Markets Take A Breather Hovering At ATH ✅ | $LULU Puts Up Earnings Beat 👀 | $GME RoaringKitty Is Livestreaming tomorrow on June 7th 🤑 | $RIOT buys 12% stake in BitFarm To Help Shape The Company 💸
The market remained flat throughout Thursdays trading session hovering above their record highs, investors now have their eyes turned for the Federal Jobs report tomorrow where a signal or a hint for a rate cut could be seen if the labor market continues to cool off. Lets dive into some index talk here:
The S&P500 just dipped below flatline to end its trading day
the Dow Jones Industrial saw mini pop adding 0.2%
The Nasdaq Composite gave back its early session gains to drop about 0.1%
Stocks decided to take a breather after a historical rally yesterday, gave back its historic day of crossing $3T yesterday in market cap value falling more than 1% through the trading session. Investors and the Street accepted soft economic readings as a reason to put a Federal Reserve policy pivot back on the table with ADP private payrolls miss which is an indicator of a cooldown in the economy. According to our latest reading on the CME FedWatch tool showed 69% of traders believe a rate cut will be delivered in September.
Lululemon Stock Soars on Profit Outlook and Stock Buybacks 👀
Lululemon’s stock surged around 4% on Thursday after the company raised its full-year profit outlook and increased its stock repurchase program by $1 billion. The athleisure brand now expects earnings per share to fall between $14.27 and $14.47, up from its previous range of $14 to $14.20. The company maintained its revenue forecast of $10.7 billion to $10.8 billion for the year.
The news comes as a relief to investors, who had been concerned about Lululemon’s slowing sales growth in the face of increasing competition from newer brands like Alo and Vuori. Prior to the earnings release, Lululemon’s stock had fallen around 40% this year, making it one of the worst performers in the S&P 500. However, the company’s CEO, Calvin McDonald, remains optimistic about the brand’s growth potential, citing “missed opportunities” in its women’s clothing lines in the US and strong demand from male consumers.
GameStop Shares Jump on “Roaring Kitty” Teaser 🍿
GameStop’s stock skyrocketed around 20% on Thursday after a YouTube post from an account linked to Keith Gill, also known as “Roaring Kitty.” The post was a teaser for a livestream set to start on Friday, and it sent the stock soaring. This is the latest development in a wild ride for GameStop shares, which have been on a rollercoaster over the past few weeks after Gill’s social media accounts became active again.
Gill, who is credited with igniting the meme stock rally in 2021, has yet to reemerge publicly, but his posts on YouTube, X, and Reddit have been driving up the stock price. GameStop shares have risen around 130% over the past month, and investors are eagerly awaiting Gill’s next move.
Riot Platforms Makes a Power Play with 12% Stake in Bitfarms Ltd.
In a bold move, Riot Platforms, Inc. has announced that it has acquired a significant 12% stake in Bitfarms Ltd., a major player in the cryptocurrency mining space. This strategic investment is a clear indication of Riot’s confidence in Bitfarms’ potential and its desire to shape the company’s future. Riot’s acquisition of 1.46 million common shares, valued at approximately $3.58 million, brings its total beneficial ownership to 47.83 million shares, representing a substantial 12% of Bitfarms’ outstanding common shares. This increased stake gives Riot significant influence over the company’s direction and decision-making processes.
But what’s driving Riot’s move? The company has expressed concerns over Bitfarms’ corporate governance and intends to requisition a special meeting of shareholders to nominate new, independent directors to the board. This bold move is a clear signal that Riot is committed to driving positive change and maximizing value for shareholders. Riot’s investment in Bitfarms is not a one-time event; the company has stated its intention to continuously review its investment and may increase or decrease its stake depending on various factors, including market conditions, Bitfarms’ financial position, and strategic direction. This flexibility gives Riot the ability to adapt to changing circumstances and make informed decisions about its investment.
One thing is clear: Riot Platforms is making a power play in the cryptocurrency mining space, and its 12% stake in Bitfarms Ltd. is just the beginning. As the company continues to shape its investment and drive change, one thing is certain – this is a story worth watching.
