ryan cohen at the annual meeting was very vague on what you're going to see outside a customer-drivenmazon-esque entity. we didn't get many details from his remarks at the investor day, and we did not really get anything in the press release, either. romaine: we did get a little bit with regards to the actual hiring, two executives from amazon. you have board members from other fabulous retailers as well. what does it say about the talent he has been able to pull into this venture with gamestop? what does that say about the strategy he is going for? bailey: i think it is impressive. looking across the executive ranks and within the board, you have a lot of alumni. there is a reason these people are willing to leave an established company, a company that has been able to change e-commerce and grow e-commerce. i think they are putting their faith in ryan cohen, and that was the retail reddit argument from the start. you might as well get on board before he changes the way that videogames are really handled. caroline: and potential you can buy more of it. is this a hinge that they are go

going to fuel more optimism on reddit back to you. >> they love ryan cohen's tweets thanks. >>> we've got instagram news, we've got the company behind el salvador's move to bitcoin and the other meme stocks we found on discord big hour of "techcheck" just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. . >>> time for a gut check stifel has beef with wendy's keeping that price target fresh, never frozen and downgrading the stock to a hold. should that be a huddle. that is actually the catalyst behind that call stifel says the current -- stifel says the price is out of whack with the valcauation shares of wendy's down 10%

ryan cohen becomes chairman.know, look, i don't know either of these two individuals. i do cover amazon. that's a name that i am very familiar with. here's what it comes down to it is great that they worked at amazon amazon is a successful retailer that i do cover and i am familiar with. at the end of the day gamestop's problems have very little, if anything, to do with e-commerce. their problem is not that they are not a good omnichannel retailer the problem is that gamers are increasingly downloading video games. look, they can hire jeff bezos when he comes back from space. he's looking for a new j-o-b last i heard it is not going to make a difference the symptoms are not aligned with the medicine that the doctor is giving them. you know, you can hire anyone you want from amazon not going to make a difference >> explain that a little more. there are a lot of people that are very bullish on this stock the idea is that it is a turnaround play and that ryan cohen has had success as the founder of chewy and buildin

emily: my favorite is the twitter account called ryan cohen is my dad. have been covering gamestop since 2002. how are you watching this incredible investor reaction? michael: i think it's healthy for the market for people to be excited and bring new entrants into the market. when i got my covid vaccine, the woman who gave me the shot asked me what i did. i said i work in the market and she asked me about gamestop. and her kid is invested. that is awesome. anything that makes the average joe aware that investing is an actual thing you can do is great. i hope everybody that is long the stock he gets out before they lose money. but stocks go up and go down. i don't really care. emily: we are talking to the cofounder of reddit and who is a gamestop investor. he believes in it. what is the best case scenario? the best case scenario that gamestop can get to? michael: i need to be practical here. if ryan cohen has a transformational strategy to get into the blockchain business, why did you need to buy a chain of 4700 stores? what's the point? he bought the sto

why gamestop has obsession with amazon, plus news from microsoft and ryan cohen will not like then, ifou can take the heat, get of you 0 the app store creators feeling pressure from tim cook and fighting back later, put a sock in it. bill ackman make as piff to retail investors de >> he does, indeed also ahead this hour, paypal mafia member max lev if chen, and tech stocks to watch this a.m. as the street makes calls on zoom, fastly, servicenow and more jon? >> first news out of microsoft that can only be bad for gamestop announcing xbox is actively working with tv manufacturers to invent a cloud-based gaming experience into smart televisions with no additional hardware needed to play outside of a controller basically a netflix for television, and this could push gaming business beyond the console making gamestop in particular, despite its relatively strong earnings last night look more and more like block buster video, continuing to rely on sales of hardware either in-store or online. not software to supply growth. carl, what we've increasingly seen happen is whether you're talking mi

emily: ryan cohen is getting his way, he wants gamestop to compete with amazon.is one approach. gamestop also disclosing an inquiry from the sec? ed: the sec made contact on may 26, they want information from gamestop about the movement in their own stock and their companies' stocks as well. gamestop is up 1500% so far in 2021. a number of wall street analysts stopped covering the stock in recent months. this rally has been driven by the meme stock traders. staff from the sec have been scouring social media for months, trying to work out what has been going on. they said at the end of their statement that this inquiry is not expected to impact adversely. emily: we have been waiting for this call, this earnings call for some time, to see what ryan cohen has had up his sleeve. you have been listening in. what have you heard, there is a lot of momentum behind gamestop, a lot of love it and there are a lot of folks who say this stock is not. worth it ed: for all the frenzy around the stock, it was incredibly adult earnings call. 11 minutes. the real focus of the chai

their departures a few things of note here on the whole gamestop realm the company formally naming ryan cohen-- yesterday he told shareholders that a new era was being ushered in at gamestop but did not really offer many details on that strategy. some analysts, though, are honing in on that with baird calling the turn around plan a mystery, and analysts at web bush telling reuters that every day cohen doesn't reveal his strategy, quote unquote weakens the mean in the company's better than expected quarterly results, gamestop noted that the s.e.c. has requested documents and information related to that stock's wild trading over the last month or so, along with that of other companies. but it does not expect the probe to adversely affect the company overall, and folks, we see gamestop slip further today. it's also worth noting, the company floated the possibility of another 5 million shares being sold at some point in the future to raise capital. morgan, we're talking about 10% losses, 2 p.9% shares of volume we'll see if that pace picks up later on today, morgan. >> all right welcome back to "

any hints of a turnaround, tech, e-commerce, whatever ryan cohen is tweeting.the column. it short of changed. the reddit crowd was disappointed on what came out on the analyst call for at least the analyst call. >> kate rooney with the later thank you very much. >>> as we head to break, june is pride month all month long we'll be spotlighting cnbc business leaders, cnbc producers. here is goldman sachs managing director of carpet corporate communications >> the way around stigma is those around you i was fortunate when i came out at goldman sachs two years ago, i had support from my colleagues but there was one colleague in particular who sent me flowers that day it was a straight person that gesture knowing i had support of somebody at the highest level in the firm made all the difference for me. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecuri

if you idolize ryan cohen because you think he built something incredible at chewy, why not buy chewy ceo that talked about how the company is winning on so many fronts with pet foods, health care, even simple things, dog birthday cards they have about 20 million customers with a huge percentage on auto ship that's the holy grail that explains why they have gigantic margins for an e tailer. chewy is getting more and more per customer and the longer a customer stays in the fold the more that customer spends. it's easy to see why i mean, come on. they send you portraits of your dog. this is marley, mr. marles we've been calling him and send you condolence notices this is the late nvidia who is a good-bye who subsequently doubled after he left us and as i learned from ms. maryland on twitter, which has been cleaned up lately. a lot of nice people on twitter. she said that her cat died and chewy sent her a dozen roses the ceo used to work at amazon he understands scale but he's accomplishing the impossible at chewy. he's creating individuality at scale. i can't believe it that's something

. >> you got ryan cohen tweeting ice cream kpoins elon musk tweeting bitcoin emoji. time for the trienniale trade. tim sheerm what do you say. >> google. >> guy you see that movie in the docusign, sister >> yeah. >> karen >> tjx hasn't been great but i elijah is it. >> grasso. >> rezi buy. >> "options action" up right >> "options action" up right after thismemorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill with a bang. energy and change came to every part of our universe. seismic or small it continues. (♪ ♪) change is all around us. (♪ ♪) shaped by technology and human ingenuity. we can make it work for you, and your business. let there be change. accenture. this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. >>> happy friday "opt

chewy cofounder, 13% shareholder, ryan cohen voted in as chairman. not a surprise.pressive. they made more sales than anticipated in the first three months of this year. also looks like the transition is ramping up going from bricks and mortars to online. earnings call was unusual to say the least. it was 11 minutes long. it was streamed on youtube, yes even you could have watched it. shows you that they're playing to their investors who they know is a retail crowd. stuart: yeah, they're playing to that crowd. that's true. susan, thanks very much indeed. brian brenberg with us for the entire 10:00 hour, what is your take on these meme stocks, professor? >> well it seems to me like you're going to have to take gamestop out of your meme stock section pretty soon. it is becoming a real business story. they have a team in place. they have apparently a strategy. this is a good news story for them. i like it more. it has legs in terms of strategy, potentially operations. here is what is interesting, stuart. used be companies go to investors and pitch investors on ideas. o

the issue is simply that we don't actually have that vision that ryan cohen has outlines and references we need to value it more clearly. haidi: we do have some developing news when it comes to jbs. that ransomware hacking that temporarily knocked out meet production plans that roughly process u.s. production. jbs paid an $11 million ransom according to the company's chief executive. the ransom payment was made in bitcoin to shield them from further disruption from what had already happened. restaurants, grocery stores, and from lights rely on the company. that is the chief executive of the company's u.s. division, saying that it was very pain will to pay the promoters but we -- criminals but it was the right thing to do for the country, according to reporting from dow jones. we saw the implications of that spread from australia to south america, to europe. this as part of a wave of incursions we have seen involving ransomware. multiple companies being hit by these demands to regain control of their operating systems and it also led to calls by senators on the intelligence committee in

earlier with disney gamestop is down $100 from recent highs need a brilliant plan to turn it around ryan cohen but need to transform itself now can't hold on as brick and mortar videogame retailer. doesn't work betting can use the meme wave to remake the business but no insight what that may be tiny series of best buys maybe no desire to give us one, maybe don't have one just spitballing all day don't know if meme playbook will work with amc and gamestop but branching out, they crushed everyone who listened to them. only have enough firepower to prop up a couple of stocks at most i think nothing more than tough to read eugene o'neill plays the hairy ape, not planet of the apes horrendous picks, and like we used to say, the ice man cometh. i promise to find it just for you on you tomorrow. "the news with shepard smith" starts now >>> an active nfl player kicks down the closet door and the southeast cleaning up, after tropical storm claudette makes landfall i'm shepard smith, this is the news on cnbc. >>> destroyed homes, power outages, and more than a dozen killed tracking the fatal after math

. >> we know that ryan cohen has been gung ho about being able to compete with amazon.com, and he kindf got his wish list. the ceo and cfo are both amazon veterans. keep in mind that investors don't have the full picture of what it looks like, just that we are on the way. one piece of good news for the folks who were expecting gamestop to enter this new digital age. net sales for the quarter topping analyst estimates. i'm going to skip to a bullet point, right to the make sales numbers, increasing by a whopping 27% year-over-year. keep in mind that a year ago, no one was going to malls, no one was spending this kind of money. that is a crucial number to see if they could keep up that kind of momentum. there is bittersweet news here. let's start from the bottom up. sec trading, that is the probe they are looking into, the thing at that gamestop bi -- looking at that gamestop bid, see if there is anything sketchy going on. there are not the details on what the requests look like, but they could be hitting more details in the earnings call which is going on right now. this is weighing on

reminding investors a couple of times that they own the company and he works for them now over the ryan cohenchewy. not the ceo. although he owns about 12% of that company, what he says really goes to game stop he's been face of this company and cohen is not as explicit in this outreeach to the reddit crowd. his tweets can be sort of k cryptic. the ice cream cone we have gotten almost no details on that. game stop hasn't taken advantage of this recent to make more money. kelly. >> i think that's a good point you make while the jury is still out on what happens with the stock price of both of these companies, at least amc is saying, fine you'll give us the capital, we'll go out and raise it. why is game stop being more conservative >> it's so interesting every analyst i talk to is c confounded they don't know. they say this would be great thing to raise money to do this turn around. why hasn't he done this? it could be they are waiting for new ceo. it's unclear it seems like amc has done this and gotten a lot of praise lie youk mentioned in the lag seg segment, there are insiders seeing this a

breaks any news, there he is in the uk, meanwhile gamestop moving higher after shareholders elected ryan cohent, he is saying the company is going to have to work hard to turn itself around and has previously urged to focus on e-commerce versus the brick-and-mortar stores, the videogame retailer minutes away from releasing the latest quarterly result, as you can see shares right now up nearly 3% more than 1500% since the start of the year after becoming the poster child for the stock media. some members cooling off a little bit today up as much is 27% earlier in the session is now down 22, amc up nearly 8% and blackberry also done more than 4%. just another day in the stocks, joining is now the man who has gone toe to toe with the reddit crowd, charlie gasparino, the amc starting to feel regulatory jitters. >> we don't want to get into too much of what they say about twitter. [laughter] but let's point out or what they portray some of the stuff is so bad, it is disgusting, i know where a business network, i have a lot of reported on amc but did widen call women breeders are breeding people, so

ryan cohen the chairman i say nothing beyond vague plans to expand a new industry as long as there iser valued sure by any traditional metric it's re ridiculously expensive i have to go back to bill murray who said in the classic "meat balls" it doesn't matter given that nobody has seen anything like this except for the last big runup in january, they can keep beating themselves right as long as they stick together, that will probably happen eventually but take your life in your hands if you try to bet against them crypto is easy there are so many people that are crypto millionaires by sitting on the stuff that's created unshankble but as long as the throng is there, they should be able to bounce back especially the big names like bitcoin although i think bitcoin will take longer to bounce back. as for non-fungible tokens, when you get enough rich people pushing new assets, eventually the less rich one, the nft market is falling apart but wouldn't shock me if they jawbone these higher since there isn't a two-way market you don't need to own all of them it's worth owning one at least a

they would have more love given their savior ryan cohen of gamestop was one of the co-founders.k because of a meme of reddit post, you can't expect it to have staying power. they are open to $40 and change there. at that point you were already too late if you miss out on that initial move, you should keep your bat on your shoulder and wait for the next pitch i like to say there is always a bull market somewhere and i promise to try and find it for you here on "mad money." i'm jim cramer see you tomorrow i'm jim cramer "the news with shepard smith" starts now >>> a live look at a fire that authorities say could burn for days evacuations and concerns for the environment. >>> and seeking solution to violence in america after a weekend of murders and injuries across the nation. i'm shepard smith. this is the news on cnbc violence surging people's fears growing multiple cities report mass shootings over the weekend >> the building is pretty much consumed this is goin

short squeeze that sent the stocks into the stratosphere allowing them to raise capital gamestop, ryan cohensh the shorts he profited from it. both cases have been successful. gamestop pulled back substantially from the highs it's run from $20 to $213 in the last six months. not bad. ceos want that performance however, if companies really want to draw the attention of the wallstreetbets crowd they ought to be careful what they wish for the thing that attracts these meme investors is short positions. no company aspires to have a large short position against it. you can't hire short sellers to set up a squeeze you have to do badly enough that lots of money managers want to bet against your stock nor can you hire someone to compose a devastating short report that calls your stock or you as diabolically brilliant as that might be, there is no hindenburg research for hire they want to profit from rooting out questionable management teams. however, i can say this. right now the shorts are on the run like never before. there are a bunch of bambis, endangered forrest animals any stock with a short i

that there's a headline that gamestop, which by the way reports earnings after the bell, elected ryan cohenchairman of the board. they're going to report their numbers after the bell that stock was obviously the headliner at the beginning of this whole thing as we pull it up now and all of you look at it, wherever you are trading the market today, you can see that it is up about 6% ahead of that print, jim >> we all knew he was going to be chairman, because it doesn't matter because these people have a particular set of skills which is a nightmare for sellers gamestop, i'm praying that he says "i am working on something really big" because they can take it to 400 if he actually plays his hand, could that be the end? i don't know i offered him many options i think he should be a crypto bank they have 5,000 crypto bank, they have 55 million in rewards members. why can't they do contests and reward these people in ethereum or dogecoin? i mean what is the deal? he has to affiliate himself with crypto if he does that, it is to the moon >> and you guys, you know, jon, i see here that you own wish

. >> check out chewy ryan cohen's old company. moving after the company beat on the top and bottom lines moving down, though, down 5% labor shortages and supply chain issues "techcheck" is back in two do you struggle with occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. new projects means new project managers. you need to hire. i need indeed. indeed

news coming after ryan cohen was named chairman of the company.estop reported better than expected quarterly earnings but declined to give any full year guidance and said the sec is requesting information resolving the recent trading and amid the flood of trading, gamestop may sell up to 5 million more shares adding several recent stock sales to the list. you're looking at that stock down about 6% on all of that news the national retail federation forecasting a strong retail rebound. this as the pandemic reseeds it jumped from 10.5 and 13.5 this year after february had only seen a maximum increase of 8.2% the consumer is much more resilient than first expected. >>> a number of stocks on the move this morning. dom chu is going to join us right now with more. 7:03 never early enough for me to get to dom chu seems earlier today. good morning. >> i'm sure you were listening in at worldwide exchange during the 5 a.m. hour. remember when we used to do the cross talks. we tossed to you seamlessly. it was always kind of fun. let's talk about the stocks on

gamestop is nothing retailer but if you give the guy, ryan cohen enough money and bring in a dream team he'll reinvent as perhaps a crypto bank. he's got 55 million loyalists in the program. so they own those two. and they can keep the balls in the air on those they hated me when i called -- i ripped out the darn kathier and said sell at 400 and i have been hated ever since. they are not on my team. and i don't play for them. and they can say i play for the rich hedge funds they are idiots. rich hedge funds, i'm saying the hedge funds are taking advantage of what they are doing and shorting the stocks, except for clover health, which is a hindenburg name. jeff things and they got overrun because the short position. >> i'll mention that in a second we're five minutes over board but let me just mention the opening bells. you did hear the bells ringing here so you mentioned draftkings. we pull -- >> i'm try to get the line -- >> i know. i had to read that stuff though -- it is the hindenburg report this morning relative will -- >> you can't -- >> -- regarding its spac deal. and it is, look

companies, and three companies that are competitors and they just keep coming back and saying that ryan cohentheir ceo now from amazon, but they have to come up with something other than being gamestop >> but now i mean they have about 1.6 billion. selling 5 million shares >> but that is good. they can be something other than gamestop >> amazing >> maybe a $20 billion bet on -- >> that is almost close to what the market cap was before all this started where was the market cap in those early days a couple bill, wasn't it >> much lower. and by the way, there was a very important discussion on -- with prof professor seigel on the judge's show and it was a thin market you know the cannon bawl >> the train to the hamptons >> i think that they headed like four cars to the cannon ball >> we need more mass transit >> no, they take blade it looks like it is vietnam, you know, like there are so many helicopters in the air >> looks like they are leaving saigon >> yes, last man out get to the chopper it was really incredible i told my wife, i said listen, i got to wear ear plugs. i can't take it anymore.

things over their eye, not their mouths >> gamestop is the one that they're right on, okay because ryan cohen has laid out absolutely nothing which is very smart and they're right on amc, because there is no reason why they're right, so let's go right back i reiterate -- >> i was distracted you with the water drink. i apologize. >> i remember stalin, not that tepper should be confused with stalin, the pope would say, talking about communism, and how it's going to fall and stalin asked how many divisions does the pope have? how many divisions do these ideologues have? how much money do they really run? >> nothing. >> tepper has divisions. and dave, i didn't mean to -- well, stalin >> you said going into yesterday, if the fed kind of did nothing, that you wanted to stay with the energies, the heavy machineries, the chemicals. they did more than nothing >> come on, so listen -- >> they did more than nothing. >> if he did absolutely nothing, we have no credibility whatsoever and the market would go down but he said was listen, listen to that press conference, and he said we did not talk about rai

or ryan cohen comes on, the punitive ceo or not really of gamestop and open up a crypto bank and 4,000 different stores. he refrained from doing that because he didn't want to be right on top when he said it and would give me too much credit. >> you know, in terms of what to do in the market let's take theses nally bad days out of the picture -- theses nally bad days out of the picture and broaden it out global equity funds show biggest inflows in three weeks while b of a flows show the sixth consecutive week of tech redemptions. >> so there you go so you buy tech. >> what's up with that >> enough with the oils. a great run. enough with the cumminss we don't know what china is going to do. who knows what china is going to do what you focus on is what you last heard that was great. so i listened to last night, this was adobe's first quarter. >> the stock is up this morning. >> ever. ever its quarter and he was so confident. a brainy-like, brady-like. brady-like never been compared to tom brady, i just did it beautiful. nvidia, which is the name of the new dog we should get this weekend.

. >> they have done quite a few things there are many hopes that ryan cohen will come in and change upase with adam aron he's going to keep doing what they're doing. the question is should it be worth ten times what it was worth not that long ago. sofi made its debut on the nasdaq this morning. company shares are up. it's been trading as a spac for some time. it was taken public via spac run my social capital's chamath palihapitiya virgin galactic was one that they did anthony noto was asked whether he will hang on to this position in sofi. >> chamath is bound by any restrictions by trade windows and he has the ability to sell just like any investor outside of those two restrictions. he's been a great advocate for the company and one that we've really enjoyed partnering with we do not ask our shareholders when they're going to sell. >> still waiting to hear if his latest or next one will be equinox. but he put out this annual letter last week that a lot of people gave -- before i read it i gave him a hard hiem too he had gross returns, but not net of fees. he had irrs that were very ha

a board overhaul is underway at reddit favorite gamestop there's not a lot of push back ryan cohen has ties to cohen from chewy which he sold to pet smart in 2017 we have quarterly results coming in later in the day which have drawn attention despite no one really looking at the numbers. analysts tell me the quarter doesn't matter for the stock price. shares have far outpaced fundamentals they're up more than 1400% since january. they have been way more focused on future quarters the future includes a new ceo. george sherman said in april he was stepping down by the end of july or earlier. gamestop picks a successor the company hasn't said much on that apparent tech driven strategy any details or a cryptic tweet could fuel optimism on reddit. back to you. >> it's unbelievable can i just ask you separately a clover question. >> sure. we're watching clover and we're thinking about chamath palihapitiya what do you think the reaction would be if he sold shares >> i think that's something people are watching. virgin galactic in march he has been seen as the pied piper of spacs it's seen as

ryan nobles, appreciate it. i want to get perspective from congressman steve cohen. thanks for joining us. we spoke about this last month, you said marjorie taylor greene didn't understand history and has a quote real problem with jewish people. did anything she said tonight change her opinion? >> not really. i mean, i think it was good she did apologize and she went to the holocaust museum and might have learned something. she didn't learn a lot. the socialist party, the nazis were about killing all the jewish people. they were about prejudice and that's not anything the democratic party is for. she didn't learn much about really the experience of the holo holocaust. she seemed like she had phrases she saw maybe somebody told her about the worst genocide ever or something that never happened again or never forget but it didn't sound like it came from the heart and to go on an attack against omar is wrong, too. there are two kpr extremes. people respond to that and use that to attack either party. we snneed to come together and realize the enemy is not the democrats and republicans. it the

ryan nobles, preeshts it. i want to get some perspective now from tennessee democrat congressman steve cohen.congressman, thanks for joining us. when we spoke about this last month, you said marjorie taylor greene doesn't understand history and, quote, has a real problem with jewish people. did anything she said tonight change your opinion? >> well, not really. i mean, i do think it was good that she apologized and went to the holocaust museum. she might have learned something but she didn't learn a lot. national-socialist party is nothing, at all, like the democratic party. the national-socialist party, the nazis, they were about anti-semitism, they were about killing all the jewish people, they were about prejudice. and that's not anything the democratic party is for. she -- much about the experience of the holocaust. maybe, someone told her. the worst genocide ever, something to never happen again or never forget but it didn't sound like it came from the heart. there are two extremes. extremes in each party, the democrats and republicans. and people grasp onto that and use that to attack e