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Good Morning!
Happy Friday! It is almost the weekend:
👉GameStop earnings are in
👉 Rivian has major updates
👉Boeing goes to space
GAMESTOP: Earnings Are In
GameStop reported disappointing fiscal first-quarter results despite renewed trading interest sparked by "Roaring Kitty." The company posted net sales of $881.8 million, down 29% from $1.237 billion a year earlier, missing analysts' estimates of $900 million to $1.09 billion. GameStop's loss for the quarter was $32.3 million, an improvement from last year's $50.5 million loss.
Source: Fox Business
Additionally, GameStop announced plans to sell another $30 million worth of stock, on top of the 45 million shares sold in May, which raised over $900 million. The unexpected results were released ahead of a scheduled YouTube livestream by "Roaring Kitty" later on Friday. GameStop shares fell 19% in premarket trading, after a 47% surge on Thursday in anticipation of the livestream. Quarter to date, the stock is up more than 271%.
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RIVIAN: Updates Are Here
Rivian has updated its all-electric R1 pickup and SUV models for 2025, boosting range, performance, and computing power with Nvidia chips. The new models have overhauled hardware, redesigned batteries, and electrical systems, which offers ten times more computing power.
Source: Yahoo
Key features include advanced driver-assistance and optional hands-free driving. These updates aim to increase sales before the cheaper "R2" models launch in early 2026 at around $45,000. Rivian is also cutting costs, pausing a new plant to save $2.25 billion. Rivian’s stock is down ~50% this year due to ongoing losses, including $1.45 billion in Q1.
BOEING: First Flight
Boeing launched its first Starliner flight with astronauts on from Cape Canaveral, Florida. The Starliner, carried by an Atlas V rocket, is headed to the International Space Station (ISS) and will dock after 25 hours in space.
Source: CNN
The astronauts will spend a week testing Starliner before returning to Earth. This mission aims to certify Starliner for NASA astronaut transport. Despite delays and issues, Boeing is contracted for six Starliner missions to the ISS.
Chart of the Day
📊Airline Industry Aims For Record
Source: Statista
GRIT Meme of the Day 😂
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Source: @wallstbets
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