up 44%. >> you going to have a rethink on gamestop?t in two years they actually made money for the first time in 24 months. can you believe that? but this is about cost cutting, not growth. sales did drop, but they were able to cut down on costs and inventory and they are really looking to diversify trying to get into other businesses like digital collectibles, toys. by the way if we can check in on the other meme stocks, gamestop is making money all of a sudden what about amc, even bed, bath and beyond which ryan cohen, chairman of gamestop, that start ed off that gamestop saga back in january of 2021 failed to turnaround bed, bath and beyond but his new turnaround target is nordstrom, so let's see if he can actually make make a dent there. stuart: in the interest of getting as much news in as we can i'll ignore the meme stocks for a second and move on to nike they have an inventory problem i think. >> china a big issue and that's where the inventory issue is. now the stock would have been up a lot more because they did have a great l

this is how it opened for gamestop.he backstory to this is that actually the analysts were forecasting a lot of that 13 cents on the latest reporting for the fourth quarter. the group actually delivering a 16 cents a share profit as against the 49 cents a share loss for the previous quarter here on sales of $2.23 billion, so a surprise turn of speed for gamestop. >> all very good. i bought another pair of running shoes yesterday. >> where is all the shelf space in your house? >> i have an eternal hope that i have the wrong shoes. if i get the right running shoes, i'm going to be like -- >> i was reading a note from nike about new signature shoes that have been launched for a bunch of people. maybe you need the sedgwick shoes. >> nike are about $280. >> how far away are we from having your shoe made for your feet? >> you have to treat them right. >> running shoes. >> there's one in southwest london. >> you're a highly tv presenter. >> i'm highly paid. >> you've had a few pair made. >> i've had a few pair. it's not made m

check out gamestop. remember this name from 2021. the speculative craze. tagging along with your to go scandal. today it comes out with a profit, the profit -- the first profit in two years. the ceo saying they have made real changes and have a profitability outlook that will last the full year. they have not put numbers on that but it is enough to make the stops sort. -- the stocks soar. is it a mean bid, frenzy bid, or a fundamental bid? i would argue all of the above. you are seeing ramifications and other meme stocks. look at amc. higher by 3% on the day. it was rallying in tandem with some of the other meme stocks. the fundamental effect on the ripple market. nvidia higher on the day given the ai bid. you also have to keep an eye on the one stock that is trading lower, nike. earnings will be a big picture of the macro story, which brings me to the two year yield. the fomc story. even if the fed does nothing today we are seeing a dislocation in the treasury market because that would mean a rate of 4.75. prepare for the volatility which will have ramifi

shares of gamestop are soaring.etailer reported a surprise fourth-quarter profit, its first in two years. gamestop has struggled with profitability as the industry has moved away from discs to online downloads. one bright spot has been its sales of collectibles. japan beat the u.s. 3-2 to win the world baseball classic in miami. it came down to trujillo, when he struck out mike trout, his teammate on the angels. shapiro, was voted the wbc m.v.p. 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 am lisa mateo and this is bloomberg. ♪ hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management. this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your p

as far as its strategy and where it sees growth coming from in the future, gamestop has been workingn costs. so that's been a really big part of the story. >> cnbc's julianna tatelbaum live from london. we'll have the complete story on jay powell's decision on interest rates. >>> today an update on the ukrainian soldiers being trained on patriot missile systems here in the u.s. >>> plus, the second day of chinese president xi jinping's trip to moscow. "way too early" will be right back with complete coverage. unlike some others, neuriva plus is a multitasker supporting 6 key indicators of brain health. to help keep me sharp. neuriva: think bigger. think he's posting about all that ancient roman coinage? no. he's making real-time money moves with merrill. so no matter what the market's doing, he's ready. and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. a ballet studio, an architecture firm... and homemade barbeque sauce. they're called 'small businesses.' but to the people who build them there's nothing 'small' about

alix: it also shows that we are not out of the retail flow jam that helped bed, bath & beyond or gamestopoints as well. jon: we should remind people that and getting to the finish line of getting this deal done with trumps business has been quite a long log and we have seen that on dwac coming into today. >> the trump indictment is top of minds. >> it is been quiet here outside of the dozens of journalists on the ground with every expectation of each headline. i think what we are going to see is mood will get a lot more animated over the coming days. we expect to see trump arraigned on tuesday. that's the latest reporting. cnn reporting that trump will to new york city on monday. then the question is how does this look? does he try to appeal to his base by walking in the front door that you see behind me? doing a perp walk, taking a mug shot? fingerprints than the arraignment. again we expect that on tuesday, or will we see something more subtle? jon: still seeking clarity on the kinds of charges that might be front and center as well. >> these charges remain under seal. there is reportin

gamestop executives say they will continue to cut costs. it will stop production of the camaro after the 2024 model year. the final camaro will roll off the assembly line in michigan next january. that's one month after dodge shuts down its charger and challenger production. the camaro name will still be used in racing series, including nascar and the national hot rod association, and amazon is expanding its palm scanning payment system. now, amazon says the checkout technology is now in more than 200 locations, including 19 whole foods locations across the bay area. it's now adding the technology at panera restaurants across the country. and the amazon. one devices allow customers to pay by just scanning their palms. it also pulls up your rewards account and order history48, some singln are now using artificial intelligence to help them get a date report by the daily mail the claims some men are using chat g b t to create dating profiles and to respond to potential dates. they claim it makes them feel more confident. so i'm a hair getting

. >>> now we're looking at gamestop. it is down 6%.ened concern again, yesterday gamestop was a big winner. but now lower by about 6% after boffo gains yesterday. meme stock's founder, ryan can cohen his other company, chewy, is reporting earnings. a check on that stock next. with the dow jones industrials now down about 52 the points and really wildly good luck -- fluctuating depending on which second we're watching, you've got to stay with us. we are coming back in just a minute. don't go away. ♪ ♪ (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro lost up to 25 pounds. mounjaro is not for people with type 1 diabetes or children. don't take mounjaro, if you're allergic to it, you or your family have medullary thyroid cancer, or multiple end

gamestop simply decided to focus on brick and mortar and it paid off. must be all those nfts perhaps but there's got to be severe retail weakness somewhere. really right? i mean, when we get -- i mean, when you get to the detritus -- i can't go in the national real estate investment trust because i fear maybe in there, maybe the credit crunch is -- national -- i listened to the federal realty conference call. this was the largest shopping center reit in the country business may be the strongest i can ever recall, and i followed this company for 15 years. in the q&a session tried to create some controversy about one of their properties out west that might not be leasing as well as they thought numbers were extraordinary they own 532 of the scripps shopping centers you don't like so much. 96% occupancy. i don't call that recession. how about 97 for kanger? that's the biggest owner of all price outlet center. although that's more of a trade-down play. this credit crunch is supposed to be everywhere i've got to tell you but one broom and it's gone. there's

. >>> and we'll show you the shares of gamestop soaring in early trading after the retailer reported. it's wednesday, march 22nd, 2023, and "squawk box" begins right now. ♪♪ >>> good morning, everybody. welcome to "squawk box" on cnbc. we're line at the market site in times square. i'm becky quick along with andrew ross

you'll find out what's going on. >>> and then shares of gamestop, >>> and then shares of gamestop, theyay...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. >>> stock story of the day, nike, shared in the red, down 1.4% despite a beat on the top and bottom line. demand in china continues to see weakness as they worked through excess inventory and covid. the ceo is betting for a rebound in china. listen to the conference call last night. >> bottom line is we feel good about our momentum in china. and that's both q3, where you saw in a post lockdown environment growth really pick up the second mo

stars versus e-com. >> gamestop and amc are not really stocks.ed to play with ponies, and you used to go look for delaware downs. >> harness or -- >> no, never those were always -- no. this was from andy beyer, one of the greatest stock-picking books in history, but these are just outliers they're outliers and i don't know what to say about them. they're inscrutable. yesterday, someone floated the idea that amazon was going to buy amc. >> did you want to talk about that or not? >> i could float the idea that amazon's going to buy illinois toolworks. that would be good what a merger that would be. >> threw it on the white board >> andy jassy has always wanted to be a good tool and dye man. >> it does move amc yesterday. >> it's important to manipulate stocks if you're a crook by the way, speaking of that, we haven't even touched binance yet. remember when southern methodist u got the death sentence this binance piece is a death sentence >> you said, "it paints a picture of a company gone rogue. >> it's kind of like a netflix -- honestly, i don't k

gamestop shares soared after the company reported its first quarterly profit in two years.was 48 million dollars. a turnaround from last year's 140 $7 million loss. that sales fell over 1% to 2.2 3 billion dollars but still beat analyst estimates. the ceo says he now sees a path to four year profitability -- to full year profitability. shery: take a look at how we are setting up in the asian session. kiwi stocks moving higher by 4/10 of 1%. we have been watching the kiwi dollar closely should we continue to see that decline given the new zealand treasury has said the recent cyclone has damaged primary production in the country. we are watching nikkei futures at the moment gaining 1.5%. coming back from holidays so perhaps a little bit of catch-up with a risk on session. we are already hearing from the finance ministers speaking in tokyo saying the financial system in japan is stable. they are seeing risk-averse moves in the financial markets and they welcome authorities moves to stop fear spreading. that has been the case when it comes to financials. we are seeing on asx 20

looking for home sales and reporting from nike and gamestop and the fed has the two-day policy meetingen is speaking at the and wnual summit. >>> back to the markets after yesterday's relief rally expect tations the fed will slow tightening let's bring in david katz. good morning, david. >> good morning. >> david, what do you expect from the fed >> we are hopeful that they were going to pause and talk about looking at things on an ongoing basis. the primary objective should be stabilizing the financial markets. we think they likely will raise by a quarter point and look at the data on the ongoing basis. possibly a pause that the point. one of the two of those scenarios would be positive for the markets. if they raise, that would be a negative. >> david, investors are really going toward cash. this is according to rifinitiv investments into money markets topped $1.3 billion. for people listening, we are showing a chart with a huge spike for the data we are talking about. david, what does that say about investor sentiment >> it says investors are scared. scared about what the stock marke

gamestop gaining premarket 38%. a surprise profit for that meme stock business.ll see if that continues. nonetheless it seems investors are liking that story again. >> ubs has offered to buy back bonds it issued just days before agreeing to acquire their troubled arrival. good morning. talk us through the thinking behind this move from ubs. >> it's all about the timing. they issued these before the credit suisse takeover, so it's kind of an investor relation management strategy. those investors are white -- quite rightly looking at the changes and material shifts. ubs, china looking for the long-term gain tried to keep investors on the side sing the fair thing to do is to buy these back and we will issue some more once the dust has settled and people know what they are buying into. >> just briefly on what's happening with the u.s. there. the fact that maybe the government might be looking to provide some kind of backstop for first republic. what is the latest there. >> the credit suisse situation seems resolved or at least boxed off. in america it's all still up

nike, gamestop. both reporting. tomorrow is about the fed which i'm really looking forward to.feels after the last couple of weeks that today doesn't feel real. we are digesting a lot of news over the last couple of weeks and out the news flow has halted them we have the fed tomorrow. it feels like what's going to happen next. if you have fear of missing out, what's the next catalyst? guy: certainly you can see that price into the volatility story. the market clearly anticipating the next few hours could be bumpy as if the last few have not been. alix: that's it. coming up, cathie wood will be joining bloomberg technology with caroline hyde and ed ludlow. this is bloomberg. this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed: this is bloomberg technology. caroline: coming up, a conversation with cathie wood. ed: we will take a look

gamestop is up almost 40%. and this is fundamental. check this one out. first profit in two years. maybe it is still immune, but it had a profit in two years, that stock seeing a nice jump today. guy: are you allowed to be a meme stock and make a profit? alix: good question. guy: let's get back to the inflation, fed and bank of england stories. bank of england will be tomorrow. today's data in some ways you could argue makes the bank of england's job easier. it was seen as a coin toss as to whether or not we got 25 basis points or a pause from the bank of england. today's data on the inflation front may crystallize that decision that maybe the mpc will decide another rate hike is necessary. we have re-accelerated. inflation higher and higher through 21 into 22 and then a couple of soft prints. and then the message changes a little bit from the bank of england. now we see a re-acceleration. 10.4 up from 10.1. you have court accelerating to the outside. core services number accelerating to the outside. this is an economy that in some ways is seen fiscal easing, which will make in som

. >> two big weekly outperformers starting with gamestop, thet( bt weekçó since may after posting e firstthe best weeke1 sin going public in 2021.t( this is the swiss running shoe company that has become very popular. the quarterly results on tuesday, including a street high priceok target of $39 and ubs currentlyñr trading at $31 andç change. >> thank you. >>> it is the last chance to weigh in on a twitter question. ahead of our big interview on monday at 3:00 p.m. east"nn time, we want to know,Ñzdo you time, we want to know,Ñzdo you agree with jeffrey at morgan stanley, old school hard work meets bold, new thinking, ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪ ever better. it's when disruption hits your supply chain and ryder makes sure you're ever delivering with freight brokerage to transportation management, truckload capacity and dedicated trucks and drivers. you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. row

their inventory, brought in shoppers and foot traffic but those that have not so nordstrom is one, gamestopll them the meme lord, he's now an activist investor in nordstrom so he wants changes turning the company around. he wasn't successful at bed, bath and beyond but this type of reaction is interesting. stuart: another one. broadcom. did they report this morning? >> yup, the supplier here. pretty aggressive acquirer the past two years and tried to go hostile and buy qualcomm which failed but they beat on sales of profit raising guidance because of the ai boom and closing a $61 billion to buy vmware in the next three months and speaking of chips i want to bring up marvel because these are the names that benefit from this artificial intelligence boom we're in with chatgpt. so this is really surprising that marvel came in shy by a penny on their profit. sales came in stronger but their guidance was not great given where we are with this ai boom. stuart: yeah, right. you mentioned the word ai. related to a stock but marvel goes down 9%. >> right. stuart: i don't know. >> so the chipmakers li

to communicate, what we are talking, about what we saw happen with the eat the rich, with all the gamestop and all of those things, where people were able to get together to put what little if anything they had together, and come up with a broader strategy. the same thing that rich people and hedge funds do all the time. i think powers the people against financial institutions is a good thing. it keeps people honest. and the last part about that is what you talk, about making sure the government can react, and does that encourage this bad behavior time and time again? >> to that point, i think you raise, it and we are both talking at this point, emma, the idea of who had the information, who was able to circulate? you are talking about many people in the tech sector. many people who had all this money who are encouraged to centralize it in one particular, bank and had this very notion. what do you say to this idea of the information being out there, the notion of the self fulfilling prophecy, even though, i, mean it was already happening in the long run, and this power dynamic he speaks ab

individual stock stories, or we do not want to ignore gamestop the, the original meme stock is soaring right now, up 37.8%. here's the story on this one, it posted quarterly profits for the first time many two years. video game seller and, of course, they sell the hardware too, and that's been the real winner. the very successful in slashing its inventory and costs over the past year. the meme stock darling did the not provide financial guidance for the next quarter but said the company is planning more cost-cutting measures. but the surprise came from the hardware sales. carvana losing some of its earlier gains after bloomberg reported that bondholders oppose a debt exchange plan that was launched today. still, the online used car dealer is surging about 8.5%, and here's what it said, it expects a smaller core loss from the if current quarter. the arizona-based company says its cost-cutting measures are helping to offset the decline in used car sales. the company has cut more than 4,000 jobs last year alone, they are also trying to restructure their debt to clay some payments until 20

gamestop shares soared in extended trading after the company reported his first quarterly profit in twoe income was $48 million. turnaround from last year's loss. net sales fell over 1% but still beat analyst estimates. the ceo says he now sees a path to full your profitability. david: also soaring has been gold, maybe not as much today but it tells you how far we have actually come. and bitcoin above five a few weeks back. they don't even know what we are going to know, really. yvonne: we are leaning closer to 25 basis points. goldman-s of calling for positive. nomura still thinking a cut, that is that rare exception here on some of these calls. sectors and everything lies, everything still looking pretty good. i guess this is the calm before the jay powell press conference. tech leading the charge here today. david: all sector groups are moving higher. is the fed going to be called to push back against the up to missing -- optimism out there? what is there for them left to do? yvonne: bloomberg economics says what we seen from all the bank collapses, maybe it replaces two rate hikes f

. >>> and we'll show you the shares of gamestop soaring in early trading after the retailer reported its first quarterly profit in two years. it's wednesday, march 22nd, 2023, and "squawk box" begins right now. ♪♪ >>> good morning, everybody. welcome to "squawk box" on cnbc. we're line at the market site in times square. i'm becky quick along with andrew ross sorkin and joe kernen. it's anybody's guess at this point whether they'll raise rates by a quarter basis points. the dow indicated off by 23 points. dd@r(t&háhp &hc% the nasdaq down by 26. that comes after stocks rose in yesterday's session. when the dow rose, that's a gain of about 1%. s&p was up by 1.3%. the nasdaq was up by 1.6%. this's two days in a row. yesterday there was a rebound in regional banks that helped lift the stocks. first republic shares up. we'll have that story in a moment. take a look across the board. jpmorgan was up by 3%. bank of america, 4%, wells fargo, up 3.5%. we're watching treasury yields very closely as we await the fed's decision. the 10-year at 3.58. the 2-year at 4.13. take a look at bitcoin abo

. >> this gamestop situation, we will never encounter a setup like this again. >> jacoby: and new riskytook on a life of their own. >> bitcoin... >> bitcoin... >> bitcoin has been on a wild ride. >> it really is the new currency. >> there's just too much money. people just have so much money, and there's not really places to put it. so what folks started doing is investing in these very speculative assets, things like bitcoin, because they're just seeing ridiculous rates of return. it doesn't really matter what the underlying value of the thing is. just like it doesn't matter what the underlying value of a company is, right? as long as the stock price goes up, you want to buy, 'cause the stock is gonna keep going up, and then you'll sell. it's the greater fool theory of investing. >> cryptocrency... >> cryptocurrency... >> cryptocurrency? >> cryptocurrency... >> blockchain technology. >> that's actually... this is actually a very comfortable chair. >> jacoby: crypto was all the rage in hollywood where actor ben mckenzie saw celebrities pushing it on an unsuspecting public. with reporter