wasn't pushed maybe he wanted out of an increasingly crazy situation gamestop put its fate in ryan cohen'shen is thinking he talked boldly about digitizing gamestop and the envision embraced by a legion of younger buyers, the posters on reddit's forum he co-founded chewy where current management makes sure you know he has nothing to do with the president of chewy. even though digital gaming already has well entrenched competitors, my personal view it's not that much like mail order dog food as one of his -- [ laughter ] as one of his last acts, sherman sold a bunch of stock that allowed it to clean up the balance sheet and have a war chest, i encouraged but was hated for. what matters now is the plan, assuming there is a plan we don't actually know if ryan cohen has a plan he certainly hasn't shared with us but the buyers believe in it. if gamestop really wants to harness this meme stock energy, they could turn the 5,000 odd stores into bitcoin banks where you can exchange dollars for crypto crypto currencies at good prices and rename cryp game to set up gaming palaces where winners are pa

for that i was branded a fool because i didn't grasp ryan cohen's vision and i've been on the wrong side of the yolo ever since. when i urged gamestop to sell stock to clean up the balance sheet, i took it on the chin from these people. oh my. they turned my twitter mentions file into more of a health scape than usual how dare i suggest game stop raise capital paydown debt that's what the company ultimately did today and the move was met with cheers from the same people who trashed me the stock surging 18% because the eyes of the followers ryan cohen can do no wrong. that is the thinking and frankly, i'm going to take a break from giving free advice on twitter because cohen should have paid me for the idea. we saw the struggle to keep amc alive. there is no call surrounding the ceo so when he decided to save the company by selling a huge slug of stock, the true believers felt betrayed. they wanted everyone to hold the line there is the ceo himself asking for authorization. tough to hold the line when the company is selling on mass but the amc cult is stuck with amc or amc stock that's im

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

they plan to elect ryan cohen as chair. company it feels like lately anyway joe? >> he needs -- gamestop needs elon musk on board that's what i would do if i were elon musk i would start passing out my business cards. say available to be on the -- >> loan yourself out to all of these companies. >> to be on the board. we're going to take you live to las vegas betting on the return of the convention business plus, a pause in the nft boom. peter thiel says bitcoin like a chinese financial weapon against the u.s. dollar. doing a pretty good job defacing the dollar ourselves "squawk box" coming right back ♪ ♪ we know it's going to take many forms of energy to meet the world's needs while creating a cleaner future for all. at chevron, we're lowering the carbon emissions intensity of our operations, investing in lower-carbon technologies, and exploring renewable fuels of the future. we work hard to care for the homes we love. but it's only human... to protect the one we share. >>> the nonfungible token market showing signs of cool

believed the stock was under valued and when gamestop filed 3.5 million shares with ryan cohen'st months telling each other that anyone who sells is a traitor or a coward to the cause. so they saw this offering as a stab in the back doesn't matter that game stop needs the money if they want to pull off a dramatic turn around. for amc it's the same story. when they approve an authorization to create 500 million additional shares, it's tough to call the stock under valued, isn't it the savvy chief and executive s the chance to raise money. the guy needs capital. why wouldn't he do a fundraiser with the stock up 400% he'd be nuts not to. in the end, these younger investors feel abandoned they don't know what happened to the gods of momentum they were fickle, not false. just fickle. the people that started chasing hot stocks just want their money back just like they get a refund if they bought a broken vacuum cleaner but it's not a best buy. it's an institution meaning buyer beware i like to say there is always a bull market somewhere and i promise to find it for you here on "mad mon

it also marks the growing influence of an individual called ryan cohen.chewy.com retailer chewy. com —— chewy. com and retailer chewy.com —— chewy.com and it will became —— he will become chairman of gamestop. he is the individual leading the individual transformation of this company from rick and mortar retailer to an e—commerce player. that wasn't the only news, though, driving the only news, though, driving the excitement behind the share price movement. the reddit investor who you may recall helped fuel the dramatic surge in game stop share price earlier this year, keith gill of roaring kitty, he chose to double down on his bed, forgoing millions of dollars in quick profit and exercising his core options to buy even more shares. that gave investors plenty to chew over. absolutely, michelle fleury. forget the big screen — it's all about audio — at least that's the focus of facebook boss mark zuckerberg. he announced his latest plans which include a new web—based app called hotline. it enables hosts chat to their audience via audio and text — also an au

you are finally getting those board changes at gamestop, solidifying ryan cohen's role as chairman ofhat company. in twitter, late last night we got word that apparently twitter has been in talks to buy clubhouse for $4 billion. tom: interesting. ferro is on clubhouse. that's be sure that we maintain jon's confidence here and have jon bring in robert miller of blackrock. it will give jon some more faith. [laughter] jonathan: about 10 years ago i had to do tom keene training camp as well. they would say, join tom. tom wants to talk about the market's. i would say, what does he want to talk about? they would say, no one's got any clue. i would come on and he would just say, argentina. [laughter] i'd be sitting there in london covering the euro zone debt crisis thinking, argentina? you want to talk about argentina? i would do my best, and he would just go triple meant. that was great -- triple mint. that was great. thanks, tom. tom: why don't you bring in robert miller? jonathan: i will do that now, blackrock head of american fundamental. what's happening right now, bob? bob: thanks for

and they like the idea of moving harder into e-commerce but there's open questions here, what is ryan cohen'snd manage that does he introduce more products, more categories? >> we'll see if they make the turn around possible. >>> a tax call janet yellen calling for a global minimum tax rate jirks tesla's electric surge, crushing 'llivery estimates wel discuss more when "power lunch" returns every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. we made usaa insurance for members like kate. a former army medic, made of the flexibility to handle whatever monday has in store and tackle four things at once. so when her car got hit, she didn't worry. she simply filed a claim on her usaa app and said... i got this. usaa insurance is made the way kate needs it - easy. she can even pick her payment plan so it's easy on her budget and her life. usaa. what you're made of, we're made for. usaa. [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bat

the next step in their transformation into this e-commerce kind of online only focus company that ryan cohender of chewy.com is trying to transform themselves into he's a board member but he's opinion tasked with the strategic nishtsives that could command a valuation we're seeing now. the people who have made this a meme stock is maybe they are committing more to it. roaring kitty. he exercised them and took a bigger stake in the company. this is a long term turn around trade. >> what is most important for investors to ponder as they consider the changes they are making >> what i find fascinating is there's an argument to be made that roaring kitty is running this company right now he is driving there bus. you're seeing all of this executive turn over in the wake of a company that has failed to capitalize on winning the lottery. if he's driving them toward a strategy that might be successful in the long term, i find that to be a fascinating power place but also a really interesting development, like you said >> julia, final word on this i think it's really interesting that they did see 175%

gamestop follow the reddit rebellion, the company naming a new chairman, the activist investor ryan cohenbehind the volatility at gaems investing in the company last year to push the retailer to focus on online sales and this guy working from the inside out and now the new ceo. i guess that was inevitable. >> new chairman and i think that was inevitable and we talk about the short squeeze and the reddit rebellion but a lot of that sparked by the fact that cohen was involved and a massive stake and seen as somebody who could really turn it around. >> yeah. >> exactly it is interesting to see it is under pressure now down 4%. >>> we have heard about big money spent for collectibles physical and now virtual this week a comic book the first appearance over superman told for $3.25 million and tom brady rookie card autographed sold for $2.2 million makes sense to me. but check this out a letter written by babe ruth and written to a mistress and basically telling nell his wife is on to them and he can meet her at a hotel monday and signed babe and then underneath the signature, don't call me it

in january ryan cohen, the co-founder and former ceo of chewy and two former colleagues from chewy joined board of gamestop and they essentially laid the groundwork for cultural and strategic transformation to be ushered in at this company. since then we've pretty much been seeing that gamestop is pivoting from a bricks-and-mortar retailer to a technology company and so this effort to find a new ceo is all part and parcel of that if i can take you back a little bit last month we saw that the chief financial officer jim bell and chief operating officer left the company. at the same time there's been quite a bit of hiring as well where the company has hired a new chief growth officer, a new chief operating officer, a new chief technology officer and all of these people previously worked at amazon >> and svea, what's the timeline here when will the new ceo be in place? >> that is difficult to say. at the moment my reporting has shown that they are talking to a number of people they have gotten a number of inbound calls. and so this is a very attractive position and the people they're talking

changes in the c suite co-founder ryan cohen continues to play a larger role within management, helpingof traditional brick and mortar retail moving them towards ecom gamestop announced cohen will become its chair following the company's annual shareholder meeting june 9th that is an interesting development, d, in the way executives have left and taken shares with them. >> what a time to be a gamestop investors and to be ceo of a company that has grown, can we say it, jon, detached from fundamentals walks away without execution on what people are hopeful of left to cohen and the incoming ceo and raises an important question, though how should executive compensation align shareholders' interest, customers' interest, employees' interest? an important question in this day and age. >> you know, it's stock and investors benefit. he and the other execs benefit best deal ever. >> walk out the door and get that benefit. >> probably a -- about, what 50 better than he expected speaking of meme stocks look at microvision up over 20% today. this stock eclipsed gamestop bets and reddit traders are t

because, of course, on the board, ryan cohen, the chewy cofounder who's been very much at the forefront9a retail chain. he's trying to make it more online for games and videos. and maybe the belief is that he would find somebody to ensconce in that ceo role. we have seen the stock go from down 11% to down 4.1%, and it is still on the move. looks to be climbing back to the flat line. but could the poster child of meme stock mania all be looking to jump on the crypto and nft wagon? there's a new job posting at gamestop's texas headquarters for a, quote, security analyst with additional experience in cryptocurrency, blockchain and nonfungible tokens, nfts. that's raising eyebrows. crypto watchers speculating the job could be signaling that gamestop is looking to start maybe its own line of digital gaming collectibles. we shall see. and united pulling the airlines sector lower after disappointing first quarter revenue guidance despite coming in at $3.2 billion which is actually at the higher end of the forecast along with a rebound in traffic to the tune of 1.2 million travelers a day. clear

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

sherman's upcoming exit all part of incoming gamestop chairman and chewy cofounder ryan cohen's effortforce versus storefront retail. the gamestop's shares down to $157.35. >>> and tesla is saying we're sorry to chinese consumers. elon musk's ev giant promising to set up a computer complaint office after one tesla owner who couldn't get the company to answer her complaints about malfunctioning brakes literally jumped on top of a tesla at the shanghai auto show on monday as protest. there she is. you can see this right now. yeah. she had a problem with her brakes. she kept calling, apparently. nobody's answering. so her display caught so much attention, heck, we're talking about it now, that it set off a social immediate ea ya firestorm and grabbed the attention of state media and chinese regulators leading to tesla's apology. and as we said, has promised to create a consumer complaint line. tesla shares up nearly 3% right now. hmm. that's one way to get attention. lidar giant with luminar hitting the gas at this hour, up 14.6% after mapping some new executive team from elon's empire an

the new proceeds will be used to help speed up chairman and chewy cofounder ryan cohen's goal of turningally when they have stock floats like this, it dilutes the stock and people sell it. right now gamestop's up 6.33%. at session highs though it was up 11%. now, the long, sad story of general electric drags on. shares of the superstar looking anything but electrifying at this hour after revenues dropped 12% in the first quarter. weakness in its jet engine unit and restructuring-related costs also propelling ge to a loss of $2.8 billion compared to a quarterly profit of $6.2 billion just one year ago. the news though not all bad. even though the stock is down 1% to $13.44, ge is standing by its 2021 guidance and it's still up more than 110% over the past 52 weeks. but the most epic move ott of -f the day coming from ups. with 29 minutes left to trade, ups is holding on to 10.7% of its gains here. in an all-out blitz of covid vaccine shipments across the u.s. driving record results for the shipping titan, shares dominating the top of the s&p 500 right now after hitting a new all-time high

and i'm sure there are many out there who are like a roaring kitty, the next step is to see what ryan cohen's got up his sleeve when he takes over as chairman in june. >> which is a lot, and we talked about this a few weeks ago i know you remember because you remember everything. i used the comparison of the new york cosmos back in the '70s, just basically unsuccessfully clearly, but remember i said they were bringing in people from all over the world. the best in their fields for the cosmos, it was the best of their positions and they wound up having a seveix or seven-year rn that's what's going on with game stop it feems ls like it wants to continue good for the reddit crowd and roaring kitty as you mentioned earlier. >> delano, your thoughts >> i would agree with the crew here it sounds like, you know, management is listening to sounds like actually the message boards and they're actually taking into account the strategy going on in the message board. some of that's done a great job when it comes to e-commerce. they're able to flip to that strategy, i think that would be a strong move. >>>

there's a lot of this is the mo, ryan cohen, this is it, he's going to sell some share, he's going toaiting for and those who are selling the stock are not realizing this is the ability for ryan, who we don't know that much, but a little bit of mystery, and we got that ice cream cone, to be able to do something, and they've got a super-charged group, but whenever you do these offerings, there are people who say this busts the short, that this basically makes it so that there's no tightness i don't think there's been a big short position in gamestop for a long time so i applaud this. i think it is what was needed. i know i called for it endlessly and those who are selling off, this i challenge, i challenge whether they realize that this is the whole war chest that ryan may need to be able to make this company a different company so i'm very encouraged by it. >> so then answer my question, how much do you think he real ily needs to transform the business "the first trade"ly because you think about trying to get into a digital, really get into the digital business and compete against the

shares in what's known as an at the marmarket equity program some investors do have high hopes for ryan cohenr hoping to lead the charge here at gamestop they think hopefully he can work his magic the say way he did at chewy. >> what's retail's play going to be here? how important is retail for the market's next move is probably better said, just coming off of gamestop which was driven by retail. >> a lot of that has come off the boil to a fair degree. people pointing out option volumes are off the peaks they hit in january and february. you do see volumes in something like game stastop are way off the company will offer up to 3.5 million shares this was trading routinely more than 50 million shares a day and more recently it's been 7 million to above 10 million a day. so 3.5 million incremental new supply shouldn't necessarily be that big a pressure point but it does require a constant flow of new buyers to take it up from these levels right now we don't know that the company planned in any specific way for this money they're going to raids. >> but at least they finally did it they could hav

can tell, from these were all above board, was he a personal gamestop, did he see the shorts >> ryan cohen -- >> well, he was trying to corner the market in viacom, he was like i want every share. i will own every share. >> i mean tony romo? >> again, we continue to have questions here, because it was so unusual, and if there was more transparency in this market, where you actually knew who was behind these trades, you would have known the risks and many of those who were shorting the stock would have a better understanding yf it kept going up. >> right. >> and there is certainly a large argument to be made here and we may see it. we know the s.e.c. is taking a look at this but there may be an outcome of this that there will be more transparency in the swap market especially given the risk undertaken by the firms as well. we saw the loss of 2 billion we don't know what the loss will be at credit suisse. but according to bloomberg, they are now, there's some questions about their chief risk officer and whether she is going to be able to continue with that firm. so we're still seeing the fal

happening amid the retail frenzy and heavy interest in the name the stock has surged on that and ryan cohentrying to engineer a turn-around and shakeup at gamestop. looks like he's making moves things are happening whether it's worth a few thousand percent run-up in the stock that's to be determined. it's slightly lower after hours. not a ton of action for gamestop. >>> the national retail federation forecasts retail sales will grow at least 6.5% this year marking the fastest growth since 2004. but as more americans are vaccinated, will they return to their pre-covid shopping habits? joining us is jenny fleish, co-founder of rent the runway. jenny, welcome to the show it's great to have you. >> thank you it's great to be here. >> so you co-founded rent the runway i know you're still on the board, then went on to walmart to found jet black and now decided to go into venture capital. why? are there a lot of consumer opportunities right now isn't the startup world? >> i think there are a lot of consumer opportunities m moreover, rent the runway, my co-founder and i were given a lot of support

>> i have, to because ryan cohen doesn't. >> he doesn't? >> his vision is to fire everybody and bring in people from various web sites >> you mentioned nvidia. there was a bit of piece of news that wasn't good for them. some issues. the secretary of state believes and this is in the u.k. by the way, may be the case that the interest of national security being a public interest consideration, a relevant merger situation, they're taking a close look at it it's not officially blocked so to speak >> no. >> but that line, it is what we would say, a significant impediment to the ability of nvidia to potentially complete this transaction right now. >> but you know what, carl, that's amazing about nvidia, if you go over, and i don't know whether this is covered, i have it, if you go over the most recent line of chips, carl, many of them are arm, they're arm derivatives, so maybe there's a trojan horse here. maybe, carl, that the reason why nvidia went up 140 points is that merger or not, they have access to arm technology and arm is considered to b

the company yisang it will name ryan cohen as chairman of the board.% >>> welcome back the s&p 500 on track for a record close european stocks also hit all-time highs today let's talk about the global economic recovery. mark mobius joins us now on the phone from mobius capital. mark, thanks for joining us. good to hear from you. >> thanks. nice to be with you. >> what do you think is going to be the key differentiating factor for global national equity market indices by the end of the year? is it as simple as gdp rebound rates? >> well, the big picture and the most important thing now is the spending by the u.s. government, this enormous program, which will result in lots of imports into the u.s. from emerging countries, in particular china, india and other countries like that that will give a big boost to the economies around the world, particularly the emerging market economies. so that's the one big, big issue and big program that will have enormous impact on markets in addition, there's the regular recovery that we're still undergoing since march o

ceo george sherman citing people familiar with the matter, that is being led by chewy co-founder ryan cohene board to guide a transformation of sorts at the company we'll send that back over to you guys >> all right very good, comdom. what's happening the fda? >> fda is tweeting about the johnson & johnson vaccine. the fda and the cdc issuing a statement regarding the johnson & johnson covid-19 vaccine we are recommending what they say is a pause in the use of this vaccine out of an abundance of caution and then goes on to detail so many of the issues that we've just discussed on be the air and of course we're going to keep digging into this to try to understand where it goes i think we're going to hope to reach out to johnson & johnson to get their comments as well. you look at their stock down over 3%. as we've said, major hiccup in the rollout of the covid-19 vaccine now here in the united states melissa? >> you've got to wonder if the fda is thinking what happened to our process, the eua process were too many corners cut in the process? that's what consumers might be thinking in terms o

this is part of ryan cohen cofounder and the turnaround plan.ecutives already left and income to amazon executives and there have been job interviews to fill the ceo role. those in e-commerce, gaming and technology is where you want to push gamestop. roaring kitty-- stuart: go ahead, roaring kitty. susan: this man owns $30 million worth and he actually retain his co- options on friday meaning he now owns close to 200,000 shares worth more than $30 million. he could have sold 50000 shares friday-- he bought in at $12 and he could sold and made $148 a share and instead he kept it because he has a strong belief in gamestop which is also another vote of confidence. stuart: i don't want to digress too much but you used a new word, tell us traded. susan: it's in the dictionary and also a triple word score in scrabble meaning i indicate to you what's going to happen in the future. stuart: okay. show me peloton, please. the serious stuff here. peloton is down nearly 6%. a child died on an accident on one of their models, the tread plus. susan: corrected

that ryan cohen, chewy cofounder, is transitioning.ard saying we need transition from bricks and mortars to online. stuart: the old guys got lucky. they took the jobs just at the right time -- susan: right. >> stuart: -- to take advantage of the newcomer guy. susan: right. they get the benefit of it, isn't that great? i mean, timing is everything in life. stuart: exactly. it should always be like that, right? how about etsy? i call them the -- [laughter] what's going on? susan: they are downgraded from overweight. still they are bullish on the growth profits, long-term growth for etsy, but it's just run up so much. this stock is up hundreds of percent during covid because people were stuck at home buying masks and going online and shopping for those one of a kind items. j&j, we know that the coronavirus vaccine is back up and running once again. they're also restarting plans to sell their worldwide breast implants again and, yes, that matters for their bottom line. and finally, do you want to check in on otis and their elevators and es