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Good Morning!
Happy Monday! Have a great week:
šRoaring Kitty buys Chewy
šBoeing guilty plea
šMajor Supreme Court ruling
CHEWY: Roaring Kitty
Shares of Chewy surged in premarket trading Monday after a Securities and Exchange Commission filing revealed meme stock trader āRoaring Kittyā took a 6.6% stake in the pet food e-commerce retailer. Keith Gill, known as Roaring Kitty, bought over 9 million shares, making him the third-biggest Chewy shareholder. Based on Fridayās close, his stake is valued at more than $245 million. The stock rose over ~20% before the bell.
Source: CNN
The filing humorously noted, āI am not a cat,ā referencing Gillās statement during the 2021 GameStop hearings. Shares of GameStop, connected to Chewy via CEO Ryan Cohen, fell 6.5% in premarket trading Monday.
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BOEING: Guilty Plea
U.S. prosecutors plan to seek a guilty plea from Boeing over a charge related to two fatal 737 Max crashes. Justice Department lawyers and victims' families discussed the plan for about two hours on Sunday. Boeing declined to comment, and it's unclear if they will accept the plea deal, which could affect their government contracts as a major defense contractor.
Source: NPR
The DOJ is reviewing if Boeing violated a 2021 settlement that avoided federal charges for the 2018 and 2019 crashes, which killed 346 people. Boeing admitted in 2021 that its pilots misled the FAA about a new flight-control system later implicated in the crashes.
RULING: Supreme Court
The Supreme Court has overturned a 40-year-old precedent that empowered federal agencies, a move seen as weakening the so-called ādeep state.ā In a 6-3 ruling, the court ended the 1984 Chevron decision, which had allowed judges to defer to agencies when laws were unclear, giving bureaucrats regulatory flexibility.
Source: SCOTUS
Chief Justice John Roberts stated that courts must now decide independently if an agency has acted within its authority. This shift is part of a broader trend where the courtās conservative justices are limiting federal agency power, as seen in recent decisions affecting the SEC and EPA.
Chart of the Day
šRivianās Lifeline
Source: Carbon Finance
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Source: @wallstreetoasis
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