Connect with us

Published

on

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.

Continue Reading

Politics

Chancellor insists Labour rebels ‘know the welfare system needs reform’ as they push for change

Published

on

By

Chancellor insists Labour rebels 'know the welfare system needs reform' as they push for change

Chancellor Rachel Reeves has insisted that rebelling Labour MPs “know the welfare system needs reform” as the government faces a growing backlash over planned cuts.

Sir Keir Starmer is under pressure from Labour MPs, with about 40 in the Red Wall – the party’s traditional heartlands in the north of England – warning the prime minister’s welfare plan is “impossible to support” in its current form.

Dozens have thrown their support behind a letter urging the government to “delay” the proposals, which they blasted as “the biggest attack on the welfare state” since Tory austerity.

Follow live: UK-US trade deal

Ms Reeves on Friday reiterated her plans for reform, insisting that no-one, including Labour MPs and party members, “thinks that the current welfare system created by the Conservative Party is working today”.

She said: “They know that the system needs reform. We do need to reform how the welfare system works if we’re going to grow our economy.”

But, the chancellor added, if the government is going to lift people out of poverty “the focus has got to be on supporting people into work”.

More on Labour

“Of course if you can’t work, the welfare state must always be there for you, and with this government it will be,” she said.

The reforms, announced ahead of Ms Reeves’s spring statement in March, include cuts to Personal Independence Payments (PIP), one of the main types of disability benefit, and a hike in the universal credit standard allowance.

Read more:
UK and US trade deal will save thousands of UK jobs – PM
Starmer faces rebellion from Labour MPs over welfare reforms

The government has claimed that changes to welfare will cut the budget by £4.8bn overall.

Separately, Downing Street refused on Friday to deny that Ms Reeves has consulted on potentially overhauling their winter fuel payment policy.

Labour’s unpopular decision to means-test the policy has taken the benefit away from millions of pensioners.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Ministers have faced pressure from their own backbenchers to rethink the policy in the wake of last week’s local election results, which saw Labour lose the Runcorn by-election and control of Doncaster Council to Reform UK.

Asked if the chancellor has discussed the winter fuel payment in private, the prime minister’s spokesperson said they would not give a running commentary.

Pushed again, Number 10 said a “range” of discussions take place in government – which is not a denial.

However, it is worth noting that when reports emerged earlier this week that Downing Street was reviewing the policy, the government strongly pushed back on that suggestion.

Continue Reading

World

Ten explosions near international airport in India-administered part of Kashmir, officials say

Published

on

By

Ten explosions near international airport in India-administered part of Kashmir, officials say

Ten explosions have been heard near Srinagar International Airport in India-administered parts of Kashmir, officials have told Reuters news agency.

The blasts followed blackouts caused by multiple projectiles, which were seen in the sky above the city of Jammu earlier on Friday.

Explosions were also heard in the Sikh holy city of Amritsar, in the neighbouring Punjab state, according to Reuters.

An Indian military official told the agency that “drones have been sighted” and “they are being engaged”.

It comes as tensions between India and Pakistan across the line of control around the region of Kashmir have boiled over this week, leading to fears of a wider conflict.

Map of where explosions were reported in Kashmir and from where

On Wednesday morning, India carried out missile strikes in Pakistan and Pakistan-administered parts of the disputed region.

The retaliation came weeks after 26 people, mainly Indian tourists, were shot dead by gunmen in an India-administered part of Kashmir last month.

The government in India said it hit nine “terrorist infrastructure” sites, while Pakistan said it was not involved in the April attack and the sites were not militant bases.

Please use Chrome browser for a more accessible video player

Explained: India-Pakistan conflict

Around 48 people have been killed since Wednesday, according to casualty estimates on both sides – which have not been independently verified.

India also suspended its top cricket tournament, the Indian Premier League, as a result of rising tensions, while the Pakistan Super League moved the remainder of its season to the United Arab Emirates.

Meanwhile, White House press secretary Karoline Leavitt said at a conference on Friday that the US is in constant contact with both India and Pakistan.

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

This breaking news story is being updated and more details will be published shortly.

Please refresh the page for the fullest version.

You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

Continue Reading

World

Russia’s Victory Day parade felt more like a celebration of war than peace

Published

on

By

Russia's Victory Day parade felt more like a celebration of war than peace

Standing on Red Square, this was an intimidating sight, which felt much more like a celebration of war rather than peace.

I could feel the ground shake as the tanks rolled past, their caterpillar tracks on the ancient cobbles providing a deafening clatter.

The hairs on the back of my neck stood up in fear as the phalanxes of troops roared “Hurrah” in response to their commander in chief.

And the sight of combat drones being paraded on their launchers was actually quite sickening. Weapons that have been at the forefront of Russia’s invasion of Ukraine were paraded in a show of pomp and patriotism.

Russian President Vladimir Putin and his Chinese counterpart Xi Jinping
Image:
Xi Jinping and Vladimir Putin watch the procession. Pic: Reuters

Ukraine war latest: Putin welcomes Xi at Victory Day parade

For the rest of Europe, the 80th anniversary of the end of the Second World War has been a celebration of peace, but this felt much more like a celebration of war.

And it wasn’t just military hardware on display here, but the very identity of modern Russia.

A general view shows Red Square during a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia, May 9, 2025. Vladimir Astapkovich/Host agency RIA Novosti/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Image:
Pic: Reuters

For this is a country that is now defined by its military and its memory. The glory and sacrifice of 1945 have been weaponised to give credence to Russia’s current course and to make people believe that victory is their right.

For Russians, it served as a rallying cry and there was applause when the troops who have fought against Ukraine marched past.

But for those watching in Kyiv and other European capitals, it was an overt warning that Moscow has no intention of backing down.

Please use Chrome browser for a more accessible video player

Putin hails sacrifice of Russian troops

The parade was considerably larger in scale than in recent years, when units and hardware have been needed on the battlefield. I think it was a deliberate attempt to project an image of confidence, and so was Vladimir Putin‘s positioning of his guests.

China’s Xi Jinping was given a prime position on the Kremlin leader’s right-hand side. It was no surprise given the economic lifeline Beijing has provided, but it felt like a particularly pointed gesture to the West – that they were looking at a new world order.

Despite that appearance of confidence, there were signs of Moscow’s unease that the parade could be disrupted.

There were snipers on every rooftop. Security was extremely tight. And the mobile internet signal across the city centre was completely shut down for fear of Ukrainian drone attacks, meaning none of the international media that had gathered could broadcast any live transmissions.

After the parade finished, Putin saluted the crowds as they spontaneously erupted into rhythmic shouts of “Rus-si-ya” at the sight of him.

Another PR coup complete without interruption, he will have departed as a very happy man.

Continue Reading

Trending