GameStop’s shares jumped on Thursday after a cryptic post from meme stock influencer Keith Gill, who shot to notoriety after his online personas and bullish bets on the video game retailer sparked a trading frenzy among mom-and-pop investors.
Gill posted a picture resembling a Time magazine cover from 2006 with a computer screen on social media platform X. Following his post, GameStop’s shares spiked and traded as high as $30.87. The stock closed up 6% at $28.63.
Known as “Roaring Kitty” on YouTube and “DeepF***ingValue” on Reddit’s popular WallStreetBets, Gill was a key figure in the so-called “Reddit rally,” in which GameStop stock surged 1,600% at one point in January 2021, crushing hedge funds that had bet against the videogame retailer.
Steve Sosnick, chief strategist at Interactive Brokers, noted that this is characteristic of a pattern that has evolved in the trading of GameStop: the stock’s price will rally, then when it settles down a bit or retreats, Gill’s “Roaring Kitty” persona tends to emerge with a social media post.
“We’ve seen that pattern again recently; the stock was at $21 earlier in November but then rallied to $30 or so around Thanksgiving, only to give back most of those gains over the last couple of days.”
On Thursday, about 300,000 GameStop options contracts had changed hands by 2:14 p.m., at about 1.5 times the usual pace, according to data from options analytics firm Trade Alert.
The stock’s 30-day implied volatility how much traders expect the shares to move around over the short term jumped to a 3-week high of 132%, up from 93% in the previous session, data showed.
Contracts betting on the shares finishing above $30 by Friday were the most actively traded options, with some 32,000 of them traded by late afternoon.
Gill resurfaced on social media earlier in 2024, after a three-year hiatus leading to a deluge of excited messages from his followers, many of whom have likened the social media phenomenon to a David who took on Wall Street’s Goliaths and won.
“The re-emergence of the popularity of meme stocks tends to follow any general resurgence in market enthusiasm and animal spirits,” said Art Hogan, market strategist at B. Riley Wealth Management. “Whenever markets are at or near all-time highs, that particular part of the speculative side of stocks tends to pop up again.”
The meme stock rally in 2021 was set off by Gill’s posts on WallStreetBets subreddit about the gains he had made on his investments in the highly shorted firm.
The rally spread to other highly shorted stocks including AMC Entertainment as Reddit users banded together to squeeze bearish hedge funds, costing them billions in losses and drawing scrutiny from US regulators.
The entire episode inspired Craig Gillespie’s 2023 movie “Dumb Money.”
Other so-called meme stocks also traded higher on Thursday after Gill’s post. Shares of Unity Software closed up 5%, while cinema chain AMC, another darling of retail investors from 2021, climbed 6%.
“It wouldn’t surprise me if the faithful haven’t been distracted by other things. Crypto has stolen GameStop’s thunder recently,” Sosnick said.
The video game retailer’s stock is up around 76% so far this year. Meanwhile, bitcoin has surged more than 130% and surpassed the $100,000 mark earlier on Thursday, fueled by optimism over easing regulatory headwinds, in what is a stunning rally for the world’s largest cryptocurrency.
A lawyer representing Sean “Diddy” Combs has told a court there was “mutual” domestic violence between him and his ex-girlfriend Casandra ‘Cassie’ Ventura.
Marc Agnifilo made the claim as he outlined some of the music star’s defence case ahead of the full opening of his trial next week.
Combs has pleaded not guilty to one count of racketeering conspiracy, two counts of sex trafficking and two counts of transportation for prostitution. If convicted, he faces up to life in prison.
Ms Ventura is expected to testify as a star witness for the prosecution during the trial in New York. The final stage of jury selection is due to be held on Monday morning.
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Why is Sean Combs on trial?
Mr Agnifilo told the court on Friday that the defence would “take the position that there was mutual violence” during the pair’s relationship and called on the judge to allow evidence related to this.
The lawyer said Combs‘s legal team intended to argue that “there was hitting on both sides, behaviour on both sides” that constituted violence.
He added: “It is relevant in terms of the coercive aspects, we are admitting domestic violence.”
Image: A court sketch showing Sean ‘Diddy’ Combs (right) as he listens to his lawyer Marc Agnifilo addressing the court. Pic: Reuters
Ms Ventura’s lawyers declined to comment on the allegations.
US District Judge Arun Subramanian said he would rule on whether to allow the evidence on Monday.
Combs, 55, was present in the court on Friday.
He has been held in custody in Brooklyn since his arrest last September.
Prosecutors allege that Combs used his business empire for two decades to lure women with promises of romantic relationships or financial support, then violently coerced them to take part in days-long, drug-fuelled sexual performances known as “Freak Offs”.
Combs’s lawyers say prosecutors are improperly seeking to criminalise his “swinger lifestyle”. They have suggested they will attack the credibility of alleged victims in the case by claiming their allegations are financially motivated.
Police are investigating an alleged attack on a prison officer by Southport triple killer Axel Rudakubana on Thursday, Sky News understands.
A Prison Service spokesperson said: “Police are investigating an attack on a prison officer at HMP Belmarsh yesterday.
“Violence in prison will not be tolerated and we will always push for the strongest possible punishment for attacks on our hardworking staff.”
Rudakubana is serving life in jail for murdering Alice da Silva Aguiar, nine, Bebe King, six, and Elsie Dot Stancombe, seven, at a Taylor Swift-themed dance class last year.
According to The Sun, Rudakubana poured boiling water over the prison officer, who was taken to hospital as a precaution but only suffered minor injuries.
This breaking news story is being updated and more details will be published shortly.
Can Kia’s first electric sedan live up to the hype? After launching the EV4 in Korea, we are finally seeing it in action. A new test drive of the EV4 gives us a closer look at what to expect as Kia prepares to take it global. Here’s how it went down.
Kia EV4 test drive: The good, the bad, and the ugly
Kia claims the EV4 will “set a new standard in electric vehicles” with long-range capabilities, fast charging, and a sleek new design.
The electric sedan features a unique, almost sports-car-like profile with a long-tail silhouette and added roof spoiler.
Kia claims it is “the new look of a sedan fit for the era of electrification.” Despite its four-door design, the company is calling it a new type of sedan.
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The design is not only eye-catching, but it’s also super efficient. With a drag coefficient of just 0.23, the EV4 is Kia’s most aerodynamic vehicle so far, enabling maximum driving range and efficiency.
Kia opened EV4 orders in South Korea in March, starting at about $29,000 (41.92 million won). It’s available with two battery options: 58.2 kWh and 81.4 kWh. The entry-level “Standard Air” model, powered by the 58.2 kWh battery, is rated with up to 237 miles of driving range.
Kia EV4 sedan Korea-spec (Source: Hyundai Motor)
The “Long-Range Air” variant starts at 46.29 million won ($31,800) and has a driving range of up to 331 miles (533 km) in Korea.
With charging speeds of up to 350 kW, the EV4 can charge from 10% to 80% in around 29 minutes. The long-range battery will take about 31 minutes.
Kia EV4 sedan interior (Source: Hyundai Motor)
The interior boasts Kia’s latest ccNC infotainment system with a 30″ Ultra-wide Panoramic Display. The setup includes dual 12.3″ driver displays, navigation screens, and a 5″ air conditioning panel.
With deliveries kicking off, we are seeing some of the first test drives come out. A review fromHealerTV gives us a better idea of what it’s like to drive the EV4 in person.
Kia EV4 test drive (Source: HealerTV)
Sitting next to Kia’s first pickup, the Tasman, the reviewer mentions the EV4 feels “particularly newer.” The test drive starts around the city with a ride quality similar to that of the K5, if not even better.
As you can see from the camera shaking, the ride feels “a bit uncomfortable” on rough roads. However, on normal surfaces and speed bumps, Kia’s electric sedan “feels neither too soft nor too hard,” just normal. The reviewer calls the EV4’s overall ride quality “quite ordinary” with “nothing particularly special about it.”
When accelerating, the electric car was smooth in the beginning but felt “a little lacking in later stages.” Overall, it should be enough for everyday use.
One of the biggest issues was that the rear window appeared too low. The rear brake lights also stick out, making it hard to see clearly through the rearview.
Keep in mind that the test drive was the Korean-spec EV4. Kia will launch the EV4 in Europe later this year and in the US in early 2026.
In the US, the EV4 will include a built-in NACS port for charging at Tesla Superchargers and a driving range of up to 330 (EPA-est) miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.
Would you buy Kia’s electric sedan for around $35,000? Or would you rather have the Tesla Model 3, which starts at $42,490 in the US and has up to 363 miles of range? Let us know in the comments.
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