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Citron and Andrew Left attack GameStop again, why one analyst is getting bullish on $MMM and more
Brooks Dyroff
June 07, 2024
Happy Friday, Zingernation! There are some things you just need to get used to. Like dealing with random body aches and pains once you pass 25, or knowing that something in your order from Doordash will be missing or messed up. Or, in the case of crypto traders, getting ready for a sharp downturn out of nowhere.
–Aaron Bry & Nic Chahine
Today’s Price Action:
Plus, check out the biotech company aiming to revolutionize the way we diagnose and treat colorectal cancer.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: Andrew Left of Citron Research weighed in on the latest price dynamics of GameStop Corp on Friday, expressing skepticism about the stock and its prominent market influencer Keith Gill, aka Roaring Kitty.
So: Left, who faced significant losses during the 2021 short squeeze, discussed his current, more cautious approach and raised concerns about the role of notable figures like Roaring Kitty in the market.
Basically: Speaking on CNBC at the same time as Gill’s first YouTube livestream since 2021, Left said that despite the challenges he faced, including harassment from an “angry mob,” he decided to short GameStop again.
Quoted: “I mean, after my first marriage, I said I’ll never do that again. And certainly, I’m happy with the second. So sometimes you go back in. At the time, there was a situation, it wasn’t a big trade. It’s still not a big trade. It’s not a big position,” Left said.
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PRESENTED BY MAINZ BIOMED
Mainz Biomed NV (NASDAQ: MYNZ) has announced promising results from a clinical study of its next-generation colorectal cancer screening tool, ColoAlert®. The study, involving 690 subjects across the US and Europe, demonstrated ColoAlert's impressive 92% sensitivity and 90% specificity. Remarkably, it detected pre-cancerous polyps with 82% accuracy, outpacing existing products. With plans for a large-scale US trial involving up to 15,000 participants, ColoAlert could redefine at-home colorectal cancer screening. Early detection is crucial for survival—stay informed and support innovations that save lives.
Click here to learn more.
ONE TRADE IDEA FOR NEXT WEEK
Briefly: The new CEO at 3M, Bill Brown, recently gave hints at what his priorities are going to be. A Bank of America analyst took notice.
The 3M Analyst: Edwin Obin upgraded 3M shares from Neutral to Buy and rose the price target from $105 to $120.
The 3M Takeaways: Brown, who started May 1, is aiming to refocus the company on growth and operations. With major litigation settlements behind 3M and uncertainty about remaining lawsuits reduced, investors are likely to look at improving operations, potential cyclical coverage and inexpensive valuation.
So: 3M’s change in management comes at an “opportune time” as the company has focused on litigation over the past several years, Obin wrote in a note on Friday.
Quoted: “Investors were also concerned about the optics of a dividend cut that is now behind us,” he said. “With major litigation settlements behind it and uncertainty about remaining lawsuits reduced, investors are likely to focus on improving operations, potential cyclical leverage and inexpensive valuation even when adjusted for future legal liabilities,” Brown said.
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PRESENTED BY BEACHBODY
The Beachbody Company, now BODi (NYSE: BODI), reported notable financial improvements for Q1 2024. Revenue reached $120 million, up from $119 million in the previous quarter but down 17% from Q1 2023. A 7% rise in the Nutrition & Other segment contributed to the increase. BODi achieved its first positive free cash flow since 2020 at $7.4 million, compared to negative $11.3 million the prior year, and improved its net cash position to $14.4 million from $3.9 million at the end of 2023. Adjusted EBITDA rose to $4.6 million from negative $0.9 million, and net loss decreased to $14.2 million from $29.2 million. Operating expenses fell to $92.1 million from $118.8 million, reducing the operating loss by over 60% to $10.8 million. BODi forecasts Q2 2024 revenue of $103 million to $113 million.
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