GameStop Shares Pop 48% On Surprise Q4 Profit, Prompting Frenzied Short Covering Rally
After the regular market close on March 21, GameStop Corp. (NYSE: GME) reported a surprise profit of US$0.16 per share for the holiday 4Q FY23 ended January 28, 2023. These results, which bested analysts’ consensus projections of a loss of US$0.13 per share, represented the company’s first profitable quarter in two years. GameStop’s 4Q FY23 revenue dipped 1.2% […]
Swedish Pension Fund Suffers Over $728M Loss After Selling Position in First Republic Bank
The steep drop in First Republic Bank (NYSE: FRC) shares Monday came as a surprise to markets, especially in light of the US government’s unprecedented life support injection into the financial system. It turns out the culprit behind the stock sell-off was Alecta, Sweden’s largest pension fund, which liquidated its entire FRC stake at a […]
Twitter’s Role In The Silicon Valley Bank Collapse
The historic $42 billion bank run on Silicon Valley Bank was driven by a tweetstorm from concerned investors expressing fears over the bank’s financial stability, prompting its customers to withdraw their well-above-the-FDIC-limit funds so fast that within 36 hours the bank was on its knees. This incident highlights the power of social media — in […]
Did Coca-Cola Ever Really Leave Russia?
When Russia invaded Ukraine over a year ago, The Coca-Cola Company (NYSE: KO) was among the first of many multinational companies to announce that they would halt operations in Russia to show their support for Ukraine. Fast-forward to the present day: it went almost unnoticed that The Coca-Cola Company is still making gains in Russia […]
Trudeau Chief Of Staff Katie Telford Testifying On Chinese Interference? Liberals Want An Election Instead
On Monday, the Conservatives introduced a motion in the House of Commons asking that Prime Minister Justin Trudeau’s chief of staff, Katie Telford, appear before the House ethics committee before the middle of April. They want her to testify, along with more than a dozen other witnesses, about charges that the Chinese government meddled in […]
Unlike Its Pornstars, Pornhub’s New Owner Won’t Reveal Executives’ Identity Because Of “Stigma”
The new owner of Pornhub’s parent company says it won’t release the names of the executives heading Mindgeek because the porn sector has an “unfortunate stigma.” MindGeek was acquired by Ethical Capital Partners (ECP), a Canadian private equity firm founded last year, for an undisclosed price on Thursday. It also owns YouPorn, Redtube, and Brazzers, […]
Peter Grandich: People Are More Concerned About Running Out of Money than Passing Away
Returning today on the Daily Dive is Peter Grandich, CEO of Peter Grandich & Company. Peters sits with us today to share his thoughts on the aftermath of recent events surrounding Silicon Valley Bank, Credit Suisse, and Signature Bank. We also get his insights on the inflation battle, the price of oil, silver and gold, […]
Woke Vs. Wall Street: Biden’s First Veto Lands On ESG Investments Of Retirement Plans
President Joe Biden issued his first veto of his presidency on Monday, signaling a shift in White House relations with the new Congress since Republicans took control of the House in January — a move that could pave the way for larger battles with GOP lawmakers over government spending and the nation’s debt limit. Biden […]
Bill Ackman, Who Pushed For “Aggressive” Interest Rate Hikes, Now Wants The Fed To Pause
Bill Ackman, the founder of Pershing Square Capital and an American billionaire investor, believes the US Federal Reserve should temporarily pause its policies in order to strengthen the local banking system and prevent contagion. “We have had a number of major shocks to the system. Three US bank closures in a week wiping out equity […]
Balaji Srinivasan Bets $2 Million The US Will Enter Hyperinflation In 90 Days
Balaji Srinivasan, former general partner at the venture capital firm Andreessen Horowitz, is issuing a bet with two individuals at $1 million a piece. The bet: bitcoin will reach $1 million in 90 days, signifying that the United States will enter hyperinflation. Answering a tweet by one James Medlock, Srinivasan took up the bait that […]