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Happy Monday Zingernation! You can use ChatGPT to help you draft emails to your coworkers about why you won’t be able to make it to work today. You could use it to write lyrics to a rap song about baseball statistics. Or, if you’re like Mark Cuban, you can use it to help break down the results of last week’s presidential debate.

—Aaron Bry & Nic Chahine

Plus, want to take your options trading to the next level? Check out today’s partner, CBOE.

MARKET SNAPSHOT

Last Week: A rare red week for the overall market in 2024. The S&P 500 and Dow Industrial Average closed the week slightly in the red while the Nasdaq 100 moved slightly higher.

On Our Radar: S&P manufacturing PMI numbers are due this morning at 9:45 am ET and then we will get construction spending shortly after at 10am ET.

TOP STORY

Chewy Stock Soars On News Or Roaring Kitty

Briefly: Chewy’s stock gained Monday in premarket trading after ‘Roaring Kitty’ Keith Gill disclosed a 6.6% passive stake in a 13G filing.

Basically: Last week, Roaring Kitty posted an image of a cartoon dog on the social media platform X, sending the stock price upwards, followed by a trading halt due to volatility.

So: Gill, who initiated the meme-stock craze in 2021, recently revealed a significant position in GameStop Corp stocks and options through a screenshot shared on Reddit, Inc on June 2. Here are the details on Kitty’s Chewy posts.

PRESENTED BY CBOE

FIVE ZINGERS

Back On Track?: Despite some market turbulence, one analyst thinks the S&P 500 should be on its way back to all-time highs. Here’s why.

Stalling Out: Bitcoin is down more than 7% in the last month, approaching a key level at $60k. And one billionaire isn’t buying the dip.

Hitting The Brakes: Tesla’s FSD training hits a snag with Elon Musk saying the new version is being delayed due to driving smoothness issues.

Regulatory Crackdowns: The EU is reportedly gearing up to charge Meta Platforms… here are the details.

The Earnings Playbook: Want to make an extra few bucks trading through earnings season? Register here for expert options ideas.

ONE FOR THE ROAD

Boeing To Acquire Spirit Aerosystems For $4.7B After Months Of Negotiations

Briefly: Boeing Co. has announced the acquisition of Spirit AeroSystems Holdings Inc in a $4.7 billion all-stock deal, in a bid to address the safety and regulatory challenges faced by its supplier.

What Happened: The acquisition, which has been in the works for several months, is part of Boeing’s strategy to resolve the safety and regulatory crisis that has impacted its key supplier. The total transaction value, including Spirit’s net debt, is approximately $8.3 billion, Boeing stated.

So: Under the terms of the deal, each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock, resulting in an equity value of about $37.25 per share. But will the deal go through?

PRESENTED BY CBOE

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