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🎮 Here We Go Again
GameStop is on the news again, T-Mobile announces new acquisition and more
Charla Hojnacki
May 28, 2024
Happy Tuesday Zingernation! Hope everyone had a great, and safe holiday weekend. And it looks like the only people more burnt than me (wear your sunscreen, folks) are those short meme stocks.
-Aaron Bry and Nic Chahine
Plus, want to receive exclusive perks and access to public companies? Check out today’s partner.
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MARKET SNAPSHOT
Last Week: The overall market ended the week relatively flat after NVIDIA’s blowout earnings report failed to lift the overall market.
On Our Radar: Lots of Fed speak scattered throughout the day, with Kashkari, Mester and other officials scheduled to take the podium.
Plus: Gain an edge using market-moving news breaks. Get actionable news alerts before other traders with Benzinga Pro, currently 50% off.
TOP STORY
In Short: Shares of video game retailer GameStop rocketed in premarket trading on Tuesday, reversing a muted performance following its two-day rally on May 13 and 14.
Basically: This surge comes after GameStop announced late Friday that it had completed its previously disclosed “at-the-market” (ATM) equity offering, selling a maximum of 45 million common shares.
So: The company raised approximately $933.4 million in gross proceeds, which it intends to use for general corporate purposes, including potential acquisitions and investments.
And Then: An ATM offering from GameStop was widely anticipated when the stock price surged 179% in just two trading sessions on May 13 and 14. After reaching an intraday high of $64.83 on May 14, the stock experienced a notable pullback.
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 ZINGERS
Analyst Calls: Netflix to go up more than 8%? Here are the top analyst calls heading into the shortened trading week.
The Beat Goes On: Nvidia is set to open at new all-time highs Tuesday morning as the semi stock shows signs of continued positive momentum.
For The Dogs: Look, we all know that everybody in Hollywood is already on Ozempic. But now their dogs might go on it too.
Day By Day: Trade settlements will now only take one day as the market implements new T-1 trading. Here’s why it matters.
Heating Up: Last week, solar stocks enjoyed their time in the sun. And it looks like the bright outlook isn’t going anywhere.
ONE FOR THE ROAD
Basically: T-Mobile agreed to acquire substantially all of United States Cellular Corp’s and Telephone and Data Systems, Inc wireless operations, including wireless customers and stores, as well as certain specified spectrum assets for $4.4 billion in the transaction in a combination of cash and up to $2.0 billion of debt.
The Details: Under the contract, T-Mobile’s 5G network will expand to provide millions of US cellular customers, particularly those in underserved rural areas.
Basically: UScellular will retain ownership of its other spectrum and towers, and T-Mobile will enter into a long-term arrangement to lease space on at least 2,100 additional towers.
Quoted: Mike Sievert, CEO of T-Mobile. “As customers from both companies will get more coverage and more capacity from our combined footprint, our competitors will be forced to keep up – and even more consumers will benefit.”
Read more here.
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.