RYAN COHEN RETURNS

Ryan Cohen has been named the new CEO of Gamestop. Cohen's ascent to the position of GameStop CEO epitomizes his significant influence in the meme stock phenomenon. In 2021, he gained prominence as an activist investor during the surge of meme stocks. He was appointed to GameStop's board in January 2021, just as Reddit enthusiasts were rallying behind the stock, causing its value to soar dramatically within the month. Appointing Cohen as the company's leader signifies a pivotal moment in GameStop's revitalization strategy. Many had perceived Matthew Furlong, the former CEO, as a huge part of their digital strategy. In the latest quarterly results, GameStop disclosed a larger-than-anticipated loss per share and did not meet Wall Street's revenue projections. However, both these indicators showed a slight improvement compared to the same quarter from the previous year.

🎯 GRIT TAKE: Ryan Cohen is the former CEO/Founder of Chewy which is the leading online pet supplies store. In the past, Cohen has shown an unbelievable agility to cut budgets while increasing revenue. Cohen faces multiple challenges at the helm of Gamestop, but there are few people that have the experience and past-success of Ryan Cohen. He will be ready for the challenge. Upgrade to VIP to find out all of GRIT’s takes! 🚀📊 

BILLIONAIRE PREDICTS 5% TREASURY YIELDS

Billionaire hedge fund leader Bill Ackman anticipates that long-term Treasury yields might surge further shortly due to persistent inflation. Speaking to CNBC's Scott Wapner at the CNBC Delivering Alpha Investor Summit in New York City, he mentioned, “I wouldn't be surprised if we see the 30-year rates surpassing 5%, with the 10-year rates nearing that mark.” The CEO of Pershing Square Capital Management expressed skepticism about the Federal Reserve's ability to bring inflation back to its 2% goal, attributing this partly to a revitalized labor movement and rising energy costs. This week, the standard 10-year Treasury yield reached its highest in 15 years, exceeding 4.65%, following the Federal Reserve's indication of prolonged elevated interest rates this month. The 30-year rate was recently seen hovering around 4.71%.

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TENSIONS ARE RISING

Negotiations are becoming increasingly strained between Detroit car manufacturers and the United Auto Workers union, as the latter considers broadening U.S. plant strikes. This comes after two weeks of halted work and a diminishing chance for a swift resolution. The UAW is set to reveal more sites for potential strikes at 10 a.m. ET on Friday, unless there's significant headway in discussions with General Motors, Ford Motor, and Stellantis. These talks concern contracts for about 146,000 autoworkers. UAW President Shawn Fain will conduct a Facebook Live session at that time to brief members about the ongoing negotiations and to pinpoint further strike venues, as mentioned by an insider privy to the deliberations. Leading up to this, challenges persist over main economic conditions and a perceived lack of effort from the union's side to finalize an agreement, state sources who wished to remain anonymous due to the confidential nature of the talks.

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Headlines You Need To Know:

• Coinbase CEO slams JP Morgan for banning payments in UK

• Oil nears $100 a barrel

• Stagflation is the big monster out there

• The threat of an American debt crisis

• ‘Fortnite’ maker is cutting 16% of staff

• Talking peace in Sudan

• Consumer spending sends out mixed signals

• Why Biden is taking a hands off approach to the shutdown

• Wagner fighters return to Ukraine

Just for fun…

Forget Robbing A Bank

Forget robbing a bank, this millennial couple stole $4.5 BILLION in bitcoin and got away with it. (For awhile, at least) Heather Morgan, a.k.a. Razzlekhan who also raps about crypto, and her husband pleaded guilty to orchestrating a massive money laundering scheme. They have become known as the modern day “Bitcoin Bonnie and Clyde.” When they were arrested in February 2022, the Department of Justice said officials had seized more than 94,000 bitcoin of the more than 119,000 hacked bitcoin. The seized cryptocurrency at the time was worth about $3.6 billion, making it the largest seizure in DOJ history. They have seized the rest since then. When the bitcoin was originally stolen, it was worth $70 million, but it has skyrocketed to a staggering $4.5 billion in value. They used a number of advanced hacking tools and techniques to gain access to Bitfinex's network. Once inside the exchange, they fraudulently authorized more than 2,000 transactions in which 119,754 bitcoin was transferred from Bitfinex to a cryptocurrency wallet in their control. They both are facing years in prison. 

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Tight Credit Is the Biggest Burden

Which will be the biggest obstacle through the end of the year?

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The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.