documentary on ryan cohen. is here with steve kovac nice to have you both to explain the move and why do you think they went in this direction? >> it's almost not surprising. they had five ceos in the past in the past five years all of them have left. this is a company that's been in real chaos in turnover ever since he took over he tends to run things as if he owns the place because he's so used to being the boss he started chewy sold it for $3.35 billion. at the time, the biggest e-commerce transaction to that time so, he is an entrepreneurial genius some would say. >> how many shares does he hold in gamestop? >> the biggest at 10%. >> he doesn't own it but certainly is influential >> yes >> you said he runs it like he owns it. >> he is the effective ceo now with this change >> yes >> what do people in the video game world -- maybe this is too niche of a question to ask, gamestop said they were trying to shake things up with nfts >> yeah. this is last fall's earnings call, from furlong, the fired ceo. he said

visit indeed.com/hire and get started today. >>> reminder, we have more on ryan cohen, his rise amongumentary, "making of the meme king," reairs at 8:00 here on cnbc final trade time guy? >> did you catch the humble brag from bill about marathons? >> yeah. >> well, mpc yeah, marathon petroleum >> if i ran one, i'd talk about it all the time. tim? >> yeah, one more marathon than i've been apart of whirlpool. they've been running a marathon trying to get supply chain that you thawed out >> karen >> yeah, you know, guy did not only a marathon, ironman and he didn't even ask me to say that my final trade, xlf. i think the rotation has more to do >> steve >> delta not going to last forever. instruments, people. flying on instruments. >> you know it all, don't you? thank you for watching you thanks for watching "fast. "mad money" with jim cramer starts right now >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad m

. >> all right, coming up, the pied piper of wall street, ryan cohen.ve been working on, "making of the nime king" ahead of the premiere toght. you won't want to miss this. "fast money" will be right back. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ >>> welcome back to "fast money. tonight on cnbc at 10:00, a new documentary looking at the rise of ryan cohen, the man who became known as the meme king. the former chewy ceo made headlines for going all-in on bed, bath and beyond, but it was his exit that raised some eyebrows >> this feels like a big -- >> it's real >> yeah, ex

good morning shares of gamestop are plunging after the company abruptly fired the ceo and named ryan cohenle is cracking down on office attendance and asking fully remote workers to switch to hybrid model. >>> gridlock in washington speaker mccarthy cancelling house votes. it is thursday, june 8th, 2023 and "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's look at u.s. equities. the dow was up and the s&p and nasdaq were down yesterday you see green arrows dow futures up by 5. s&p up 4 and nasdaq up 24. if you have been watching treasury yields, we will watch additional treasuries issued in the wake of the deal with the debt ceiling the 10-year treasury at 3.801% 2-year treasury up to 4.056. >>> th

woman $32: i have no idea. ♪♪ man: ryan cohen is a man of mystery. i've never met him. i've ever even heard him speak. woman: he doesn't like to show any more cards than he has to. he's a contrarian, independent-thinking, independent-minded leader. 30-something entrepreneur who, essentially, took amazon on successfully, and built out chewy to the great company it is today.

silence] i wasn't going to say it. ♪♪ >>> gamestop shares down this morning and about flat since ryan cohenn of the company wednesday, when the stock dropped by more than 20% he spoke out against american corporate culture during the annual shareholder meeting yesterday. take a listen. >> my responsibility is making sure gamestop is run by managers who treat company money like their own. in corporate america the people in charge, the professional directors and management teams, are not aligned with shareholders they are always the recipient of stock grants however, they rarely purchase company shares with their own savings. there's a big difference between risk-free compensation for showing up and putting a meaningful amount of your own money at risk. as a result money is wasted, work is delegated, and a lot of time is spent managing short-term expectations and pandering to wall street i like people who roll up their sleeves and do real work >> speaking of ryan cohen, you can catch the documentary on the gamestop exec "the making of the meme king" on peacock and youtube. what do board membe

a new documentary takes an in-depth look at the entrepreneurial turned active into ryan cohen.e we go to break, check ow bonds. no fed speak this week obviously we're in a blackout. light on the data front as well. keeping in mind what we've been through the last couple weeks, ten-year still holding 3.73. don't go away. ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free. with details about how bonds

you have ryan coming -- ryan cohen who moves to being chairman to executive chair. on sales and they are going back to moving -- losing money. because people don't walk into a store and buy a video game in a disk format. guy: nice hair. but why do i care about this story? ed: it is a cautionary stale best cautionary tale for meme stocks, gamestop was the meme stock of 2021. ryan cohen came in and has not been able to leverage the poster child spotlight reputation into meaningful business gains. they have looked at adjusting the business model. it also tells us what is going on in the business industry. i have a playstation 5. it is not even have a disk drive. other consoles are available with drives or otherwise. but people don't do that. they download from other stores. or they are doing it on a subscription basis. alix: maybe that meme stock trade has moved on, but there will be a movie about this, literally. just staying with that idea, we know the fundamentals and we knew that hype around the stock. who else is this bad for in terms of who the retail investor is

possibilities™. >>> gamestop shares are plunging the company fired ceo matthew furlong and named ryan cohencutive chairman and ceo on monday cohen's investment firm has a stake of 11.9% in gamestop in a tweet after the firing, cohen wrote not for long revenue of $1.24 billion fell in the year ago quarter the net loss narrowed to 17 cents from a year ago. the company could not hold the conference call to discuss the quarter and you see the result the stock is off 19% joining us right now in the markets and today's mover is sarat sephi. sarat, there are so many mixed signals here so many worried about recession and the fed and what it will do next week. you have the a.i. resurgence and what it has meant for technology stock. how are you feeling? >> becky, the market is valued we had the surge in a.i. stocks. great company. valuation matters. you saw what the matter did to gamestop cash flow is important we know rates will stay at these levels if not higher that hasn't been discounted. we have not discounted earnings coming down. we are pretty much at peak earnings we have to look at that. whe

ryan cohen is now chair, five ceos in five years got some calls on casinos.e mentioned amazon, but wayfair, apple, t-mo when we come back. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >>> gamestop tumbling in the premarket. the company announcing that matt furlong is out as ceo, and chairman ryan cohen has been appointed executive chair effective immediately. they didn't provide a reason for the firing, but the announcement came as the retailer did report a quarterly revenue decline and a narrower loss. jim, we now have a cryptic tweet from cohen, of course, yesterday. not for long >> he's a vici

. >> then asked the question for ryan cohen is, when he does get involved as an activist, will he have success as an activist? not just make money from his >>> right now on oa, countdown to the fed as the s&p touches levels not seen since last august how will it impact the market's bull run the red hot stocks super charged move in tesla and smooth saling of carnival. >>> and later, cashing in on a clunker. carvana was left for dead earlier in the year and now options traders are on a feeding frenzy we've got the action coming up i'm melissa lee. this is ""options action." on the desk, mike khouw, carter worth and brian sullivan the fed is expected to meet for a highly anticipated meeting the markets rally and the volatility index fell before turning higher some ma o say it could be good carter, kick it off. >> before we look at the charts, it's important be to note the real data point was the inverse of every week the last two or three weeks. the top 50 index, top 50 s&p was down up but only slightly was the oex. then the s&p 500, up 39 basis points you keep going the midcap up 147 and

yes, the original meme stock surging after executive chairman ryan cohen increased his take in the videoding to an sec filing, cohen just scooped up $10 million worth of shares, taking advantage of the stock plunge last week when the company reported disappointing fiscal second quarter results. cohen currently owns 12% of this meme stock darling for his firm rc ventures. he's gamestop's largest shareholder. he joins it is the company's board in 2021, and he is 12% richer right now because that's how the stock has popped today. it's at $27.23. >>> u.s. agribusiness jumping higher after announcing it is buying glencore-backed deterra, also assuming the $9.8 billion of debt. shareholders are going to get about 65.if 6 million shares of bunge stock valued at approximately $6.2 billion. this keel will create one of the world's biggest agriculture traders. bunge up 2.8%, glencore up 5.25%. >>> so that may consumer inflation report showed food prices rising at a slightly lower rate on a monthly basis, is so why aren't you and consumers out there seeing that at the checkout line? everything's st

that fell 17% after hours tonight when the news of the ceo being replaced by meme king ryan cohen. but more important than a few years ago, the go-go market left many other stocks behind if you want to learn more about cohen you won't want to miss the doc on meme king tonight at 8:00 p.m. i know i won't i know we've worked almost all the way back to where we were last year. but you know what's really instructive? it's been an incredible ten months since the last time we were at 4300 for example, you had a vicious september, and the beginning of an awful october to get all the way up here. we got to explore that look at what happened in the darkest before the dawn moment that came two months after we were at 4300 in the s&p. in other words, went down there and then we came all the way back coming into the bottom, which happened to be on october 13th, we were in a terror-filled market, one that was universally being panned and scorned as usual, the bottom was kind of murky, kind of like the air outside. unique and contemporaneous data to see what was occurring at this moment. i what

filings, game stop executive chair ryan cohen bought $10 million worth of stock, bringing his stake ino more than 12% and auto nation's ceo hitting the buy button last week, even as that stock was trading near all-time highs dan, you mentioned the auto nation purchase on the call today. >> yeah, listen, it's a big -- open market purchase of a relatively new ceo spending a million dollars, like your point about trading very well, near all-time highs when you see something like that, you have to take note. auto nation trading at seven times earn,s, something like that, the company has executed very well in an environment that's worked very well to, you know, to their strongsuits, i guess, over the last few years or so, but that's the sort of thing -- we get asked all the time, what are the attributes of ceos, you like them to have a lot of skin in the game. not executing options and -- >> even ryan cohen >> no. >> he has a lot of skin in the game 12% skin in the game >> one example that's -- you know -- >> he's playing lots of games. we learned that, right, from the bed bath and all that

. >> ryan cohen increased his stake to 12% of the company.hat is bad news, last week, fired its ceo, it's fifth ceo in five years and streaming video games is popular right now, behind microsoft if deal, game stop cells important copies and if you' re streaming a video game a videogame in the future, now and in the future you can go into game stop. they have some issues. stuart: what just came up on my prompter, manchester, you are to give the report on manchester. >> fill in all the blanks of all your knowledge. there's a report that the son of i say qatar, the former prime minister made the winning $6 billion bid for the club. that would be more than general radcliffe and the owner, the american blazer family wanted 7.5 billion so it looks like they might be getting 61/4 billion. stuart: manchester united may be owned by gulf oil, their neighbors, manchester city even more famous, they just won the european championship, the saudis just bought golf and are buying into soccer as well. the explosion of middle eastern money into western sport

the mysterious activist investor ryan cohen catch it tonight at 6:00 p.m. eastern on cnbc.ou could make analyzing a big bank's data... no big deal? go on... well, what if you partner with ibm and red hat, use a hybrid cloud solution to connect data across clouds, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. ...to make quick decisions? check. aaaand check. that's the solution ibm and a global bank created. what will you create? ibm. let's create. >>> it's 5:30 a.m. in the new york city area of we just getting started on "worldwide exchange. the s&p and nasdaq looking to snap the win streak. >>> president biden and modi are touting a new era of relations following the flurry of deals. we are live in washington with the latest. >>> ford preparing to rollout another round of layoffs as the giant looks to kick the ev ambitions in high gear >>> it is friday, june 23rd. you are watching "worldwide exchange" here on cnbc >>> welcome

that's well off the session lows right now, so we did get a few percentage lows off those low levels ryan cohennow the new executive chairman be you that move in gamestop, the volatility is back, but maybe not in a good way for shares of gamestop >> what did you say was the vix, comp, the fed up 2020? >> it's february of 2020, and we all remembered what happened in march of 2020. >> yes, we do. thank you. >>> new numbers from the fed show americans carrying more debt and putting a lot of money into money market funds. steve liesman has all of the details. hi, steve. >> kelly, i think the interpretation is this, for why the economy keeps defying recession fears, look at the fed's flow of funds report just out. household network was up by $3 trillion, driven by equity what you see here is there were declines in real estate value, down by $600, but more than made up by the $2.4 trillion in the increase debt up by 2.2%. the equity that homeowners have in their houses declined for the third straight quarter, but it remains barely above the prepandemic level, showing homeowners have round tripped the

investors respond it's likely to pail in comparison to the scene two years ago when activist investor ryan cohenk over as the chairman "making of the meme king" tonight at 10:00 p.m. only on cnbc. >> ryan became chairman of gamestop june of 2021 not surprisingly, the reaction was extremely positive >> in-person meeting we tried to get the news out that ryan would not be there we had individuals coming in bass boats and were drinking at 8:00 in the morning, waiting to get into our shareholder meeting. it was something i won't forget. we would typically have two to three shareholders show up at the meeting before i believe that our attendance was over 400 that day. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire we planned well

ryan cohen will step in, he was chairman of game stop's board, he'll step up as the effective chairmanown on the news by 18% right now in the premarket. quick break and then fbi director christopher wray says he will give up the document that the house republicans have been wanting, the document alleges a biden connected bribery scheme. georgia congressman andrew clyde is here weighing in on what's next in that investigation. back in a minute. ♪ why you always in a mood. ♪ try to play it cool. ♪ baby, i ain't playing by your rules chevy silverado factory-lifted trucks. where will they take you? with the capability of a 2-inch lift. ♪ the versatility of the available multi-flex tailgate. ♪ and the connection of a 13.4” diagonal touchscreen. chevy silverado. taking adventure to a whole new level. maria: welcome back. well, the fbi is finally cabbing, now allowing -- caving, now allowing the entire house oversight committee to view the document in question, the document of course allegedly says then vice president joe biden was involved in $5 million criminal bribery scheme where he accep

ryan cohen now executive cirha t, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending limits that adapt with his business. he used his card to furnish a new exam room, and everyone was happy. built for dr. petsworth business. built for your business. amex business. >>> european markets set to close in a money the eurozone did enter a recession in q1. the story abroad this morning is actually in japan. where the opposite is true revising their q1 gdp higher thanks to a significant bump in corporate investment this has been one of the surprise stories of the year we've hit it a number of times on this show that is, the resilience in the japanese economy they have inflation that's higher but nothing like the levels we're dealing with in the u.s. and europe. and they're super dovis

. >>> and from chewy to gamestop, to bed, bath & and beyond, we look at ryan cohen do not miss makingf the meme king it's tonight that premieres at 10:00 p.m. right here. that's 10:00 eastern right here on zcnbc "closing bell" right back. is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? -hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started with fast speeds and advanced security for $49.99 a month for 12 months. plus ask how to get up to a $750 prepaid card with qualifying internet. we've got your back, road warriors. because we know you're picking up the pace, steering life at 10 and 2. you're hitting the road... and we're helping you get there with confidence. so skip the counter without missing a beat. choose any car in the aisle. and be the boss of you. go national. go like a pro. ahhh! icy hot pro starts working instantly. with two max-strength pain

respond to it, it's likely to pale in comparison to the scene two years ago when activist investor ryan cohenan of gamestop in june of 2021 and not surprisingly, the reaction was extremely positive. >> an in-person meeting, we tried to get the news out that ryan would not be there. we had individuals coming in bass boats and were drinking at 8:00 in the morning, waiting to get into our shareholder mee meeting. >> it was something i won't forget before 2021, we would typically have two to three shareholders show up at the meeting i believe our attendance was over 400 that day. >> for an in-depth look at ryan cohen's chameleon career, from entrepreneur to activist investor, check out "the making of the meme king," a new cnbc documentary premiering tonight at 10:00 p.m. eastern and pacific. 10:00 p.m. >>> when we come back, we have much more on the s.e.c.'s new case against coinbase. >>> and a programming note for you. don't miss a special first on cnbc interview with treasury secretary janet yellen ats moowig he on "squawk box" in the 8:00 a.m. eastern hour we'll be right back. father's day is

chancing by about 17% after the ceo was shown the door, and chewy founder and activist investor ryan cohen has been namingtive chairman. quite the fall from the meme stock grace for the video game retail chain which had traded at $81 a share back in january of 2021. but whether it's individual stocks or the korean recession, no fear on wall street. look at the volatility index. earlier it was up, now it has reversed topping and dropping to a one-year low of 13, about 13.35, let's call it, 53, rather. what does this bode for our markets right now? let's get to the floor show. joining me live, processes per trading academy's ceo cath bauer, and here in our new york city skewed studio, alan mcknight. scott, with the vix showing, i mean, you've got to call this extreme complacency right now, what trading flows are you seeing at this very moment, and where are investors piling in? >> so a couple things, liz. the traders over here at the vix, they're really looking for the vix to get down to the 11 is, 12 lever, just where we were pre-covid when things were just kind of moving along. that that's

my new cnbc documentary takes an in depth look inside the entrepreneur turned activist investor ryan cohenking" premiers tomorrow. >>> gm shares ticking lower after their ceo warned that low end electric vehicles will not be profitable until the end of the decade the company announcing plans to invest a beforeillion dollars o trump in michigan. they're talking about $30,000, to $40,000, the battery technology has to come down in price for the vehicles to become mass market. karen, does it seem like a crazy prediction you have think, thinking about it as a mass market, maybe we need to push off that time frame. >> well, it's unfortunate, because they seem to be pushing off that time frame again and again -- >> yeah. >> whether it's production, whether it's an all-electric vehicle and now profitability. also, interestingly, billion dollars to -- for their ice trucks, internal combustion engine which is a huge money maker. adam jonas said he thought the evolution to ev would be a little slower than he had originally thought that would help gm, but they got to get there anyway. >> yeah. dan wa

in-depth look at the mysterious and sometimes controversial entrepreneur turned activist investor ryan cohen:00 p.m. here on cnbc wee ckn mont'rba ia me a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ >>> welcome back to "squawk on the street." i'm pippa stevens with your news update the critical stretch of i-95 that collapsed in philadelphia less than two weeks ago is reopening today. that is far ahead of the original months long timeline. traffic will travel over three temporary lanes as crews rebuild the main portion of the overpass it's estimated around 160,000 vehicles drive this stretch of i-95 every day >>> new charges today against the weapons superviso