our choice ofweapon, gamestop. gamestop. three big thingswill cause this-- ryan cohen,retail option buying, and marketmakers like citadel. it looks like this. retail robinhooders buya ton of call options. this will force market makersto buy shares, increasing the priceeven more. retail investors buyeven more options, again, forcing the market makersto purchase more shares, pressuring shorts to close. institutional investorswill catch wind and join in. gme heads to $400 and we cash out. [music playing] this one is specialbecause we have math and great underlying news.to be clear, this will happen whether ornot we participate, but i prefer usto be a part of history. - it was a verycompelling thesis. i had never seensomething like this before. and you know,i'm no stranger to something calleda short squeeze, where all these shorts, they've got to coveron top of each other, and you know, the price shoots to the moon. but at the same time, it alsohad a huge downside, right? - gamestop announced today it's closinghundreds of stores

plus, the inside story of last years gamestop surge. we created the new msnbc documentary on how real life players took on wall street as the 11th hour gets underway on this thursday night. good evening once again, i am stephanie ruhle. 180 days from the midterm elections. and just hours ago, the january six committee did something never before done. less than a month before public hearings on the investigation, the committee today issued subpoenas to their own house colleagues, requesting that they come and testify about the insurrection. the five subpoenaed republicans include caucus leader kevin mccarthy, andy biggs of arizona, moe brooks of alabama, joe brooks of ohio, and scott perry of pennsylvania. all our allies of former president trump, and all refused to comply with earlier question invites to the committee to appear voluntarily. >> these are people who were involved in this discussions with the president. they were in communication with white house staff on january 6th, leading up to it, somewhere involved in the effort to o

it was months before any of us were even thinking about gamestop.e only time gamestop was in my mind when i had to by gift card for an eight year old birthday party. >> yeah. >> you have been tracking many of these traders and people for months. why? what was it about this story? >> that's the thing. my background was in tech, tech journalism. so, looking in right it was sort of a happy place for me. >> that's weird! >> yeah, admittedly, it is. i noticed in april 2020, about nine months before the short squeeze, that wallstreetbets, the subreddit, was really gaining steam. stimulus checks had just come out, retail traders were on the rise. and this group, where people were betting that they would drink their own urine if they lost the value of there 401(k) s or that they would like lick a toilet seat if tesla stock went up, it was suddenly going viral. i was looking at this group of people and thinking, despite outward appearances, i think this group of people may one day move the market. and one day, they did! >> they did, but they didn't win. righ

i think there were three faces of the gamestop story. is that 2020 phase where they found a stop that they really believed to, but it was the middle of the pandemic, and there was all this extra free money around, and people had all this time, so they were doing deep research and really understanding the stock. and then there was the january 2021 twist. that is part two. where essentially, right after the capitol insurrection, right after the election, we are in a pandemic, and out of nowhere this stop, gamestop, of all stores, of all businesses, starts to absolutely raise its value in ways that were unprecedented. and it starts to hurt hedge funds. and it starts to become this david versus goliath story that i think became so much more than just a stock market story. and then, robin hood stopped trading. and the entire thing sort of turned into something else about the system. so you know, so many things are happening right now are about how americans are really angry right now. and we are trying to understand where that is coming from.

gamestop has fallen the furthest, plunging over 70%.w at $99.75 keep in mind gme also announced plans for a stock split. and then the other meme names, restoration hardware, rh/gap, and research for morgan stanley found that all pandemic trading games are actually wiped out as of friday, may 6th that's over six days ago, and maybe, maybe just shouldn't by holding these for two long even one lone solar power equipment maker worth 22% of its float is shorted i know i went through a big list head to cnbc pro for the whole list >>> gamestop halted a couple times now, i believe, for a volatility the last trade up almost 25%, bounced off, now close to 100. we'll watch it closely today. >>> coming up next hour on "techcheck," don't miss our big interview with sundar pichai when you become an expedia member, you can instantly start saving on your travels. so you can go and see all those lemons, for less. (vo) everyone knows to get wireless savings, you need to be on a family pla- ...oh... (jane) with visible, i get unlimited data for as low as

gamestop has fallen the furthest, plunging 70% and today is history repeating itself with gamestop tradingn see the share price is up 10% other meme ones, restoration hardware, american eagle also on the list all pandemic training gains were wiped out as of friday, may 6th last week. so maybe don't hold these too long i've got two health care names arc biosciences, sunpower is where 22% of its float is shorted. you could head to cnbc pro for the entire list. i'll end on one name making moves today, carvana shares soared 30% and were halted many times. near 20% are available or sold short. so happy hunting, all. >> and the stock has been obliterated, right, this year? >> definitely. we've seen that with the earnings, yeah. >> used car prices ground to a halt kristina partsinevelos. >>> shares of american express under pressure today, one of four credit card names getting a downgrade from wolf research wolf writing it sees an 80% probability of recession by 2024 which would hit the group. joining us is the analyst with the call interestingly, bill, these names have held up, amex, better than

and so it spread just it wasn't just gamestop. it spread to you game amc movier theaters and others. and so this whole group of stocks that had been left for dead that folks had figured out that there are certain places where you can you can find out where where stocks are heavily shorted there certain places where the institutional firms have to register once you get to a certain level. and so someone some enterprising retail investor had figured out who was on that list and then the power of social media tookry over and all ofbo a sudden everybody knew who it was and they said all these stocks through the roof and then what happened? well, you can watch the entire conversation with birkins0 tomorrow morning at seven on fox greatbatch. you can only one thing the rest of your life. what would it be ? easy. i'm pretty sure that's not one thing. barbecue buffet buffet is the complete opposite of what the is barbecue ribs with rocks and barbecue chicken and grill ready to go? no. hey hey. you really look go, go, go, go ,go. right now

any way, throughout the gamestop frenzy they have a legitimate prop the new hardware was flying off the shelves aand you can't find a playstation 5 for love or money and now they are much less full those who dislike for me saying this, i suggested that you take a classified ad out in a newspaper. because jimmy chill is done with your moronic expand liezed tweets and hope you never come back from your permanent intellectual vacation. the other meme names never have -- amc and game stop. they try to run and gun wendy's but they threw bacon right in their face and then it came back to amc and gamestop. with the collapse of robinhood making a fitting quota guys, enjoy talking to yourself. no one else is going to listen then there is housing. now we thought we had something with a leadership group. i love them because a lot of stuff goes into housing. but the home builders stocks not the companies, the stocks have been crushed as mortgage rates have risen to 5.5% here is what you need to know. while the stocks might look cheap, they're trading four or five time earnings because the earnings

gamestop years before that you could have had a lucrative trade on gamestop and you could have operatedst year's returns were ab abysmal, this year down 23% since april. >> probably a lot worse the last couple weeks. >> probably a lot worse the last couple weeks given the market gyrations. you have citadel that's fully redeemed, as i'm told. they were looking to restructure and salvage this thing, and investors just weren't up for it. >> a few weeks ago, that's right our story -- maybe a month ago, i don't remember, where he was trying to end and start over again and eliminate the high water mark his investor base said no way. i did make the point, people will go out look he has to sell everything much if not all of the liquidation has already taken place, is my understanding >> yes >> the investors may not have made out particularly well but he's still going to be a wealthy man. >> he'll be okay. >> yes, we don't have to worry about him. i know you might have been. >> i wasn't thinking about it too much but i'm glad you brought it to our attention. does matter for investors in terms of

in 2020, one hedge funds were betting gamestop would go under, amateur traders joined forces and madese amateur traders. here he is, indictment hands, airing sunday at 10 pm eastern on msnbc. explaining why he took the risk and invested in gamestop. >> this is where stuff started to shift for me. i'm not sleeping at all. i can't focus on anything else. i'm compulsively looking at my phone. then i started buying into the whole diamond hounds thing. i think luck is one preparation we saw opportunity. and this was an opportunity. monday morning, my friends feel, he messaged me saying, hey, i don't think gamestop is going to do anything more, i don't think it will go any higher, i'm gonna sell. >> and i said, don't, southeastern idiot. and you sold literally ten minutes later, and then it starts going. >> it's getting gut! joining us now large trade cooper, and, zak the directors of the documentary diamond towns. which premiers this sunday, 10 pm eastern, on msnbc. drew, what drew you to the story? draw, sorry. it's all good. >> it's all good, thank you jonathan. going back to 2020, it's

is this a reaction to market conditions, or is this payback after the gamestop debacle last year?fter the gamestop debacle, and ending the year lower, he was able to recoup the losses in january of last year. this year happened. in the first four months of this year, he was down about 23%. a lot of his peers were down more in that timeframe. after two years of losses, he did say to investors he was going to throw in the towel and return money to investors after initially trying to reboot the fund. guy: is this the final act? does anybody believe it is the final act? >> he was known for shorting stocks and being successful at it. and a market like you are seeing now, a little bit of short positioning could have done a lot of investors well. the question for me is, if you look at what happened with plotkin and the peers losing money like chase coleman, who took off in the.com first, you have to know what the new set of hedge funds will look like, and who will gain from this market route. investors turn to hedge funds to hedge. for plotkin, will it be a final asset? only time will te

we had the means stocks rallying like gamestop's and the height beta tech names taking off. investors looking for a near-term trade but in the longer term, there are not a lot of times that's the case. the s&p 500 was possibly at the bottom and that can sometimes hold things still. kriti: abigail doolittle, thank you so much. let's go micro a little bit from the big macro rally because shares of twitter art plummeting after elon musk said his takeover of the company is on hold but he says he still committed to the acquisition step tesla is seeming to get some of the backhanded advantage of that twitter move. that potentially affects the s&p 500 and the macro moves are in focus. talk to us about the believability that this deal is going to go through. >> elon musk realizes he needs more external funding so clearly, this is an attempt to draw more external investors to partner with him on the deal. given the current market conditions, he has probably overpaid. you look at snapchat trading in five-time sale so why is he paying seven times for an asset that is growing slower tha

when you had gamestop and amc going nuts, late 2020, early 2021, right? liz: correct.: that's when melvin nearly collapsed and ken griffin had to bail him out, of citadel securities, and the movement was built on the notion that it was unfair to the small investor out there, that ken griffin, they piled on other conspiracies that ken griffin was manipulating shares of amc and then you had the fed. now people don't realize this. for all these, all the power of the amc apes, the gme crowd, jerome powell is actually their daddy. he's the dude. without him in the market -- liz: make everything free money. charlie: fueling free money, it's over and right now, most retail investors did not get in on amc at eight or three or whatever, they got in at 20, 30 , 40, 50, 60, 70 traded as high as 77 last june. it's now trading, we should show a chart, last i looked it was below 12, there we go. this thing, according to every professional trader i know, is over because the fed is going to be in there with consecutive interest rates. there's no short squeeze, there's no problem with

. >>> shares of gamestop moving higher again in today's trade.rlier, up 40%, though, since the start of this week we'll be right back. stay with us >>> antony blinken's recent remarks, in which he called china the most serious long-term challenge to the international order. eunice yoon is live in beijing and has more. >> reporter: china says it will be a defender of international order, the foreign ministry accused secretary blinken of exaggerating the china threat and the u.s. of teaming to contain china to excuse the world order. it the china state media today was arguing that the remarks by president biden, when he was out here in asia, that suggested to the u.s. would intervene militarily on taiwan's behalf, from the chinese perspective, removed any ambiguity on how the u.s. would react in the event of a -- and saying it was hypocritical for saying it does not want a new cold war, by creating what china believes are alliances that specifically exclusive china, and state media said the efforts are in vain this comes at the same time when the c

>> look, i was very clear that from my perspective, the key advantages that gamestop has, they have aic employee base who are passionate about games. when you would go into a physical store, they would be the ones telling you which consoles to buy, which games to get. they need to find a way to take that and present it in a digital type of experience and leverage that type of passion amongst their employees. they also have to figure out how to monetize digital software sales which is where the consumer is going to get their games. that's where the profitability is for the industry. until they figure out those things, it's going to be quite challenging for them. >> let's talk a little bit about your book, "disrupting the game." i guess i want to just ask what is the big lesson of it, and the big lesson of your career from the bronx to the top of the industry running nintendo north america or mericas >> well, look, the book is a collection of my personal stories, my life experience. but in each case i button hole every story with a so what a key lesson that anyone can take away, and it'

our choice of weapon, gamestop. >> you can catch "diamond hands," the legend of wall street sunday att does it for me. can you catch me on "american voices" weekends at 6:00 p.m. eastern, like tomorrow. "the reidout" with joy reid is up next. e tomorrow "the reidout" with joy reid is up next. ♪♪ >> good evening, everyone. we begin "the reidout" tonight with the threat to our democracy which runs right through the state of pennsylvania. this was the scene in the wee hours of the morning on january 7, 2021, hours after the attempted insurrection as 138 house republicans still voted to toss out pennsylvania's electoral votes. they failed, but now we are just days from the prospect that they could succeed in a different way. republican voters in the keystone state appear poised to nominate two of the most extreme candidates in the country in race for governor and senate. running for governor doug mastiano, the state senator who has risen to the top of the crowded field. his campaign fueled by his full-throate

now the whole gamestop phenomenon had really shaken many short sellers from the market that's kind ofy here, fearful they could get squeezed. lately hedge funds are actually dipping their toes back in amid the market volatility. a new note by goldman sachs out a short while ago said hedge funds ramped up yesterday amid the market sell-off. the firm said net selling on its book, on its prime book, was driven by short sales rather than outright selling which indicates hedge funds were not the main driver of yesterday's price declines scott? >> they're certainly being a lot more quiet these days about their shorts, and that is probably the most ever lasting -- largest ever-lasting change that's leslie picker he enweavbrda's latest move in the market next. was racing just making spaghetti... but i didn't wait. i could've delayed telling my doctor i was short of breath just reading a book... but i didn't wait. they told their doctors. and found out they had... atrial fibrillation. a condition which makes it about five times more likely to have a stroke. if you have one or more of these sym

plus a new documentary goes inside of what really happened with gamestop, amc and wall street bets andn musk putting that twitter deal on hold. the one and only stephanie ruhle will talk through all of that. and coming up on sunday today over on nbc, my conversation with comedy icon mike myers on his time at "saturday night live." the phenomenon of austin powers and now his return to comedy after time away with a new next series. mike myers plus the latest news and other life well lived and much more this weekend over on nbc on sunday today. we'll be right back with more "morning joe." we'll be right back with more we'll be right back with more "morning joe." when they do? i love it when work actually works! i just booked this parking spot... this desk... and this conference room! i am filing storts on an app that i made! i'm not even a coder! and it works!... i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. you're pretty particular about keeping a healthy body. what goes on it. usually. and in it. mostly. here to meet thos

the gamestop is almost like a side show. it is everything else that he did and it wasn't strictly shorting he just literally seemed to make a lot of bad investments including long investments that were wrong >> yeah. >> hewait. he can come back in a year i don't see how this is different from the last. why did i say i was going -- i can do it this way you really can't say anything about it he's a young guy two or three years from now? >> i'm not as cynical in that regard i think he was unable to keep the fund going i think the current fund -- >> he could start small. he can wipe out all of the money he oweses t s he can wipe out all of the money he owesess to get back to even take in fees again. >> you always have the option to find somebody to give you money. it is also possible he never comes back either. sets up a fairway office like so many others. >> he said something like it is clear to me i should not run other people's money. >> he'll be back. >>> coming up, a closer look at the losers in the washout on wall street.

, we saw that fund with significant declines relative to a short position, and short exposure to gamestopse they got caught up in that whole frenzy about 17 months ago, as he put it, as well as never really able to recoup the losses. declines last year, as well as declines this year i'm told since inception it had about a 12%, but performance year to date is down 23% through the end of april so news today, melvin capital is winding down, returning capital to investors they have included a schedule by which to do that including restructuring and starting over and then they saw some investors rebuke that idea. so this appears to be their decision after talking with investors. in they have decided to wind it down >> leslie, thank you. >>> trouble with transports here all components ending the day in the red. led by old dominion and avis, both down more than 12%. expediters international and more seeing big declines is this bad news for the broader economy, b.k.? >> i think it is we have seen the index roll over a bit. the yond lying index you saw it start to drop. so it's not necessarily sur

gamestop is getting terrorized here, down more than 50%. down 4% on the session.d was selling shares a discount and they are down nearly 3%. jonathan: have you been surprised by how few bill -- how few people have talked about the equity market? lisa: you hear it on the edges and you say -- and they say the bubble has burst. they say it has more to go and i think it's an point. is there and unraveling of a reassessment and are we shifting into unraveling right now where people are saying these valuations cannot last? i think that shift in sentiment has happened over the next few weeks. tom: i think you look at the data and there is a new allocation to the market and it will come off of what central banks do. anybody who's looking at you like, good luck with that. i look at our strategists and forecasters and i say good luck. gold is down $24 indicates the sweat that's out there today. jonathan: people believe we will see a year-over-year we can inflation. how much longer will this story go and how much more neutral can the fed go? tom:tom: a moment of silence for

we have the whole gamestop thing. i was pilloried last week about robinhood and all this. what is the social mandate of the new york's doc exchange -- new york stock exchange? >> that's a good question. the new york stock exchange is very focused on providing transparent liquid efficient markets. tom: is robinhood a responsible market? >> we are focused on the infrastructure that has been tried and true with multiple financial crises. tom: you're getting maximum transparency with you. what are you suggesting you're getting the modern route? >> the right way to address this is with standardization across trades. tom: who is the adult in the room on this? who is the adult in the room to combine the modern darkroom with a buy ticket year and sell ticket year? >> i wouldn't say we are the ancient new york stock exchange. particularly since we are processing have a trillion messages. it's really around the sec to harmonize the rules between the markets. that's really what we are asking for. lisa: where does crypto fall into this? >> crypto is a market that in my opinion needs g

billion dollar hedge fund melvin financial management, more than a month ago it was in a game shot -- gamestopeeze. it never recovered. a comeback showed promise but never -- global news 24 hours a day, on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ ♪ the lower your drag coefficient, the more efficient you become. such amazingly perfect shapes run throughout the natural world. and can now be found in the automotive one. the world's most aerodynamic production vehicle. the eqs sedan. ♪ changes in the data in the coming weeks, i expect two additional 50 basis point rate hikes in june and july. jonathan: nothing has changed for patrick harker, the philadelphia fed president. live from new york city, equity futures shaping up as follows. small pain ahead, equity futures down more than 1% on the s&p, 1.2 on the nasdaq. we are off session lows and i have no idea if we will be in the same place in about five minutes. yields lower six basis points. yields lower, treasuries firmer and the fx marker i

tom: it's a gamestop?aughter] jonathan: it is in real profit, ash martin: isn't -- martin: it is in real profit, not speculative. so there's been a step change in the axis of funding to the best hundred been orders, and economies have formalized. you can't evade taxes anymore. all of a sudden, 80% of companies who were formerly half informal couldn't do it. lisa: does general atlantic think that latin america will emerge stronger or weaker from the current inclusionary pulse that is allowing their experts to be that much more valuable? martin: latin america is about 10% to 15% of what we do globally. in the next three years, brazil will benefit from the commodity cycle. it is a net exporter of commodities. that is a great tailwind. mexico will benefit from near shoring. these global macro tendencies will benefit the two largest economies represent six to percent of the gdp, so i think in this storm, latin america is not such a risky place. tom: i've got 14 more questions. can you visit us in new york? mart

you will recall melvin was the big victim from the meme stock frenzy due to the short position in gamestop. they had to infuse $3 billion to shore up finances at the time. the fund founder failed to recover losses at the end of the first quarter, the fund was down 21%. >>> and meta or the company we know as facebook reportedly pulling back investments on a number of products from the zoom video chat competition and shopping meta is freezing hiring for certain engineering roles and low-level data scientists. at the all-hands meeting last week, mark zuckerberg not ruling out potential layoffs. meta shares down more than 39% this year, brian we are hearing more and more companies freezing positions you have to think we could see pink slips >> yeah. maybe we should go back to calling them facebook. meta was bad karma bertha coombs, thank you >>> we have more to do on this busy thursday. on deck, more on target and walmart retail wreck why stacey widlitz is expecting more pain. >>> and gas is over $5 a gallon in many parts of the country sadly, don't expect relief a any time soon. paul is here

gamestop now trading again, up by 22.65%.his is bloomberg. ♪ guy: apple is down 27%, trading $144, the january peak. technology stocks are getting hit and hit hard. apple may not be at the speculative end of the story. do you want to get in here? this or worse to come? daniel flax, neuberger berman, senior research analyst, joining us now. apple is down 20%. during the dot-com boom, it was down 80%. any chance that repeats itself? daniel: unlikely, and relative to the past, we have a more diversified company with more revenue drivers, so the iphone franchise we have seen is healthy, it is durable, services has very good growth, you've seen strong performance in the mac with the new silicon, the wearables opportunity in many ways just getting started. there are clearly issues in china from a demand standpoint. the supply chain is hampered in places. the invasion of ukraine and weakness in europe is a potential factor but we are buyers at the current level given what we think will unfold over the next several months and year. a

my young son made a lot of money on gamestop and amc back in the day. i call that luck he calls it skill. he tells me to look into a company called asd space mobile. >> well, he's got the edge on me i do not know the company but we'll do homework on it. sounds like my kind of speculative company for young people and that's the conclusion of the lightening round it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. ♪ >>> with the real pandemic please stand up. please stand up. every day we find out another company has done more business trading during the high of the pandemic doesn't have the staying power now that the world has more or less gone back to normal i listened to a conference call withetsy and learned

refinances nothing like the market in the last two years >> don't cashout refinance and put the money in gamestopck. thank you. >>> time for the morning rbi it's back. today, let's get random but interesting on good news in the stock market yes, we said good news because as bad as it has been, there are stocks making people money. it's early it's monday. futures are down nobody wants doom and gloom. let's try to rollout and end out the show with positivity we dug in over the weekend and found stocks that have been doing great this month as the overall markets stink it up. they are not all oil and gas in fact, plenty of names and past performance in the past 30 days you may not know. here we go software company epam up 25% in the past 30 days western digital. hard drive maker up 24% mohawk they make carpet stock up 21% bath & body works. up 16% used car part company lkq. like, kind, quality. rising 14% campbell's soup? up 10% we eat so we all need toilet paper. kimberly-clark is up 9%. those are a few stocks there are actually many more in fact, this is the part, i hope, you find really random but

in particular, i've been watching the meme stocks, amc, gamestop.hey have been facing an extreme period of weakness here. i think that is all part of the retail weakness here. tom: we have not covered the memes since time began, but what that speaks to is profit companies versus less profit companies. is that the key distinction moving forward? michael: certainly. in small caps, profitable companies are performing less profitable companies. within the indices. same thing with low vol. you want to be in low vol stocks, low earnings stocks. tom: one last question. the major thing lisa and i saw this week were stunning predictions on the price of energy, oil and natural gas. are you going to write this weekend about hydrocarbons? michael: probably not. tom: probably not? that is not the right answer. you are supposed to say yes. michael: energy is only 2% of the s&p 500. tom: you have to understand, casper got into union college. all you have to do is spell schenectady. lisa: michael casper, thank you so much. honestly, you asked him, are you going to

really the poster child here of that gamestop short squeeze, even after recouping some of the losses had in early 2021, is now down again for the year and telling investors that he is returning money unwinding down. remember this was right after he initially tried to reboot the fund in a different fashion, scrap the plans, and now remember, i have to say, wall street has been expecting casualties in the hedge fund industries and it starts here with melvin capital. ed: give me a quick update on the markets in the world of currency. >> something interesting here is even though you saw that brutal selloff in the markets, especially in the nasdaq 100 with 5% selloff, you are actually seeing bitcoin, even though is trading below the 30% level, only falling by 3% over a 24 hour period. not falling off that steeply, as the market you see a hold steady as opposed to other coins in this downturn. so when you look at bitcoin, to what extent is it the relative safe haven compared to the other crypto assets? ed: stay with us, let's bring in our next guest, the cofounder and ceo of 21 shares, a c

dollar hedge fund melvin capital management, more than a year ago it was grievously injured with gamestop never recovered. global news 24 hours a day, on air and bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. so you can enjoy more of...this. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech like robotics and ai. that could really help us manage inventory. and boost our sales. and save us a ton of dough. who are these people? ey, of course. who else? as long as i can keep working from home. we all know nobody makes ginger snaps like i do. your ginger snaps are safe. this co

they bet negative on gamestop, on amc.came, and that's all these retail investors piled in and almost put them out of business back in early 2021. and now they are, they are definitely done. it's been a rough couple years for them. now, the question is they got out of the meme stock shorting business, they bet wrong on other stuff. question is how many more melvinings are out there, and that's what everybody in the market is talking about right now. every sophisticated investor is talking about that. here's how it's breaking out. most smart fund managers have totally ca capitulated and derisked. so that's -- [inaudible] i'm pretty sure steve to cohen has derisked. they've ramped up their cash positions -- david: were they ever in the meme stocks? >> i bet hay dabbled a little bit. they might have gone short, right? but the bottom line is they totally derisked. and so the question is, like, hedge fund losses, probably another melvin. here's the real kicker, when does retail capitulate. when does the average investor say, i'

i think for context, if you look at the original stock, gamestop, amc, they came into today down 75 to 85% off of their high. and those highs were set early last year when everybody was very excited. retail inspectors. the s&p 500 kind of down about 20% from its high. there was this wave of buying. maybe the negativity has gone far enough, just in the short term. and that really slept over those stocks that a lot of people have been betting against for a while. the mcmichael still is getting crushed. bitcoin dropped by about 1%. at one point it did dip below $26,000 in the first time for more than a year. does this spell trouble for crypto courtesies? >> i think it suggests ongoing trouble for crypto or for really any currency of any kind. bitcoin is down 60% from its high. it has wiped out all games to late 2020. what it most behaves like is another speculative tech related investment as opposed to some kind of stable thing to park your money in. it doesn't mean it is over. i think there is a lot of interest in this area. it is still $1 trillion worth of the stuff floating around. but

let me ask you about gamestop, which is a partner of different sorts.are announcing a crypto wallet for crypto as well as nfts i'm wondering if you think that that's something that you would look into, the use of crypto and nfts within the gaming platform? >> well, we haven't done anything yet with nfts we selldigital goods and our consumers love them. an nft is simply a digital durable good so i think that's pretty exciting at the same time, we want to make sure that we're not asking our consumers to speculate there is this overhang of speculation of all things crypto and all things nft so do i believe there's durable opportunity for nonfungible tokens going forward in the interactive entertainment business i do i want to make sure it's in service of a great entertainment experience and also in service of treating our consumers fairly >> all right strauss, we'll leave it there. it's always great to speak with you. thank you. >> thank you for having me. >> strauss zelnick of take-two. >>> let's get a check on the markets with the dow higher by 1.9% that

did you since you are talking about movies, you want to go to gamestop and to stop and the and see a little news there. that's a spat side. so stocks are doing well and that the stocks are chopped their trash. they're not great. they just don't have a lot of earnings or cash flow. >> again, amc happens to be awesome. the reviews are amazing to be a great summer, but it should be up 18%. okay. so that's wrong. what about you know, what should be up 18%? and it is. >> airline tickets. >> yes, yes, yes. and here's a great case of inflation. now, prices dropped very soon. airfares went up 18% in the month of april up 10% in march. so those back-to-back much show you how crazy things are getting out of hand by up 10%. mark my salary to go up 18% in april. yet my airfares did up 33% year over year. bookings are now dropping in april down 17%. and tried to it. did it too late like he literally saw prices go from 400 round trip to over 1200 around okay. so i have a question for you then when it comes to the friend, for example, because the same happened james and i were both looking at fligh

it tells the story of the gamestop short squeeze, and the people who took on the most powerful financialstreamed on peacock. i saw it. i promise, you it is amazing. saw it i promise, you it is amazing i promise, you it is amazing ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ the american dream. for children in rural communities, it's slipping away. the gap between that dream and their reality is shocking. the gap between nutritious food and aching hunger, a good education and falling behind in school. but together, we can change that. with your help, local communities can get the food and resources they need to keep children well-fed and ready for school. if there were ever a time for you to help, it's now. when you join save the children as a monthly donor, you'll help give children across america a chance for a better future. you're doing more. you're giving them the opportunity, the hope, the ability to succeed. please call this number or go online to givemoretosave.org and help children right here in america. for only $10 a month, just $0.33 a day, you can join other caring people and help provide nut

story of how they joined forces online, in an effort to take down wall street by sending shares of gamestopwall street bet. here is a clip. >> my mother was a tax accountant. so my whole life it was like, you have to save money, you have to save money, you have to save money, which means i didn't. i don't have a savings account. i have a little bit, but for all of the years i have been alive, it should be more. so to make enough money to pay my rent, when everything went away, it is kind of like my rent is still do, but i am on unemployment, and the numbers just didn't add up. reality hit a little bit, and i was like okay, we need to figure out a way to save some money, make some money, and that is when i got into investing because i was just trying to figure out how to make some money back. >> in case you don't, know the term diamond hans was coined on reddit. it refers to a high risk tolerance for highly volatile stocks. diamond hands airs this sunday at 10 pm eastern right here on msnbc. it will also be streaming starting monday on peacock. that does it for us tonight, rachel is going to

documentary tells a story of the users -- coordinated to drive up the price of the faltering company gamestopmerica. a fascinating story, stick around for the ellerbe remainder of diamond hands tonight right after ayman, i'll be back in a moment don't go anywhere. back in a moment don't go anywhere anywhere bipolar depression. it made me feel trapped in a fog. this is art inspired by real stories of bipolar depression. i just couldn't find my way out of it. the lows of bipolar depression can take you to a dark place. latuda could make a real difference in your symptoms. latuda was proven to significantly reduce bipolar depression symptoms and in clinical studies, had no substantial impact on weight. this is where i want to be. call your doctor about sudden behavior changes or suicidal thoughts. antidepressants can increase these in children and young adults. elderly dementia patients have increased risk of death or stroke. report fever, confusion, stiff or uncontrollable muscle movements, which may be life threatening or permanent. these aren't all the serious side effects. now i'm back where

fell to wherever it fell to below 2,000 and it seems like so long ago, but they are holding on to gamestop that, green, holding on to amc. those are good bell weathers. when you start seeing everyday and amc falls significantly below 10, then you know retail has capitulated about it hasn't yet. now again, history says it will. it's just a matter of time and then that's going to make this downdraft what we have now much, much worse. >> cheryl: it's interesting we were talking about target a moment ago with another guest and i was like at 25%, you know, hit on target, that seemed to me to be an overreaction. it's a major american retailer, you know? people aren't going to stop going to target. charlie: well but if the fed is going to keep raising interest rates we should put gabe ploch in who ran melvin, pretty interesting if this guy is throwing in the towel, he's saying he doesn't see a lot of avenues to make a ton of money right now. do we have his quote? i thought we did. the past 17 months have been an incredibly trying time for the firm and you and investors i have given everything i c

a new documentary going beyond the headlines of the infamous gamestop short squeeze. msnbc. streaming tomorrow, by the way, on peacock as well. we'll be right back. peacock as well we'll be right back. you know liberty mutual customizes your car insurance, so you only pay for what you need? oh, like how i customized this scarf? wow, first time? check out this backpack i made for marco. oh yeah? well, check out this tux. oh, nice. that'll go perfect with these. dude... those are so fire. [whines] only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ ♪ we believe there's an innovator in all of us. that's why we build technology that helps everyone come to the table and do more incredible things. ♪ (driver) conventional thinking would say verizon has the largest and fastest 5g network. and do more incredible things. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. okay everyone, our mission is to provide complete balanced nutrition for strength and energy. woo hoo! ensur

plus, the inside story of last years gamestop surge.on wall street as the 11th hour gets underway on this thursday night. good evening once again, i am stephanie ruhle. 180 days from the midterm elections. and just hours ago, the january six committee did something never before done. less than a month before public hearings on the investigation, the committee today issued subpoenas to their own house colleagues, requesting that they come and testify about the insurrection. the five subpoenaed republicans include caucus leader kevin mccarthy, andy biggs of arizona, moe brooks of alabama, joe brooks of ohio, and scott perry of pennsylvania. all our allies of former president trump, and all refused to comply with earlier question invites to the committee to appear voluntarily. >> these are people who were involved in this discussions with the president. they were in communication with white

let's talk about cryptos, but gamestop is offering digital wallets to store instead of cryptocurrenciesair ryan cohen and he's the guy that ignited the same stop saga last year, but i think coinbase is a cautionary tale. have you looked at the largest- listed u.s. crypto exchange down $51 billion in market cap since its ipo last april, stock is down 80% since its debut, even underperforming bitcoin prices itself. stuart: there goes coinbase. >> talking into my watch next time? stuart: you can answer the phone now. let's have a look at this. the national average for a gallon of regular gas, new high, $4.59. jeff flock in pennsylvania. look we're heading into memorial day weekend. are the people changing their travel plans because of these high gas prices? >> well, yeah, the answer to your question is yes, but maybe not in the way that you would think, stuart. take a look at these survey answers from folks at the travel website arrivalist. they tell us that people are taking fewer day trips now, but they are actually taking longer trips and because of the high airfares, they are actually