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GameStop surges as Roaring Kitty reveals $116M bet. (00:26) Skydance’s latest offer allows Paramount holders to cash out for $15/share – reports. (02:12) Waste Management near deal to buy Stericycle – WSJ. (03:10)
This is an abridged transcript of the podcast.
GameStop (NYSE:GME) is up 70% in early pre market action.
Influential trader Keith Gill, known online as Roaring Kitty, revealed what appears to be a big stake in GameStop, valued at around $115.7M.
Gill, who sparked the meme-stock frenzy in 2021, on Sunday shared a screenshot on Reddit that showed he’d bought 5M GameStop (GME) shares at $21.27 apiece, as well as 120,000 call options – worth $65.7M – with a strike price of $20 set to expire on June 21.
The trader also posted an image on X of a green reverse card. You know the card when you’re playing Uno that you hate to see thrown down when you don’t have a suitable color or face card in your hand.
Gill’s post on Reddit wasn’t on the infamous WallStreetBets chatroom, where he’d posted updates during the 2021 GameStop craze, although he used the same username.
GameStop (GME) shares rallied last month after Gill returned to social media after three years, simply posting an image of a man leaning forward, signaling that he was watching the stock. That was enough to ignite a buying frenzy, with the stock more than doubling in value in May.
The video game retailer then cashed in on the epic short squeeze, raising $933.4M through a stock sale.
While we’re on the topic of kitty’s. ‘The Garfield Movie’ topped the weekend box office. The Sony movie accounted for $14 million in estimated ticket sales domestically.
Skydance Media’s latest offer for Paramount Global (NASDAQ:PARA) gives an option for a certain number of nonvoting Paramount shares to be purchased for about $15 each.
The offer also gives shareholders the option to roll into the new deal, according to media reports from the Wall Street Journal and Bloomberg on Sunday. The $15 a share offer represents a 26% premium from Paramount’s (PARA) Friday close.
Under the proposed deal, Skydance and its backers, including RedBird Capital, would contribute funds to purchase National Amusements and add cash into Paramount’s balance sheet, according to the reports.
Paramount’s (PARA) special committee recommended the offer from Skydance on Friday, according to media reports at the time. The decision to take the offer or reject now mainly remains with Shari Redstone, who controls 77% of the voting stock.
Paramount (PARA) is scheduled to hold its annual meeting on Tuesday.
Waste Management (NYSE:WM) is nearing a deal to buy Stericycle (SRCL) for ~$7B including debt, with an announcement coming as soon as today.
This is according to a report late Sunday by The Wall Street Journal.
The report says that Waste Management (WM) believes an acquisition of Stericycle (SRCL) would complement its operations and give it a deeper foothold in the medical waste disposal sector.
Stericycle (SRCL) shares closed Friday at $51.54, giving the company a market value of ~$4.8B.
The stock surged by ~15% when Bloomberg reported recently that the company had received unspecified takeover interest.
Premarket SRCL is 12.4% higher.
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Catalyst watch:
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The COMPUTEX Taiwan conference will include keynote speeches from Nvidia (NVDA) CEO Jensen Huang, AMD (AMD) CEO Lisa Su, and Arm (ARM) CEO Rene Haas. Microsoft (MSFT), Intel (INTC) and Qualcomm (QCOM) will also have a notable presence at COMPUTEX.
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The four-day Cisco (CSCO) Live Global event will begin in Las Vegas. CEO Chuck Robbins will be one of the speakers. Shares of Cisco (CSCO) have seen a bounce in the past following analyst reactions to the event.
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Precigen (PGEN) will host a webcast following the late-breaking oral presentation of results from the pivotal study of PRGN-2012.
The financial community watched the major market averages end Friday’s trading session higher after markets rallied in late afternoon.
Leading the way upward was the Dow (DJI), as it ended higher by 1.5%. At the same time, the S&P 500 (SP500) concluded higher by 0.8%, and the Nasdaq (COMP:IND) finished near flat.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are mixed. Crude oil is down 0.1% at more than $76 per barrel. Bitcoin is up 2.3% at more than $69,000.
In the world markets, the FTSE 100 is up 0.2% and the DAX is up 0.7%.
The biggest movers for the day premarket: Following a decision by the Delaware State Court to permit jury trials in lawsuits brought by cancer patients claiming that the heartburn medication Zantac caused their illness, shares of GSK (NYSE:GSK) fell more than 9%.
On today’s economic calendar:
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