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Good Morning!
Happy Friday! Enjoy your weekend:
👉Roaring Kitty makes moves
👉 Adobe earnings are in
👉Stellantis arrogant mistakes
GAMESTOP: Roaring Kitty
Keith Gill, also known as “Roaring Kitty,” has increased his stake in GameStop to over 9 million shares. He posted a screenshot of his E-Trade portfolio on Reddit’s Superstonk forum, showing he now holds 9 million GameStop shares and more than $6 million in cash. This is a significant increase from June 2, when he first disclosed holding 5 million shares and 120,000 call options.
Source: CNBC
It's unclear how Gill reached his current position; he might have sold his call options to buy more shares or exercised some options early. A spike in trading volume for GameStop call options with a $20 strike price and a June 21 expiration date suggests Gill might have started selling. As of Thursday evening, Gill's portfolio value had grown to over $268 million, up from $210 million on June 2. GameStop shares surged more than 14% that day. Recently, GameStop raised over $2 billion in an equity sale, planning to use the funds for corporate purposes, including acquisitions and investments.
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EARNINGS: Adobe
Adobe's shares rose almost ~20% in extended trading on Thursday after reporting strong earnings and raising its full-year guidance. Revenue grew 10% year-over-year for the quarter ending May 31.
Source: Adobe
For the fiscal third quarter, Adobe forecasts adjusted earnings per share of $4.50 to $4.55 and revenue of $5.33 billion to $5.38 billion, beating estimates. The Digital Media segment, including Creative Cloud, reported $487 million in new annual recurring revenue, above expectations. Adobe increased its full-year forecast to adjusted earnings per share of $18.00 to $18.20 and revenue of $21.40 billion to $21.50 billion. Adobe also launched a service for fine-tuning its Firefly AI models. Many Creative Cloud subscribers are upgrading to access Firefly capabilities.
STELLANTIS: Arrogant Mistakes
Stellantis is fixing "arrogant" mistakes in its U.S. operations, says CEO Carlos Tavares. Problems included slow inventory reduction, manufacturing issues, and poor market strategies, leading to sales drops and excess inventory.
Source: Stellantis
Tavares outlined plans to meet financial goals and confirmed 2024 guidance. Reduced incentives and marketing led to a 10% drop in U.S. sales. Despite lower sales, Stellantis remains profitable, with a 31% rise in adjusted operating income since the 2021 merger of Fiat Chrysler and PSA Groupe. They also achieved €8.4 billion ($9 billion) in cost reductions. Stellantis aims to double revenue to €300 billion by 2030, with a 12%+ profit margin and €20 billion in free cash flow.
Chart of the Day
📊GDP Growth
Source: Visual Capitalist
GRIT Meme of the Day 😂
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Source: @wallstreetoasis
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