Connect with us

Published

on

Famed meme-stock trader “Roaring Kitty” flopped in a hotly anticipated live YouTube broadcast — failing to stem a selloff in GameStop shares that was sparked by a dismal earnings announcement from the video-game retailer.

Meme stock influencer Keith Gill — also known on Reddit under the handle “DeepF—–gValue” — confirmed his position as a major shareholder of GameStop as he posted a chart on a YouTube livestream showing that he owned 5 million shares of the company as well as 120,000 call options.

My aggressive style of investing is almost certainly not suitable for yall, Gill told his followers on Friday, wearing his trademark headband, wearing sunglasses and taking sips from a large, unidentified beverage.

But Gill said little else that wasn’t already known to prevent the stock from tanking on Friday — and it didn’t help that Gill showed up half an hour late to his own event, leaving 500,000 viewers waiting.

Those are my positions. Im not working with anybody else, with hedge funds,” Gill said, obliquely addressing speculation that has recent return after three years of silence was getting backing from big institutions.

“I gotta hop on the stream and just remind people you know,” Gill said. “Im not an institutional investor.”

News of the livestream sent the company’s stock surging by nearly 50% on Thursday.

But on Friday morning, GameStop revealed a weak earnings report that was rushed out to investors early — ahead of a plan to announce them next Tuesday.

The results were dismal — and brought shares back down to earth.

GameStop managed to narrow its losses in the first quarter, but the video game retailers revenue fell as sales weakened for hardware and accessories, software and collectibles.

On his YouTube broadcast, Gill expressed confidence in GameStop CEO Ryan Cohen as the YouTube broadcast displayed a real-time chart GameStop’s shares tanking deeper as he continued to speak.

Shares of GameStop slumped 39% to close at $28.22 following a frenzy earlier this week that was reminiscent of the 2021 market-shaking trend that was powered by retail investors.

Despite Friday’s dip, GameStop shares are up by 61% since the start of the year.

“Roaring Kitty”‘s position was made with a $174 million investment that was revealed on Monday.

Hours later, the surge in the stock price sent the value of his position soaring to $586.4 million.

Gill’s trading methods are reportedly attracting scrutiny from retail trading firms.

ETrade is considering telling Gill he can no longer use its platform after growing concerns about potential stock manipulation amid his recent purchases of GameStop, the Wall Street Journal reported on Monday.

Shortly before Gill reignited a meme stock craze in May, he bought a large volume of GameStop options on ETrade, the Journal’s report said, citing people familiar with the matter.

E*Trade-parent Morgan Stanley declined to comment.

GameStop Corp. lost $32.3 million, or 11 cents per share, for the period which ended May 4.

A year earlier, it lost $50.5 million, or 17 cents per share. Its adjusted loss was 12 cents per share.

Quarterly sales dropped to $881.8 million from $1.24 billion a year ago.

The company, which was anticipated to release its quarterly results on Tuesday, said that it would not be holding a conference call on Friday to discuss its financial performance.

GameStop also filed paperwork with securities regulators to sell up to 75 million shares of stock.

In the filing GameStop noted that between Feb. 4 and June 6, the closing price of its stock has ranged between $10.01 and $48.75, and daily trading volume ranged from 1.7 million shares to nearly 207 million shares.

During such period, we did not experience any material changes in our financial condition or results of operations that would explain such price volatility or trading volume.

Going back to January 2021, the market price of our common stock has seen extreme price fluctuations that do not appear to be based on the underlying fundamentals of our business or results of operations.

With Post Wires

Continue Reading

Entertainment

Justin Timberlake addresses ‘tough week’ at first concert since drink-driving arrest

Published

on

By

Justin Timberlake addresses 'tough week' at first concert since drink-driving arrest

Justin Timberlake has performed his first gig since his arrest for alleged drink-driving, telling the crowd it had been a “tough week”. 

The US star is currently on his The Forget Tomorrow World Tour and performed in Chicago on Friday night after being arrested earlier this week.

He told the screaming crowd: “We’ve been together through ups and downs, lefts and rights.

“It’s been a tough week, but you’re here and I’m here, and nothing can change this moment right now.”

The singer appeared emotional as he added: “I know sometimes I’m hard to love but you keep on loving me and I love you right back.”

Timberlake was in Long Island in New York state – having reportedly had dinner with friends – when he was pulled over by police in the early hours of Tuesday.

Officers said the 43-year-old had failed to pause at a stop sign and was seen not being able to stay in his lane.

Please use Chrome browser for a more accessible video player

Timberlake’s car caught on CCTV

Timberlake was held overnight and formally charged with a DWI (driving while intoxicated) misdemeanour at Sag Harbor Village Justice Court on Tuesday morning before being released.

According to a source talking to Page Six, the officer who pulled Timberlake over “was so young that he didn’t even know” who the star was.

A second source told the celebrity news outlet that during the arrest, Timberlake said: “This is going to ruin the tour.”

Justin Timberlake.
Pic: Sag Harbor/Reuters
Image:
Timberlake’s mugshot after his arrest. Pic: Sag Harbor/Reuters

Timberlake, who rose to fame with boyband NSYNC before finding huge success as a solo artist with hits including Like I Love You, Cry Me A River, SexyBack and Mirrors, is due to perform in Chicago again on Saturday night.

Further shows are scheduled across the US, Canada and Europe between June and December.

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

According to court documents filed about the star’s arrest, there was “a strong odour of an alcoholic beverage… emanating from his breath, he was unable to divide attention, he had slowed speech, he was unsteady afoot and he performed poorly on all standardised field sobriety tests”.

Timberlake also told officers he had one martini and was following some friends home, and refused to take a breath test.

His lawyer has said he is “looking forward to vigorously defending” the singer.

Timberlake’s next court date is scheduled for 26 July.

Continue Reading

US

Justin Timberlake addresses ‘tough week’ at first concert since drink-driving arrest

Published

on

By

Justin Timberlake addresses 'tough week' at first concert since drink-driving arrest

Justin Timberlake has performed his first gig since his arrest for alleged drink-driving, telling the crowd it had been a “tough week”. 

The US star is currently on his The Forget Tomorrow World Tour and performed in Chicago on Friday night after being arrested earlier this week.

He told the screaming crowd: “We’ve been together through ups and downs, lefts and rights.

“It’s been a tough week, but you’re here and I’m here, and nothing can change this moment right now.”

The singer appeared emotional as he added: “I know sometimes I’m hard to love but you keep on loving me and I love you right back.”

Timberlake was in Long Island in New York state – having reportedly had dinner with friends – when he was pulled over by police in the early hours of Tuesday.

Officers said the 43-year-old had failed to pause at a stop sign and was seen not being able to stay in his lane.

Please use Chrome browser for a more accessible video player

Timberlake’s car caught on CCTV

Timberlake was held overnight and formally charged with a DWI (driving while intoxicated) misdemeanour at Sag Harbor Village Justice Court on Tuesday morning before being released.

According to a source talking to Page Six, the officer who pulled Timberlake over “was so young that he didn’t even know” who the star was.

A second source told the celebrity news outlet that during the arrest, Timberlake said: “This is going to ruin the tour.”

Justin Timberlake.
Pic: Sag Harbor/Reuters
Image:
Timberlake’s mugshot after his arrest. Pic: Sag Harbor/Reuters

Timberlake, who rose to fame with boyband NSYNC before finding huge success as a solo artist with hits including Like I Love You, Cry Me A River, SexyBack and Mirrors, is due to perform in Chicago again on Saturday night.

Further shows are scheduled across the US, Canada and Europe between June and December.

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

According to court documents filed about the star’s arrest, there was “a strong odour of an alcoholic beverage… emanating from his breath, he was unable to divide attention, he had slowed speech, he was unsteady afoot and he performed poorly on all standardised field sobriety tests”.

Timberlake also told officers he had one martini and was following some friends home, and refused to take a breath test.

His lawyer has said he is “looking forward to vigorously defending” the singer.

Timberlake’s next court date is scheduled for 26 July.

Continue Reading

US

Arkansas supermarket shooting leaves three dead and 10 wounded as gunman arrested

Published

on

By

Arkansas supermarket shooting leaves three dead and 10 wounded as gunman arrested

A supermarket shooting in Arkansas, US, has left three people dead and 10 others wounded.

Parked cars and shop windows were left riddled with bullet holes after a gunman opened fire on Friday, forcing bystanders to dive for cover.

Among the injured were two police officers who shot back at the gunman – before he was arrested.

The incident took place around 11.30am local time at the Mad Butcher supermarket in Fordyce – a city of just over 3,000 people located 65 miles south of Little Rock.

Colonel Mike Hagar, director of Arkansas State Police, told reporters: “It’s tragic, our hearts are broken”.

The gunman was identified by police as 44-year-old Travis Eugene Posey.

Posey was taken to jail and charged with three counts of murder.

Other charges are still pending and no court date has been set, according to the inmate roster.

Pic: AP
Image:
Police on the scene of the attack in the aftermath of the shooting. Pic: AP

Neither Posey’s, nor the officers’ injuries were life threatening, but among the others the injuries ranged from “not life-threatening to extremely critical”, Col Hagar said.

It wasn’t immediately clear what the motive for the shooting was, nor if it took place predominantly inside or outside the shop.

Roderick Rogers, a member of the city council, witnessed the attack.

He said he saw people fleeing for cover in all directions and added: “People were just jumping into cars to get to safety.”

Law enforcement officers work the scene of the shooting. Pic: AP
Image:
Law enforcement officers work the scene of the shooting. Pic: AP

Amiya Doherty said she was in her mum’s car in the car park of the shop when she heard what she thought were fireworks.

But she then saw a man holding a gun and firing and said she ducked out of view.

“I held my sister’s hand and I told her I love her,” Ms Doherty told Little Rock television station KATV.

Images from the scene showed a slew of bullet holes in the grocery store’s window, and spent shell casings strewn throughout the parking lot.

The shooting took place at the Mad Butcher grocery store in Fordyce, Arkansas. Pic: AP
Image:
The shooting took place at the Mad Butcher grocery store in Fordyce, Arkansas. Pic: AP

Arkansas governor Sarah Huckabee Sanders said she had been briefed on the shooting.

In a post on social media she added: “I am thankful to law enforcement and first responders for their quick and heroic action to save lives.

“My prayers are with the victims and all those impacted by this.”

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Read more from Sky News:
Hollywood legend Donald Sutherland has died
Shocking moment drunk driver ploughs into cyclists
Republican ‘sorry’ for repeatedly pouring water in colleague’s bag

The White House said President Joe Biden has been briefed on the shooting and his team will continue to keep him updated.

David Rodriguez, 58, had stopped at his local petrol station in the town when he heard what he thought were fireworks.

But he too saw people fleeing from the shop and one person lying on the ground.

“The police started to show up, and then there was massive gunfire and ambulances pulling up,” he said.

“The bullets were just flying.”

Continue Reading

Trending