Ahead of Monday’s market opening, GameStop shares are rising on speculation that the man at the center of the pandemic meme stock frenzy owns a sizable number of shares in the video game retailer, potentially worth millions.

GameStock’s stock rose more than 87% in premarket trading.

Keith Gill, also known as “Roaring Kitty” on social media platforms YouTube and X, goes by the handle Deep F- – – – – Value on Reddit. Late Sunday, a Reddit user posted a screenshot in the r/SuperStonk thread, which some believe is an image of Gill’s GameStop shares and call options. The graphic suggested that Gill may own 5 million GameStop shares worth $115.7 million as of Friday’s closing price. The picture also revealed 120,000 call options at GameStop with a strike price of $20 that expires on June 21. The call options were purchased at approximately $5.68 per piece.

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Gill’s account on X also tweeted an image of a reverse card from the popular game Uno on Sunday night. There was no associated text for the image.

This latest behavior comes just three weeks after Gill emerged online for the first time in three years, causing GameStop’s stock price to rise. In May, the “Roaring Kitty” account shared an image on X of a man sitting forward in his chair, a meme commonly utilized by gamers when things become serious.

Following the post on X, there was a video from years ago on YouTube in which Gill defended the troubled company GameStop and concluded by saying, “That’s it for now because I’m out of breath.” FYI, here’s a fast 4-minute video I made to summarize the $GME bull argument.

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In 2021, GameStop was a video game retailer battling to survive as consumers shifted fast from discs to digital downloads. Big Wall Street hedge funds and major investors were betting against or shorting its stock with the expectation that its shares would continue to fall precipitously.

Gill and many who agreed with him reversed the course of a firm that appeared to be on the verge of collapse by purchasing thousands of GameStop shares despite practically all acknowledged indicators indicating that the company was in serious trouble.

That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.

The Strange Exception Where A Lower Stock Price Can Be Better For Investors

Others that joined the viral rush on Monday include movie theater company AMC Entertainment Holdings, which is up more than 26% in premarket trading. Koss Corp., a headphone producer, increased by more than 14%, while BlackBerry, the once-dominant smartphone maker, increased by more than 4%.

SOURCE – (AP)

Shares of GameStop are jumping ahead of Monday’s market start, fueled by suspicion that the man at the core of the pandemic meme stock frenzy owns a big number of shares in the video game store, potentially worth millions.

GameStock’s stock rose more than 87% in premarket trading.

Keith Gill, also known as “Roaring Kitty” on social media platforms YouTube and X, goes by the handle Deep F- – – – – Value on Reddit. Late Sunday, a Reddit user posted a screenshot in the r/SuperStonk thread, which some believe is an image of Gill’s GameStop shares and call options. The graphic suggested that Gill may own 5 million GameStop shares worth $115.7 million as of Friday’s closing price. The picture also revealed 120,000 call options at GameStop with a strike price of $20 that expire on June 21. The call options were purchased at approximately $5.68 per piece.

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

Gill’s account on X also tweeted an image of a reverse card from the popular game Uno on Sunday night. There was no associated text for the image.

This latest behavior comes just three weeks after Gill emerged online for the first time in three years, causing GameStop’s stock price to rise. In May, the “Roaring Kitty” account shared an image on X of a man sitting forward in his chair, a meme commonly utilized by gamers when things become serious.

The post on X was followed by a YouTube video from years ago in which Gill defended the troubled corporation GameStop, saying, “That’s it for now because I’m out of breath. FYI, here’s a fast 4-minute video I made to summarize the $GME bull argument.

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

In 2021, GameStop was a video game retailer battling to survive as consumers shifted fast from discs to digital downloads. Big Wall Street hedge funds and major investors were betting against it or shorting its stock with the expectation that its shares would continue to fall precipitously.

Gill and many who agreed with him reversed the course of a firm that appeared to be on the verge of collapse by purchasing thousands of GameStop shares despite practically all acknowledged indicators indicating that the company was in serious trouble.

That triggered what is known as a “short squeeze,” in which large investors who had bet on GameStop were obliged to buy its swiftly increasing stock to offset significant losses.

GameStop Leaps In Premarket As Roaring Kitty May Hold Large Position

Others that joined the viral rush on Monday include movie theater company AMC Entertainment Holdings, which is up more than 26% in premarket trading. Koss Corp., a headphone producer, increased by more than 14%, while BlackBerry, the once-dominant smartphone maker, increased by more than 4%.

SOURCE – (AP)

DETROIT — The US government’s highway safety department is looking into Amazon’s self-driving robotaxi company after two vehicles braked unexpectedly and were rear-ended by motorcyclists.

The National Highway Traffic Safety Administration announced Monday that it will assess Zoox’s automated driving system.

Both accidents occurred during the sunlight, and the riders sustained minor injuries. In all cases, the agency established that the Amazon vehicles operated in autonomous mode before the crashes.

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to the government, the investigation will focus on the performance of the company’s automated driving system during the crashes and how it operates in crosswalks near pedestrians and other vulnerable road users.

A message was left early Monday requesting a response from the company.

Zoox reported the crashes by a requirement granted to automated vehicle firms in 2021.

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

According to estimates, Amazon paid more than $1 billion for Zoox in June 2020. In 2023, the Foster City, California-based business announced that one of its unique-looking four-person shuttles would automatically transport personnel on public highways along a mile-long (1.6-kilometer) route between two facilities.

The corporation then planned to develop an exclusive shuttle service for its employees. Analysts believe Amazon will deploy the system for autonomous deliveries.

The cars feature no steering wheel or pedals. The interior is carriage-style, with two benches facing each other. It is a little under 12 feet (3.7 meters) long, about a foot (a third of a meter) shorter than a conventional Mini Cooper, and can reach 35 mph (56 km/h).

Amazon’s Self-Driving Robotaxi Unit Zoox Under Investigation By US After 2 Rear-End Crashes

The company was already under investigation by the NHTSA. In March 2022, the government began investigating the company’s certification that its car fulfilled federal safety standards for motor vehicles.

The agency stated at the time that it would investigate if Zoox used its testing techniques to establish that certain federal criteria did not apply due to the robotaxi’s unique configuration.

SOURCE – (AP)