe help ryan cohen with his search or jon, maybe, just ryan cohen? that would give it the biggest pop. >> angela ernst off our retirement put that in your pipe and smoke it. >>> ahead this hour, crypto cratering and later business of oughtio a big theme today. patrick spence weighing in and we're just getting started here on "techcheck." ♪ >>> a gut check on coinbase. lower this morning down $100 from the debut day high. ceo sold $290 million worth of shares first day of trading. despite the sell-off, one big bull keeps buying, cathie wood, ark invest chief sweeping up shares cos continuit trim tesla keep an eye on that. >> and net earnings from netflix, snap and ibm and annal and facebook holding events. apple, a huge few weeks. a products event, more on the trial lawsuits with epic games and planned privacy changes, which created a huge rift with facebook our julia boorstin taking up that story what's the latest here >

let's flip it over to gamestop, shares in the red for the sixth straight day, down about 5.9%.down 11%. there are reports, according to reuters, that the company is searching for a new ceo. why would that be good news? because, of course, on the board, ryan cohen, the chewy cofounder who's been very much at the forefront9 of modernizing gamestop which right now is a retail chain. he's trying to make it more online for games and videos. and maybe the belief is that he would find somebody to ensconce in that ceo role. we have seen the stock go from down 11% to down 4.1%, and it is still on the move. looks to be climbing back to the flat line. but could the poster child of meme stock mania all be looking to jump on the crypto and nft wagon? there's a new job posting at gamestop's texas headquarters for a, quote, security analyst with additional experience in cryptocurrency, blockchain and nonfungible tokens, nfts. that's raising eyebrows. crypto watchers speculating the job could be signaling that gamestop is looking to start maybe its own line of digital gaming collectibles. we s

yeah so i like it >> i mean, if we had a third round he could have toss in an amc or gamestop. little taken back that bitcoin was tim's first pick but i get the reasoning. >> didn't think it was going to be there in the second round and he was right because if you recall, which you do, maria ho, who picked second, said she absolutely would have taken bitcoin so tim took it off the board early. good for him and tilray you could see what happened from time to time, it had a huge move in february of last year, big pull back, here we are now so he's playing his space in cannabis, he got it late, and he's taking a flyer on bitcoin i love what he did it were round three he was throwing letter f at you without question around $11 bucks i think hashtag smooth did a great job. >> # seymour alpha for the draft pick let's bring in carter, did tim score a touchdown. >> jury, judge and executioner first thing, i notice he's not picking coke, utilities, at&t. of course when you go for it you go for it. one year out, i don't think anybody knows anything who would have thought rates would have

gamestop apparently going to get a new ceo.they find a new one, they will get rid of the old one. investors seem to like that. roaring kitty doubling down on his bet. balaton taking a leg down after u.s. regulators looking into some of those deaths and injuries involving its treadmill product. let's take a look at some of the other names. corning moving higher, 46,.25. a lot of the apple suppliers are railing this morning ahead of that event tuesday. they are expected to announce the new slate of ipads and computers. coinbase update on the day. quite the ride over the weekend with regard to bitcoin. hopping around that 53,000 level. and there is that manchester united, just for you, jon. if you want to get in, get in right now. tom: how do they trade as a publicly traded company? when they win, do they go up? jonathan: if you get more money, it goes up. if you qualify for the champions league and you were not expected to qualify, you go up. lisa: did you just give it a market call, go into european football? jonathan: not sure

read it pulled out the gamestop thing. i thought that was incredibly well put together.u have a day trader client base, you got to do a better job no matter how much it goes up, it sometimes it goes down and we have to do a match -- a much better job for the day trader. you have to be able to educate what that means. if you have high margins and things start to blow up, what does that mean for you? we have to do a better job in education and helping them understand what happens. that absolutely happened. amanda: great to have you with us. i wish we had longer. the former ceo chair of td ameritrade. still ahead, we are talking about the dry powder in private equity which is lending a lot of strength to the m&a space and we will talk to someone focused on that. amanda: this is bloomberg markets. there has been some research in terms of a white paper as far as the current environment for mergers and acquisitions and you could call it the goldilocks environment. record amounts of cash in private equity and friendly deals getting done so a low failure rate step deepak granani

reminiscent of the gamestop thing. lots of people on the reddit chat rooms, that elon musk and mark cuban are pumping it up. it doesn't really have a purpose. it is a community and maybe they can keep value there. i would be very, very worried. one of my friends was investing at these prices. i do think there is some pockets of retail froth. exar p, which is under investigation, the parent company, under the sec, their coin went from $.40 to $1.60 in a month. doesn't make much sense to me either. so there is a retail frenzy. it's not really being seen as bitcoin and ethereum. quite opposite, money is coming out of bitcoin and ethereum, moving to others for more juice and excitement. matt: candida has been ahead of the u.s. in terms of regulatory -- canada has been ahead of the u.s. in terms of regulatory. as we get more products like that, will it bring more calm or less volatility, do you think, to price movements? mike: i think it should bring less volatility, and i say that because the more liquidity, the more peopl

he addresses the gamestop short queez and criticizes pattia and elon musk both for their appearancest a critical moment and saying that -- elon musk wasn't on tv but pattia was. specifically, he says, he controlled sofi, which competes with robinson and left with us the impression that guy destabilizing gme he could harm a competitor as for mr. musk, if regulators wanted him to stop manipulating stocks they should have done so with more than a slap of the wrist when he manipulated tesla shares in 2018 there is no cop on the beat, specifically calling out the s.e.c. it is always interesting, josh, when david einhorn opines on things crit channeloff and the gamestop thing. david has been a short seller throughout his whole career. he has a vested interest in that sort of didn't that was taking place within the market at that period of time. >> yeah. for the last 12 years i read every letter david has ever put out. i have a lot of respect for him and always take his view but i am not sure on the time horizon. like, i don't even think the sofi thing is closed and it may or may not have e

gamestop up 8% in the pre-market. >>> on deck, a good old fashion billionaire space race battle. jeff bezos' blue origin and nasa's moon contract with billionaire elon musk's spacex we're back with more after this. ♪ ♪ i had the nightmare again, maxine. the one with the lollipop— no, the other one. where the children go to the candy store, but it's out of wonka bars... it's ok, wonka. there are proactive ways to help keep customers supplied and happy. they're called digital workflows. they've made us more productive. and reduce risk. in fact, and i don't want to sugar coat this... whyever not? everything should be sugarcoated! this whole factory needs digital workflows. digital workflows give employees what they need to perform at their best... very good, mckenzie! ♪ ♪ let's workflow it, wonka. the world deserves more chocolate. i shall be the judge of that. whatever your business is facing... let's workflow it. servicenow. woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing the

look at wall street bets and gamestop this is cooperative capital.re people that have access to trading, they have access to information. the way they communicate and collaborate between reddit or twitter or discord are all new avenues for figuring out alpha or thinking through what the next investment is so it's less about dogecoin for me and there is a new community that is altruistic, wants to make money and have some fun along the way. so with that you're going to see things like gamestop get rescued. you're going to see other corporate citizens that are doing well on either a carbon footprint or some kind of a human rights dynamic to have an effect on that and so these folks are voting with their wallets our new player in financial services >> so part of the problem this weekend or part of what caused the price drop, matthew, were rumors about regulation potentially from the u.s. treasury around money laundering what if we actually start to see some real regulation here after cryptocurrency, and it really could come from all sides, governments,

it's a first class problem to have >>> we have a news alert on gamestop it's probably their up big or >> we do have news on gamestop they are looking for a new chief executive to replace george sherman who was appointed in april 2019 they say st board is working with an executive head hunter on the ceo search this comes as activist investor and board member has some big plans for this company back to you. >> all right big news on gamestop stock down 8.5%. thank you very much. >>> in other tech news, microsoft is buying speech recognition nuance communication. they are behind apple siri technology in a 16 billion dollar world that'sshaking up the world of health and tech. this is a merger probably more than a decade in the making. just maybe not in this package if you've been watching cnbc for a while, kroul know that me and herb talked about nuance getting bought by apple back in 2011 about three years later, herb and me and a couple of others talking about may get bought by samsung or maybe apple fast forward to today, micromi microsoft, third deal is the charm. 23% premium compared

then gamestop down the street in emeryville and rebuilt. police say the looters failed to get inside the best buy that made their way into gamestop and school merchandise. one person was arrested an 18 year-old man from oakley charged with burglary and conspiracy to commit burglary. san leandro mayor holy russo. cutters says her city acted fast in order to avoid the large scale looting the city suffered last may. >> following the murder of george floyd in minneapolis supports. you know, you want to handle it in the best way possible because property is less expensive. and human life. but you also want to protect your property for the business owners and so forth. so we really did try to make sure that now we are paying attention and we're going to. >> err on the caution because we want to make sure we're protecting polluters stopped by to other businesses in oakland gaining entry and stealing items from one. >> so far no arrests have been announced believe all wrong. >> in the east bay, the berkeley city auditor just released a review of be

gamestop, why are they not listening to me?n't need to raise money amc, on the other hand, has been on life support, capital markets are the key to their survival. oddly enough, the wall street bets people created a virtuous cycle. they pushed the stock price up, allowing amc to raise more money, which then used to pay down debt, which makes the company itself even more valuable it's a game changer and it is adam aron working with wall street bets. of course, not really. but they are pretty synergistic. i like to say there's always a bull market somewhere and i promise to try to find it just for you right here on "mad money. i'm jim cramer see you monday th >>> they can tell, they saw george floyd under the cop's knee, and it was clear i'm shepard smith, this is the news on cnbc paramedics responding to the george floyd 911 call tell jurors what they saw when they arrived on scene. >> i didn't see him moving or breathing. >> in lay terms, i thought he was dead. >> and emotional testimony as the victim's girlfriend takes the sta

this is gamestop and amc. it is literally off the charts.s taught novice investors a lesson in volatility they were not trained in. some people made a lot of money. a lot of people have lost. that has attracted the attention of regulators on capitol hill. emily: thanks for that round up. check out that story on bloomberg.com. now that regulatory tension around tiktok has cooled, there is one certainty. content creators are turning short form videos into a seriously lucrative as this. tiktok's five highest-paid stars have earned more than a million dollars. sponsored content for brands like spotify, amazon, dunkin' donuts. take the highest-paid tiktok ker. she left college to join a group of tiktokkers. sponsorships came rolling in. she became the global spokesperson for american eagle, started a spotify podcast and came out with a makeup line. it all means being a content creator on tiktok can become more than a hobby. there has been much debate around millennials in the -- in the workplace. will they even need a workplace? let's bring in th

they like that now amc is going to raise a bunch of money and gamestop might figure this out so now it'secome this crazy cult religion and they're empowered so what are they going to do next bring back the palm pilot? it's getting crazy. >> hey, it could happen. and never said ittens would work just said recognize the risk that's the butte eauty of the m. if you see the chance you can take it and you always keep it 100. love that. love to have you >> buy disney. please own some disney it's not going anywhere. >> yeah. >> captain america will be here in 50 years. >> says the investor you do your share of risk as well. >> yeah. my pleasure. thanks, everybody. >>> today's crowd source we're asking a question about your portfolio, s&p up 11% this year, better than some of the f.a.a.n.g. names like amazon, apple, netflix, are any of those stocks necessarily in trouble? tweet us@cnbctechcheck and let us know what you think. >>> up next, an exclusive ir inter view with airbnb's brian chesky. >> i think it's safe to say that winter is now over we are working our hardest to get ready for the trav

right now gamestop's up 6.33%. at session highs though it was up 11%.superstar looking anything but electrifying at this hour after revenues dropped 12% in the first quarter. weakness in its jet engine unit and restructuring-related costs also propelling ge to a loss of $2.8 billion compared to a quarterly profit of $6.2 billion just one year ago. the news though not all bad. even though the stock is down 1% to $13.44, ge is standing by its 2021 guidance and it's still up more than 110% over the past 52 weeks. but the most epic move ott of -f the day coming from ups. with 29 minutes left to trade, ups is holding on to 10.7% of its gains here. in an all-out blitz of covid vaccine shipments across the u.s. driving record results for the shipping titan, shares dominating the top of the s&p 500 right now after hitting a new all-time high. rival fedex getting a little bit of a halo effect at this hour, up 4.33%. and, by the way, as ups the top gainer on the dow transports as well, the transports also hit a new record. the transports are up 231 points or 3.5%

because they read on some website that if everyone gangs up together and holds, we can do another gamestop sellers. but when you make the kind of bet, you have to make sure you actually like the company itself not just the crowd that recommended it to you. you have to be sure because it's entirely possible people betting against the stock know what they're doing unlike gamestop and the bulls are totally clueless i got to tell you, i'm getting sick of the style of investing loser investing i call it because stocks are not causes. they're not religious icons and not even sports teams. stocks are paieces of paper tie to companies but real, live companies. when amc seeks permission to sell 500 million shares, the ceo is basically saying he's willing to break and hoist the company on their backs if people want to bid up the stock, he's happy to sell it but he won't do any big sells this year. he's certainly not wrong about making sells if amc sells the stock, they can use it to buy back expensive debt at a discount making the business more valuable but when i talked about this possible sell on

gamestop, listen, this guy ryan cohen is darn smart.e and if this company can raise money at the market in a program that's announced when they report, well, then, they can be profitable but i don't like the herd mentality, people i don't like the almost religious sense of devotion to these pieces of paper. maybe i'm old fashioned. i want you to know the only way you'll know what to do once the short squeeze ends and i got to tell you, they always do end. i like to say there is always a bull market somewhere and i promise to find it here for you on "mad money. i'm jim cramer. "mad money. "the news with shepard smith" starts now >>> new guidelines on wearing masks, and new incentives to do the right thing. i'm shepard smith. this is the news on cnbc. >> i urge all americans, don't let up now >> tonight the full recommendations -- where you can and should not ditch the mask. >>> the fed's now investigating the shooting death of andrew brown, jr.,, plus the independent autopsy revealed this in fact was a fatal wound to the back of mr. brow

the gamestop's shares down to $157.35. >>> and tesla is saying we're sorry to chinese consumers.uter complaint office after one tesla owner who couldn't get the company to answer her complaints about malfunctioning brakes literally jumped on top of a tesla at the shanghai auto show on monday as protest. there she is. you can see this right now. yeah. she had a problem with her brakes. she kept calling, apparently. nobody's answering. so her display caught so much attention, heck, we're talking about it now, that it set off a social immediate ea ya firestorm and grabbed the attention of state media and chinese regulators leading to tesla's apology. and as we said, has promised to create a consumer complaint line. tesla shares up nearly 3% right now. hmm. that's one way to get attention. lidar giant with luminar hitting the gas at this hour, up 14.6% after mapping some new executive team from elon's empire and also intel. it stands at $18.81. best day in more than a month. >>> we need to get to this breaking news out of capitol hill where at this hour league eagles -- legal eagles

plus, check out the move in shares of gamestop the stock is rallying. we'll tell you why much more "fast money" in two. lately, it's been hard to think about the future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. so what do you love about your always pan? it's a kitchen magician. have you ever seen a pan cook three things at once? so you're a small business, it's or a big one.cian. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >>> welcome back to "fast money. stocks of gamestop rallying. the offering maxed out with all 3.5 million shares sold. the stock is up 16% rig

. >>> after the break, the next chapter in the gamestop saga reuters reporting the company is on the hunt for a new ceo. we'll talk to the reporter who got that scoop next. >> as we head to break, check out some of the top search tickers. the 10-year yield still on top yields are slightly higher after a big auction this afternoon 1.67 also nuance, tesla, alibaba and microsoft. we'll rhtacbeig bk. flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. the world around you may seem like an immovable, implacable place. it is not. it can be bright. quiet. and safe. it's a change that will be felt from this street. to this street. to no street. and everywhere in between. all it takes is the slightest push in just the right place and that will be the tipping point that changes everything. ♪ ♪ >>> welcome back take a look at signet jewelers popping after it expects sa

of the board after gamestop's annual meeting in june.ng to bloomberg. talks ended up stalling for unknown reasons and are no longer ongoing twitter shares this morning up about by 1.1%. >>> here's something we don't see every day. a new u.s. air line. burbank, california, avelo launching with an emphasis on the underserved markets in the united states. avelo is a first new airline in 15 years the launch comes as leisure travel is picking up the company will serve eugene, oregon and grand junction, colorado it will start flying at the end of this month. joe, probably a good time to be opportunistic as they pulled back from the smaller regional markets to focus on their core bigger markets opportunity. >> i like that idea. sorkin, you're an aspen guy. grand junction how do you get to aspen? you can't get there from here? i think grand junction would make a little -- there's a couple of places out there that you want to be telluride, crested boutte, it would be easier to go to salt lake city. >> you know that's my move. >> that's my move. s

it's game over for gamestop chief george sherman, who's stepping down by the end ofjuly.n 6% on that news. michelle fleury in new york explains why. what was normally construed as bad news was actually the departure of the beleaguered ceo and it reflects notjust a changing of the guard. remember it is financial officer resigned a few months ago. it also marks the growing influence of an individual called ryan cohen. the former ceo of online pet suppliers retailer chewy.com —— chewy.com retailer chewy. com —— chewy. com and retailer chewy.com —— chewy.com and it will became —— he will become chairman of gamestop. he is the individual leading the individual transformation of this company from rick and mortar retailer to an e—commerce player. that wasn't the only news, though, driving the only news, though, driving the excitement behind the share price movement. the reddit investor who you may recall helped fuel the dramatic surge in game stop share price earlier this year, keith gill of roaring kitty, he chose to double down on his bed, forgoing millions of dollars in quick

. >> during the whole gamestop yes go, i had people blowing up my inbox asking me to unblock their trades. but the robin hood organization was started by the paul jones and peter deboer and a collection of other people who are in the investment business. they started this foundation and said they wanted to be able to take best measures and practices and started off making $40,000 worth of investments, and now 32 years later we have allocated just shy of $40 million. new where where poverty is the cause or consequence, we will find, one, build, if necessary, all of these mechanisms that will put us on a better pathway of creating a better society. >> how much money does robin hood giveaway annually? >> last year we raised $200 million, since i have been ceo we have raised $600 million. we will take a portion of our endowment. robin hood's endowment is essentially zero. there is a uniqueness of our model that every dollar that goes in will go out. every year on january 1, it is like press go again. >> but you have staff, who pays for all of the staff and administrative costs? >> the other u

pressure from capitol hill to shed more light on who is shorting public companies following the gamestop we hear the review is in its early stages. china has reportedly ordered tesla to hand over driving data to a customer who protested at the shanghai auto show. local media says tesla is being forced to provide data about an accident that the car owner blamed on a break failure after initially refusing to give out the information. the owner's angry protest went viral on chinese social media, drawing attention to wider complaints about tesla's car quality. rishaad: let's get to what is going on in japan. some movers for the companies making waves on equities. this is all news-driven. the likes of toshiba with bain capital exploring eight bid to -- a bid to acquire the company. including the likes of other b anks to secure funding for a potential bit. all of that coming from reuters. sony at the moment reaching an agreement with walt disney to stream films from rival there after they run on netflix. following the most since august. nintendo nearly doubling the amount of damages it is seek