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⛽️ Gassed Up
Crude oil has its best day in two months. Plus, GameStop has a(nother) big day.
Brooks Dyroff
May 28, 2024
Happy Tuesday, Zingernation! How was your holiday? Did you enjoy a day with family and friends? Or maybe you slept in till noon like I did? Either way, you probably weren’t working — and you might need to get used to that feeling. Elon Musk thinks there could be more days like that on the way.
–Aaron Bry & Nic Chahine
Today’s Price Action:
$SPY: +.07%
$QQQ: +.38%
$DIA: -.52%
Plus, want to earn exclusive perks and gain unparalleled access to publicly-traded companies? Check out today’s partner.
Also, get the market's leading trading tools and live training at an all-time low price. Benzinga Pro is 50% off during our Memorial Day sale.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Meme stock mainstay GameStop is on a(nother) streak.
Back Up: GameStop’s stock popped off a few weeks back, after meme stock maestro Roaring Kitty made a long-anticipated returned to social media.
But Then: The precipitous rise quickly turned into a sharp fall after the retailer filed for an at-the-market share offering. Many saw a share offering as a negative and a case of taking advantage of the recent share price spike.
What Now: Investors seem to be singing a different tune this week. Shares closed up more than 25% today, after raising some $933 million from its sale.
What Next: GameStop is expected to report first-quarter financial results in June. While the company pre-announced revenue and earnings, investors will tune in to see if the company put any of its cash to use.
Click here to read more.
PRESENTED BY TIICKER
Lionsgate (NYSE: LGF.A) already announced its highly-anticipated fiscal 4Q24 earnings last week — but the legendary studio’s can’t-miss event takes place tomorrow.
For shareholders of fan-first, brand-first public companies, TiiCKER offers unprecedented access and more than a hundred exclusive perks served up weekly.
Tune into TiiCKER’s latest one-of-a-kind web event: an hour-long post-earnings Q&A with Lionsgate’s Head of Investor Relations, Nilay Shah.
Want to know the studio’s 5-year vision? Curious if recent growth can continue? Or just wondering when the next John Wick is coming out?
Investors and fans alike can’t miss this intimate, exclusive look inside Lionsgate. The event is tomorrow, May 29, at 1:30 PM PT (4:30 PM ET), so there’s no time to waste.
FIVE MOVERS
Duolingo took off today, its stock closing up nearly 9% after some positive analyst coverage from JMP Securities.
Moderna shares took a dive today, closing down more than 8% as investors took profits in the stock after it soared higher on bird flu fears last week.
BuzzFeed shares closed higher today after Vivek Ramaswamy, who took an activist position in the stock, wrote a letter to the board urging changes.
FuelCell shares closed higher, continuing positive momentum after President Joe Biden implemented new tariffs on Chinese clean energy.
NVIDIA shot higher by more than 7% today as investors remain optimistic about the chipmaker’s future.
ONE TRADE IDEA FOR TOMORROW
Briefly: Oil prices had their strongest session in over two months today.
So Basically: West Texas Intermediate (WTI) light crude climbed 2% to $80 a barrel, while Brent crude rose 1.7% to $84 a barrel.
So Then: The surge in prices can be attributed to the anticipation of increased demand with the start of the driving season and ongoing supply constraints.
So What: The United States Oil Fund rose 3%. Energy stocks also rallied, with the Energy Select Sector SPDR Fund up 1%, outperforming all other S&P 500 sectors.
What Next: The market expects that OPEC+ will maintain its voluntary output cuts of 2.2 million barrels per day into the second half of the year during its upcoming June 2 meeting.
PRESENTED BY TIICKER
Lionsgate (NYSE: LGF.A) already announced its highly-anticipated fiscal 4Q24 earnings last week — but the legendary studio’s can’t-miss event takes place tomorrow.
For shareholders of fan-first, brand-first public companies, TiiCKER offers unprecedented access and more than a hundred exclusive perks served up weekly.
Tune into TiiCKER’s latest one-of-a-kind web event: an hour-long post-earnings Q&A with Lionsgate’s Head of Investor Relations, Nilay Shah.
Want to know the studio’s 5-year vision? Curious if recent growth can continue? Or just wondering when the next John Wick is coming out?
Investors and fans alike can’t miss this intimate, exclusive look inside Lionsgate. The event is tomorrow, May 29, at 1:30 PM PT (4:30 PM ET), so there’s no time to waste.