also watching shares of gamestop. keith gill, a.k.a.ring kitty, speaking now in a youtube livestream. he started late, but since he started, the stock of gamestop has been halted, down more than 33% on the day. more than 600,000 people are watching this livestream at the moment. of course, a lot of questions about that potential share sale, plan to share sale from gamestop. for today, roaring kitty goes on, but i am heading out. i am sonali basak "bloomberg markets here that does it for "bloomberg markets" this friday. -- i am sonali basak. that does it for "bloomberg markets" this friday. this is bloomberg. ♪ craig here pays too much for verizon wireless. so he sublet half his real estate office... [ bird squawks loudly ] to a pet shop. meg's moving company uses t-mobile. so she scaled down her fleet to save money. and don's paying so much for at&t, he's been waiting to update his equipment! there's a smarter way to save. comcast business mobile. you could save up to 70% on your wireless bill. so you don't have to compromise. powering

. >>> first let's start with gamestop. the stock is down about 39% just around $28 a share halted for volatility, more than 15 times, and the company moved up its earnings report and announced an additional share sale which is part of what's weighing on the stock price. >> and the other part of the story, a live stream from roaring kitty, the trader who started the meme frenzy. roaring kitty or boring kitty, what's the story? >> today it was maybe boring kitty in terms of the content that was provided because what we did not get was any real new developments with regard to what keith gill views about his gamestop position. what we did learn today was we got some at least reinforcements and positive confirmation of what his position in the stock really is. there were maybe -- there were a number of takeaways if you want to look at it this way, but three of the main ones that happened while i was watching this whole thing, number one, he still believes in gamestop from a fundamental standpoints. he thinks that ryan cohen is

gamestop shares sinking. the company selling a lot of stock and roaring kitty teases a youtube stream today. >> kathy wood praises tesla's ceo. where she says it would be unconscionable to renege on elon musk's pay. >>> reaction to the jobs number, 272,000, minor revisions. household down 400 plus. once again, we have split signals. >> look, i think the public looks at the 4 and says we've had an incredible string of below 4, so things are starting to get a little softer. but the actual number, if you look at the gains in service jobs and government jobs, it's rather extraordinary. all of those service pmis were strong. they're still hiring, the government. but if you have hospitality, anything involving service, travel, leisure, they're just not stopping. they're just continuing to spend. people keep hiring in those spots. >> i think this number was a disappointment to many market participants who had hoped that any number of weak spots were showing that there was significant softening in the economy. that i

almost equally split between gamestop shares and the call options that expire june 21st on those gamestopres. in addition to what i want to say is around $29 million in a cash position. that is now what we know. so we can at least verify it. at the very least we know that he's publicly put this out there, so if it changed down the line, we have documentation over a kind of fair disclosure medium if you want to call it. the other thing we are looking for is whether or not there will be commentary with regard what the future looks like for that position. we have not heard anything on that front yet. but, again, we're still in the trading haltd r right now, shar down 35%. we are still well above where we have been when the mean stock version 2.0 kicked off the middle of last month in may. we'll continue to bring more details as we know it here, but that's the current state of play. back over to you. >> dom, quick question. i was tuning into a little bit of it. he still believes in the company and that ryan cohen can turn it around. did he talk about a time frame for these shares? was he talk

gamestop was up 100% premarket.s still up almost 30. >> cheers, everyone. >> reporter: the driving force behind the 2021 gamestop frenzy, keith gil known online as roaring kitty, revealing his first public stock position in three years. >> till now, there hasn't been any action from his account on reddit. that changed over the weekend. >> reporter: showing off a screen shot of a new stake in gamestop. 5 million shares purchased for $21 per chaishare. and posting a cryptic reverse uno card on x. g his trade could be worth over $300 million. prompting questions from analysts. >> his last summary of what occurred in his yolo update as he called it, he had about $30 million in his account. now he has roughly $130 million. so it makes you wonder, is there some sort of outside investing going on? did he just make some really great trades elsewhere that he's now putting into gamestop? >> let's explore a bit further. >> reporter: the gamestop squeeze saw social media users banding together to purchase the stock which soared

the gamestop trade.t of the day with the jobs number coming up. check out this main event for what is going on. gamestop shares are fractionally higher. what i will tell you is on top of what you said in news with the maybe surprise 75 million share offering of stock that these guys are going to conduct, there is also an early release of the earnings report. they were supposed to release on june 11th. they came out and reported results. it was a big move. gamestop shares were up 10% at one point. a lot of speculation was around whether or not gamestop was a function of the roaring kitty youtube live stream at noon today. there was a screen shot posted and we know the story has been about the roaring kitty-keith gill screen shots. a portfolio stock and option worth $557 million. cnbc has not verified the size and accuracy of the stake. the surprise earnings announcement on top of what happened with the 75 million share offering has put a lot of volatility in the shares. there is a huge move with regard to

ed: gamestop. i want this to be a beautiful story about a company that sells video games but it is not. the stock is down 25%. they unexpectedly announced earnings and said they would sell an additional $75 million shares. it has been a wild ride and it centers around roaring kitty, a.k.a. keith gill, who is due to go live and speak at midday eastern time. it is important to say i have not got a scooby doo what people say or what it will be about. there is a lot of hypothesis about his position stop we will try our best to keep you posted. other things we are watching. a lot of it is to do with next week. lyft coming up soon. investor day, a lot of numbers. a lot of questions about the future of rideshare in a world where robotaxi is king. apple wwdc on monday. mark gurman says we will be told something about apple intelligence. finally tesla up .2%. investor day next thursday. i will be on a beach in the mediterranean. it is a big one and a big vote on compensation. caroline: you better promise me

you mentioned _ stretch beyond gamestop. you mentioned it _ stretch beyond gamestop.e was a series of congressional hearings looking into the practice of brokers and gamy find retail trading. have there been changes brought since then, safeguards for people taking risks?— then, safeguards for people taking risks? they have been safeguards — taking risks? they have been safeguards brought - taking risks? they have been safeguards brought into - taking risks? they have been| safeguards brought into place but as you can find right now what it has done has been more on the broker side to try and maybe make this type of activity more difficult but again as we can already see, this is happening once more, it will draw a lot more attention on the space and where that more needs to be done but it may already discourage brokers from trading on these particular stocks. from trading on these particularstocks. i'm from trading on these particular stocks. i'm sure there are many looking at this now and making sure they are not overly exposed and putting their clients in a vulnerab

got to start with gamestop.wn as roaring kitty posted a screen shot of a large position in the stock. more details on that in just a moment. spotify increasing prices across its premium plans, starting in july, their individual subscription will cost $1 more a month, $11.99. the duo plan $2 more and the family plan $3 more. jumping to nearly $20 a month. not good news for you, david. >> no. >> watch the chips as well today. amd and nvidia unveiling new ai chips at the computex conference in taiwan over the weekend. we'll break down the headlines and how to trade the stocks which are higher later this hour. >> to sara's point, bonds like the ism number. to rick santelli. >> yes, carl. construction spending for the month of april, we are expecting a positive number, but instead up 0.2%, we're getting down 0.1% which means we haven't had a positive number this year. the last positive number was december when it was up nearly 1%. on the ism manufacturing for may, and these, of course, are following the s&p global we

gamestop and an options bet as of friday's close.ill confirming that position yesterday in a screen shot after the market closed. the positions have not been independently verified by cnbc. the fund for kitty is reporting that the morgan stanley platform is looking to ban gill over possible manipulation. the report adding no decision has been made, but discussions have been ongoing since gill resurfaced three weeks ago. >> you referred to him like kitty as kitty is his last name. >> it seems it is. >> silvana, thank you. we will talk about this and more with jay clayton later in the hour don't miss that one. >>> turning attention back to the markets which got off to a sluggish and uneven start in june investors may question the strength of the u.s. economy as data shows manufacturing activity weakened last month the ism index slipping for the second straight period in may. speaking on "closing bell," rob effort kaplan says this conflicts the path the fed has to navigate this year. >> the concern they have is they want to see more sus

is the gamestop rally really here to stay? what would it mean for the meme market and the market overall, let's ask michael noss. as this becomes more and more common, people are starting to wonder whether we should institutionalize as a trading strategy being long heavy shorted names. they said it's too hard to market time and to know exactly when these stocks will pop. what are your thoughts? >> yeah, if we're looking at heavily shorted names as a broad bunch, generally speaking they're heavily shorted for a reason. that's why i think even the phrase meme stock, i think, needs to start to be broken up a little bit here. where we have stocks like amc down 99% from their meme stock craze and bed bath & beyond that's gone completely, and gamestop that has been holding in a lot better than the other ones throughout. it's one of those things, if you look at everything short very heavily, the ones that continue to move down, and the short sellers are right, they don't need that reason to cover. when you look at things like gamesto

gamestop up 26%.e surging after keith gill, aka roaring kitty, chaired a post on reddit showing what appears to be a $160 million position in the company. let's bring bailey in. >> he is back for the first time in almost three years posting on reddit. there is an inability to verify if it is keith gill and real. the main uncertainty is the last time he posted an update it was about $34 million, so a humongous jump in terms of the actual value underlying the position, in addition to their is $45 million in cash. it drove a flurry of trading activity. it opened up 75%. closer to 30% for gamestop, tracking some buying and selling on apps like fidelity. that showing modest orders. it does not feel like the 2021 craze where investors were rushing to buy. the stocks are well below the all-time highs in 2021. caroline: i'm looking at the biggest holders for nameplate gamestop. he made his name becoming the gamestop leader. where? i love the story from a technology perspective because it is being driven to us

>> you noticed before gamestop came out, gamestop was up another 40% mt.et on this little kitty, roaring kitty, whatever you want to call him, right? and then gamestop came out and preannounced their earnings a week ahead of schedule, i think in front of what they think is going to be this confusing day because of withdrew talking about. and look what happened. -- youtube. i just saw i the headline number, i didn't really look at it, but clearly it's backing off. the whole gamestop theory if you want to talk about should they ban roaring kitty from getting on youtube and doing that, i say, why? if he's just is an investor, he's talking about his position. if you're buying, stock based on what he does, you know, that's your issue, not anyone else's. are you buying tock on back rock or state street or capital research based on what they do? blackrock owns 38 million shares. are you going out to buy gamestop because blackrock owns 38 million shares? probably not. but you've got to this guy on youtube that's like a phenom just like every tiktok superstar, and

gamestop shares before we get going, it has hit a wall.seen a decline of the day from around 10%. this is as ryan cohen has been speaking at the annual shareholder meeting. you are seeing those shares decline since he began speaking. that does it for "bloomberg markets" broadly, and up arrow market on the day post of interesting bond market ahead with a ton of fed speak this week. stick with us through the close and true balance of power. this is "bloomberg." ♪ want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. announcer: from the world of politics, to the world of business, this is "balance of power." ♪ live from washington, d.c. ♪ joe: israel announces a dai

liz: what does this all mean for gamestop stock? >> i don't know. gamestop is a crappy company.you want me to say. look at its financials. liz: i did actually, charlie. >> wonderful, right? liz: they have 1.2 billion in cash. >> right. liz: 602 million in debt. they have got a market cap of, it was 9.8 billion. >> what was earnings last quarter? liz: well they didn't obviously. they report june 11th after the close. >> was it last quarter? liz: came in 5.2 billion in revenue? >> what was earnings? did they have earnings? liz: they have -- 5.2 billion in revenue is not a crappy business. >> 5.2 billion in revenue? liz: for a company -- >> in revenue, revenue. liz: yeah, sales. >> with 600 whatever in debt. liz: 602 million in debt with, with, when you consider revenue with very wonky earnings, this is not a company that's worth, 50 times -- liz: that is the market's decision. >> no, no it's not. it is when reality will set? because it has already. we should point out if you put a longer term chart, gamestop hit massive highs alearning the way. liz: that is five-year. >> there is

his short from may and reshorted gamestop today. not disclose the size of the bet but said it was smaller than his prior position, scott. >> kate, appreciate that. >>> up next, former dallas fed president robert kaplan is back for his first tv interview since returning to goldman sachs. he'll tell us what he's expecting from the fed during the next few meetings and more just after the break when "closing bell" comes right back. ♪ >>> welcome back. june kicking off with a flood of critical economic data ahead of next week's fed decision. as investors search for any clues into the path for interest rate cuts. joining me here post nine is goldman vice chairman and former dallas fed president robert kaplan. welcome. nice to see you. >> great to be here. >> next meeting june, no cut. >> correct. >> july no cut? >> i don't think so. unless something shocking happens surprisingly happens. >> september? >> i think september is the first month where a cut is a possibility. but i think the fed would need to see at least a few more months of i

what will you be looking out in the days ahead around gamestop?very well because the real estate market has been so nuanced here in the united states. so perhaps we might get some interest, but i really believe that while we have this tremendous rally going on in the s&p and nasdaq, that the retail investors are having so much fun there, there really isn't a reason to do the short squeeze, particularly as institutional investors have become keen on the fact that if something they heavily short starts experiencing volatility, it is probably time for them to pay attention. so i'm not sure the meme stocks are really going to be the thing right now, unless maybe we see some kind of downturn and start to see short float go up. before we go, a quick update on this. london has become euro�*s largest stock market again, almost two years after losing the crown to paris. the total value of companies listed on the london stock exchange hit $3.18 trillion on tuesday, and analysts say the value of the french market has fallen because of uncertainty about the s

the big single stock story of the day, you might have heard about it, is gamestop, and that's given theive stream from the so-called roaring kitty trader. shares down sharply this hour. take a look. more than 40%. it does take us to our talk of the tape. the fate of the rally with stocks once again reaching new highs this week. k can the momentum continue? let's ask tom lee, fund strat's head of research and managing partner. good to see you, welcome back. >> good to see you, scott. >> that was the news of the day this morning. we're buyers of stocks on friday, but even stronger if the jobs report is soft, the implication being you're buying no matter what. why did you come in to today thinking you were buying stocks regardless? >> well, there's a couple reasons, scott. the first is that i think markets are much more focused on inflation reports and cpis next week and the june fomc meeting on wednesday, and the second, which, of course, we think is going to just show a continued improvement in inflation. but the second is that stocks really, historically, have done well in the week foll

and gamestop up 20% now. risk appetite to piggy back on roaring kitty's -- "the exchange" is back with all of that. >>> welcome back to "the exchange." i'm tyler mathisen. here with your cnbc news update. the fda is reversing its 2022 ban on juul e-cigarettes. the products will still be allowed to stay in stores as it reviews information from the vape maker. today's action only puts the products under agency review. it's not an indication they will be fully cleared. >>> steve bannon must report to prison next month to start the sentence -- start a sentence after being convicted for being in contempt of congress. a judge granted a prosecutor's request to force the former trump white house aide and republican provocateur to begin his four-month prison term after an appeals court upheld his conjik shun. but the judge said he could appeal. >>> and premier league teams will continue to use video assisted referees next season. at the meeting, the teams decided against scrapping the technology, despite a series of c

internet influencer position didn't gamestop hoist to be worth close to a billion dollars until gamestopse to 40% today giving back a lot of the big gains he's been experiencing but exactly who is this guy and how did he become so influential in the first place? a lot of people ask that. i'm neil cavuto. let's get it with kelly grady on all the attention. kelly o'grady on all the attention he's getting because he's back after 3 years. what's going on. >> this is 1 of the more wild i guess we have to call it investor call at this point that i've attended and we had to wait quite a bit. keith gill roaring kitty showed up nearly half hour late but ultimately spoke to over 600,000 listeners and shared he had no game plan for this livestream. even admitted he might be cuckoo at 1 point. that's always been his appeal. he's very counter to the traditional investor. we did glean 3 key things from the stream that i want to share with you. first gill's gamestop position makes up the entirety of his portfolio so what you're looking at on-screen was the value following the markets close last night 5

gamestop is tired and without great prospects.nce to reinvent itself, it should be issued new stock right now to all the people buying it in response to that portfolio snapshot. right now if gamestop is feeling like a play, a stock that is something to fool around with, again, not to invest in. and again, the s.e.c. is pretty much said by its inaction that it's not going to go after anyone who owns less than 5% of the company for this kind of thing. that's unfortunate because if you bought gamestop at $40 this morning, you're already feeling like a moron. and i bet everybody who bought it today ends um feeling the same way. maybe the s.e.c. should just say you know what? caveat emptor. i always like to say there is always a bull market somewhere. i promise to try to find it for you right here on >>> right now, call it the nvidia in the room. could it be a bad thing? more billionaires rushing to back donald jay trump. democrats have an answer. we have mega donor tom steyer. >>> and has a narrative of corporate inflation just been p

what will you be looking out in the days ahead around gamestop?alty trusts which is not done very well because the real estate market has been so nuanced here in the united states. so perhaps we might get some interest, but i really believe that while we have this tremendous rally going on in the stp -- tremendous rally going on in the stp —— if the tremendous rally going on in the stp -- if the snp tremendous rally going on in the stp —— if the snp and nasdaq, that the retail investors having so much fun they are there really isn't a reason to do the short squeeze, particularly as institutional investors have become keen on the fact that something they have only sure starts experiencing volatility, it is probably time for them to pay attention. so i'm not sure the meme stocks are really going to be the thing right now, unless maybe we see some kind of downturn and start to see short flow to go up. i downturn and start to see short flow to go up-— flow to go up. i 'ust want to understand _ flow to go up. i just want to understand what _ flow to go

we have never seen volumes like this before. >> gamestop, fascinating. just look at that. >> sandra: a popular creators returned to youtube shaking up the market. the market. reacting to the frenzy created by roaring kittyo.. with a very high risk of another attack. with his risk factors his recommended ldl-c level should be below 55. find out if you're living in the red. learn how to get a free ldl-c test. (man) every time i needed a new phone, i had to switch carriers... (roommate) i told him...at verizon, everyone can get that iphone 15 on them. (man) now that i got a huge storage and battery upgrade... i'm officially done switching. (vo) new and existing customers get iphone 15 on us when they trade in any iphone. verizon i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over

shares of gamestop surging after jumping 40% yesterday.e are seeing shares of 34% in pre-market trading. this after trader keith gill, roaring kitty, had his first live youtube stream in four years. now totally $557 million. if the position is confirmed and the stock returns to $64.83, per share, the paper position would be worth more than $1 billion. >>> moody's is placing six u.s. regional banks on downgrade. first merchants and fnb and fulton financial and washington federal. the ratings agency says these banks have substantial exposure to customers real estate loans which raise longstanding risk to the banks, especially in the event of an economic downturn. >>> and saudi arabia is reportedly set to raise $1 billion after pricing the aramco stock offer at $7.27 a piece. the kingdom owns more than 82% of aramco and the $1.5 billion share share stake represents half of that action. >> a market cap of over $6 trillion. a huge company. silvana, see you later. >>> turning attention back to the broader markets as investors wait for the may jo

. >>> what about gamestop?ike the emperrorkitty. >> it's like watching a train wreck. >> is he going to say here is why gamestop is fundamentally going to improve? he's got nothing. >> one of those 8 balls? >> he had 8-ball. >> what did that say? >> he basically reiterated what he was saying three years ago. he was back on the same thing. but the first 15 minutes were so insane that i think any kind of, like, semi-sane person watching this thing is saying what is going on here? >> he went in and people said he is going come out a billionaire. as it turns out he lost a quarter of a billion dollars essentially. check out the shares of g gamestop. the stock plunged by 40%. 40% on friday after the company announced that sales dropped significantly in the first quarter. said it was selling more stock. investors weren't impressed by a live stream by keith gill, also known as roaring kitty he appeared since the for the first time since the stock craze of 2021? he iterated his thesis but offering new reasoning behind h

gamestop's roaring kitty posted a screen shot of what could be his portfolio with a large amount of gamestopas yet to verify the claims. >>> saudi aramco sales sold out after the saudi government said all shares were accounted for with the cover price as high as 29 reals. >>> shein is planning to file an ipo in the uk. the deal could value shein below the $66 billion estimate from last year. >>> and india polls predict narendra modi winning the latest general election. >>> a new report from the iata says the airline industry is set to generate $30 billion in net income this year and above the previous estimate of $25 billion. >>> here is what to watch today, it is all about the unemployment and jolts. we get a read on the global supply chain with ism services on wednesday. the final stretch of earnings season is upon us as hpe and campbell's and lululemon report. the ecb is expected to cut rates for the first time in eight years. we are keeping an eye on nvidia ahead of the 10 for 1 stock split on friday. owners of stock will receive nine additional shares after friday's close. let's siee ho

a screen shot of a large position of gamestop.hat rally also helping drive other meme stocks higher, including amc and blackberry. frank. >> a lot of excitement. silvana, thank you very much. >>> we turn our attention back overseas and investors bracing for the latest policy decision from the european central bank. christine lagarde and company widely expected to hand down the first interest rate cut since 2019 despite the headline inflation running over 2.5%. back home, wall street is waiting to see if the ecb will force the fed's hand. joining me now is betha banty. >> great to be here. >> the ecb cut here is all but certain. what does that mean for european equities? >> this move has been very widely anticipated. we shouldn't have any surprises here, right? if anything, it is a tailwind. let's not forget equities are not on the rate-driven market. we are seeing signs that things are improving and the economy is improving. this all weighs on the performance going forward. we have another 4% upside for european equities by the en

moving again is gamestop. >> gamestop is trading again. what a roller coaster ride today. now it is down around 20%. earlier in premarket trading, it reached around $64. it kind of makes sense. when we look at the options pictures, the put options, extreme buying and selling. the big surprise is gamestop shares were swinging after the company released earnings. a big part is the plan to sew up to 75 million additional shares. a lot of hype about the stocks is everyone is expecting [indiscernible] there are around 20,000 people already commenting. it is not up for another one or two hours. everyone is expecting the call today. we are yet to see if we will see another double-digit gain today. katie: i am so excited. i will be watching the livestream, not on live television. let's talk about on the heels of the first investor day. >> a lot less volatility but a positive reaction for the stock. and has been underperforming the s&p this year. this is much needed relief. the company boosting ratings in the quarterly and yearly outlook expecting to grow 50%. bank of america upgra

taking a look at gamestop shares after the investor known as roaring kitty is driving a rally in thosehares. billy lipshultz is here to explain why the renewed excitement around the meme stocks especially when it comes to gamestop. how much did he say he bought? bailey: he said his position is worth $116 million so close to five x that was the last time he was that unread in love 2021 so i substantial increase. in the common stock as well as call options. worth about $65.7 million. if he could exercise it, that would add 12 million shares to that steak and be on paper a tremendous windfall. sonali: it is safe to say he has gotten quite wealthy in the meantime. bailey: very different from the initial meme investor, the retail trader who on paper not many investors are worth north of $116 million. sonali: you are seeing the retail really come into play. what else is being affected? bailey: we are seeing amc. another of the other stocks caught up in the craze. the stock open 75%. now it is up closer to 27%. and there be something to drive the follow-through? we saw a post on next last mon

is his only position, gamestop down 40% today but by the way it's still up 20% for the week.up 180% of the 52 week low, that was april but down 55% from the 52 week high, a couple weeks ago. don't try this at home but we should watch it to see what it means. jack: next week, the fed will see what happens but also apple the stock had been lagging until may it perked up recently because investors are hoping for big news next week. >> apples annual developer conference kicks off next weekend the same conference for the company highlighted the macintosh computer 40 years ago. jack: unfortunately i remember that. >> investors will look into the tech giant for the a.i. strategy and questions include whether it'll partner with a third-party like openai or google or to go at it alone. apples expected to get syria makeover so we can do more complicated things. jack: siri definitely needs a makeover but how does apple make money off of this. >> is not commoditized a.i. directly. this is in contrast where google pays 20 billion a year so google will be the default search tool in iphones

shares in gamestop ready to jump again after that.internet influencer nicknamed roaring kitty posted a screenshot of his positions on gamestop totaling more than $115 million gamestop is one of those meme stocks where people on the internet talk it up and other people buy it, driving the price up. and if you're wondering why it would matter why some guy with a strange nickname would post this chart on gamestop, well, he has a big position and it shouldn't matter. it shouldn't affect the price at all. but very strange things drive those companies shares. you may recall we interviewed the founder of the company itself who said buying stock in gamestop was a bad idea. the company owns a chain of stores that sells video games . in a time in which nearly all video game players download their games directly. well, donald trump's campaign has joined tiktok. the campaign says it will try to get trump's winning message to as many people as possible. this despite the fact it was trump and his administration who first suggested banning tiktok, a

sticking with the us — shares of gamestop slid on wall street, down 12%, after the american video game's future strategy. the stock surged last month following the return of an investor known as "roaring kitty". he was credited for 2021's rally in meme stocks, where retail investors drove massive gains in gamestop and other struggling firms, contrary to the bets of many professionals. michele schneider from marketgauge explained why this time round the meme—stock frenzy was a little different. before we go— one of america's top public health officials has we saw disappointment for their shareholders. essentially what is really historic here that have trouble in terms of their business plan being profitable, their last earnings were abysmal, raised 4 billion in cash, so, of course it would be a disappointing outcome when they didn't have any kind of clear outline of what they were going to do now that they are flush with cash. so it is really going to be up to ryan cohen to come up with something interesting, or it could be trouble. ~ interesting, or it could be trouble-— interesting, o

gill was a key player in the 2021 rally of gamestop and other so—called meme stocks.ars, the european central bank has cut interest rates. the move was widely expected, with inflation easing in the 20 european countries that use the euro. the pandemic and russia's invasion of ukraine had a big impact on those eurozone nations, driving up the cost of everything from food to energy. daniel murray, chief executive of efg asset management switzerland, told me about how asian central banks are likely to react. i think the situation in asia is very interesting. 0bviously, different situations depending on which country you're looking at. the monetary authority of singapore, for example, they unusually don't set policy by interest rates but use currency as the moetary tool and that they are very happy to continue to let the currency strengthen gently and that in effect represents monetary tightening. the bank ofjapan famously hikes rates for the first time in... since 2005, just recently. and is expected to gently tighten policy as the year progresses, although it's not so c

back on june 7th when gill first started reporting his gamestop positions.einforcing what appears to be appetite for stocks. tempest a.i. priced its ipo 30,000 dollars a share. shares set to begin trading on the nasdaq under the symbol tem. don't miss a first on cnbc interview with tempest a.i. ceo coming up on squawk box today. >>> returning back to the broader markets. >> let me start with news out of asia. the bank of japan kept rates steady in its latest policy decision but trailed a plan with details set to be confirmed at its meeting in july. the bank said july rate hike is a possibility while saying uncertainty surrounding economic and financial developments at home remain high. looking at some of the reaction in the wake of the bank of japan meeting, we are seeing the yen getting weaker and trading at 157.40 majeds. we are seeing a little bit of upside in some of the japanese stocks as well. i also want to show you how europe is faring this morning. such a critical week where political developments have had a clear direct implication on some of the m

gamestop.e covered that position and reshorted the stock yesterday. in a tweet, he said the keith gill post appeared more like manipulation without investment pieces. he said someone is backing gill financially. we will tackle that question about manipulation with jacob frenkel in the next hour. >> the stock opened at $40 yesterday. it closed up $5 at 28. it is not doing much this morning. it was at $40 when it opened. it's a great gig. you know, people on twitter say warren buffett bought. it doesn't go up 80% after he announces something. he might announce that he owns something and it may boost the stock a little. you don't get to buy 100 options and quadruple the underlining stock. if that's true with keith gill, that's an $85 million profit in a couple of hours. >> it's a situation where reddit, the reddit forums, where the meme stocks were big in 2021 and this was all taking place, on reddit, there is a lot of pushback. kate who came up with the story yesterday was showing how the moderat

>> no dull moments in gamestop.oday, right near the end of the day, 75,000 of the calls that you just referenced traded in the last 45 minutes. 90,000 traded roughly on the day. and that represents what could be up to 20% of roaring kitty's position. looking at the tape, it did appear these were sells, looking at where they traded relative to the bid and the ask and the way the stock obviously moved. it sold off, i think, 16% in the last hour or so, so, that created -- if the 75,000 contracts were selling, potentially to close, that created roughly 6.5 million shares to sell from market makers on the other side. typically gamestop trades 20 million shares in the last hour of the day, so, 6.5 million would impact the stock. now, in terms of how this may leave roaring kitty, if the 75,000 were him, that could have generated $52.5 million in cash, and judging from the last screenshot, where he showed, i believed, $29 million in cash, that puts him about $81 million in cash. now, he -- this would leave about 45,000, rou

it was actually gamestop's second attempt at an annual meeting.eek and got bumped today after the website crashed due to unprecedented demand from online participants. today, relatively uneventful. ceo ryan cohen said gamestop plans to operate the smaller network of stores and talked about a strong balance sheet. company has been capitalizing on this meme stock rally. there were no specific new updatesaround the turnaround plan there, the stock down more than 12% today after that meeting. it's been on this wild ride since, of course, the return of keith gill, roaring kitty, to social media. ryan cohen, in his remarks, saying, "we are not here to make promises. we're here to work." it was a brief statement. shareholders did vote on a couple different things, board composition, salaries and then an outside accounting firm as well, mike, but not a lot of fireworks. >> all right. billions to work with, no statement on how it might be used. kate, thank you very much. pippa, overall strong day for the market, not for the solar names. >> yeah, that's rig

you can chase gamestop. you can chase these other situations. that's, you know, like part of a healthy, balanced diet, so to speak, but this is the age where you can eat junk food and get away with it, so they give it a try, but i would like to think they come back to what i would consider more established type of investment themes. >> kind of related question, that interactive brokers, what do you see in terms of retail sentiment right now? >> our customers love volume and volatility. that's basically where we see the action. so -- >> but we're not seeing either. >> but we see it in individual names. so, nvidia, gamestop, amd, tesla. these are, like, the perennial leaders. every so often, we'll find on our top 25 most active list some name that i have to look up because it went up tenfold in two days and everybody jumped in. >> are they losing money on those meme trades? are they doing well? >> i don't have insight into whether they're making or losing money. the fact that they're still here means they're -- >> it's zero sum sonon some lev. to

looking at gamestop shares up 17%. much is the gamestop story of fundamental stop mattering and they just put out earnings that were hugely disappointing versus something that is broader? >> how much does it tie back to the conversation you and john were having that central banks? the argument for some the conditions remain relatively loose. if there's all that money that can be put to play. clearly, it is not about the fundamentals when you have per and estimates and drop in sales training. 880 million or so in the first quarter. this is a speculative way would be the argument. there is a big short position as well and gamestop. the shorts are feeling the squeeze. i think about a 20% stake in terms of the short position. that is potentially ramifications as well. jonathan: you have watched the movie and i have, typically the institutional money looking down on retell money. the done money this time was institutional money. -- dumb money this time was institutional money. keith gill, everyone else has a row of lawyers

chips are big, i think we got a deal with gamestop again surging it's up 64%, 160 million other but is up 30% you name it my interpretation of this would be the market has become passively indexed, oriented toward being safety plays and luring kennedy is bringing back the spectators the man that goes by worrying kennedy and not only is the gamestop up right before the open i checked the volume it was lapping nvidia a lot of people are interesting and the short-sellers would lose about a billion dollars since friday's close on what's going on and roaring kitty in the social media platform. stuart: donald trump joined tiktok over the weekend. i thought we were going to panic. it was down but now it's up to present. >> the trump campaign joined tiktok saturday night they had a clip at the ufc, trump owns two thirds of this company, trump media and technology group. it is the parent of truth social statuses platform. people consider the platform a pull of the popularity of donald trump and the stock fell 5% after the guilty verdict, there is little evidence that has changed the voters min

gamestop shares whipsaw rebounding after friday's -- a little bit.to sell more stock. a live stream by roaring kitty. i don't know what you'd call it but to rally retail traders. it's monday, june 10th. pretty soon, the days will be getting shorter. >> stop! >> "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box." here on cnbc. we are live from the nasdaq market site in times square. yes, i was just thinking this is about as good as it gets when you go outside and the birds are chirping and you can feel almost normal because it's not pitch dark when we leave to go to work. >> don't get used to it. >> i know. the 21st is coming and the days will get

gamestop stock doesn't matter.t's the old versus the new. >> that doesn't mean you're going to turn your back on fundamental analysis. >> not at all, but i don't want to be as judgmental. i think that the new is not going to make as much money as the old. >> right. >> but i'm not going to say the new doesn't exist. or the new is misleading or the new is -- are fools. the new are not fools. the new are angry. they're upset. i think they lose. >> sure. >> but they're angry and upset, and i want to acknowledge that they're angry and upset in the same way that i want to acknowledge that the people in their 20s are the loser from friday's number, and the people in their 20s have little hope, a la larry fink, and this man comes along and he's like, at least i'm amusing. >> that's a sharp point of view, jim, having an open mind. >> i just have been bombarded by people who say, geez, are you just oblivious to what's happened? >> you don't want to be ever truly out of touch. >> we're dumb money, and they're smart money. and

major headlines coming out of us right now everything from gamestop to nvidia to a possible move by a famous investor to crowd fund the purchase of tiktok. i want to start with gamestop, retailer off the highs of the session as we kick off the final hour of trade if you bought in on friday you were up 33%, that does not mean it hasn't been a manic monday, shares have been halted several times during the session due to volatility after famed retail trader keith gill who goes by the name roaring kitty on reddit and started the first mean stock craze in 2021 in the first time in three years, he revealed he owns a 5 million share position and that was enough to send the stock soaring by more than 60% to 40 bucks, we have gamestop at the moment $30.85, wall street wonders whether he's reactivating the army of individual investors who piled into the stock three years ago to foil short-sellers against the stock end gamestop for the upside continues. nvidia claimed the top stop on the nasdaq 100 and nvidia will turn out a.i. chipset a next faster pace ready next year and what about all the ot

the second takeaway is that roaring kitty really believes in gamestop's future.ence that the company can revamp its legacy business and said it all comes down to the ceo, ryan cohen, and i think that's part of where his messaging fell flat. three years later, there was nothing new in his whoo why k and that was coupled with a dismal earnings report yesterday morning. the biggest surprise though, neil, was the change in his messaging. he chose his words really carefully and preetedly warned -- repeatedly warped listeners to trust no one blindly. >> you could lose everything. you kind of factor that into your analysis. and so it's the same thing here. it becomes kind of a bet on the team. and if what i've seen so far, i think i, i -- [laughter] i reserve the right to change my mind as you should too. i'm a believer right now. >> reporter: now, we do know the regulators are investigating the meme stock leader's investing activity, but it may also mean that meme mania, neil, it doesn't have as much staying power as it did last time around. we didn't get the zeal from

and looking back in gamestop, were there any breadcrumbs in why by, and there were 20,000 of the julyhis morning, and the tweet hit about 1:00 p.m. looking back over the last week, almost 75,000 calls traded on this line, that's about $12 million of premium. pretty sizable. less sizable than the 170 million premium outlay that roaring kitty previously took in gamestop, but the way in which these executed seemed similar in terms of execution style and the way they went, eclipsed 5,000 contracts and less. >> david, thank you. david boole, baycrest. karen, does seem curious, the ties between the two, and -- >> it does. especially, you know, just the conspiracy theory of thought. >> sure. >> there was an article that came out in "the wall street journal," it was taking some of the -- one of the board of directors, one of the directors on the board of bed, bath, and beyond, and she was saying that there was a concern that there was a leak between members of the board going to ryan cohen. now, this was in a deposition, i believe, and so that seemed sort of odd that today would be the day to

but as we've seen in the market, where you got things like gamestop and every stock going up, peoplen't really focused on the multiple, if the earnings or prospect look particularly good. i think in apple's case is probably the best they've looked in over three years. >> dan, speaking of pro or, you know, chasing gamestop, let's talk about the professional community is really where i'm going with this, and i'm not sure that is what's going on in gamestop. what's your sense within the hedge fund water cooler conversation, how crowded are these trades? i know what the numbers are from the prime brokers and what not, but i'm wondering how many people have been short some of these big winners, and i'm wondering how much chasing and how much anxiety is, especially in long-short edge funds that are mostly long. how does it look from inside the hedge fund community? >> well, i mean, general underperformance. because you haven't been massively overweight a few of these names. and remember, hedge funds, by their definition, have longs and shorts, and so, if you are short the wrong stuff at th