GameStop pops as Roaring Kitty hints at massive stake

GameStop rallied again after Roaring Kitty shared a screenshot implying that he owns a large number of shares.

Jun 4, 2024 - 02:30

0 12

GameStop pops as Roaring Kitty hints at massive stake

TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, June 3.

Full Video Transcript Below:

I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.

Stocks finished their first day of the new trading month in mixed fashion. The Nasdaq closed higher for the first time in four sessions. The S&P 500 also finished in the green, but the Dow lost about 130 points.

Investors reacted to the latest factory data. According to the Institute for Supply Management, manufacturing activity shrank for the second straight month. New orders saw their biggest slump in two years. The only bright spot: A measure of inflation eased from a new 2-year high. Wall Street is looking ahead to the all-important jobs report due out on Friday and the next Fed decision on June 12.

In other news, it was meme stock Monday on Wall Street. Investors piled into GameStop after the father of the meme craze appeared to reveal a massive position in the gaming retailer.

More Videos:

Roaring Kitty, whose real name is Keith Gill, posted on Reddit over the weekend. He purported to show he holds a stake of 5 million shares in GameStop, worth nearly $6 million.

Roaring Kitty kicked off the meme-stock craze during the lockdown days of the pandemic, but then he went quiet...until a few weeks ago. He posted a cryptic graphic indicating a man sitting forward in the chair. His reemergence has added billions of dollars in market cap for a retailer that is still losing money. Shares of GameStop surged 21 percent on Monday.

That'll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.