markets

5/28/25

GameStop jumps on purchase of more than $500 million in bitcoin

GameStop is ostensibly a brick-and-mortar video game and collectibles retailer. Effectively, it’s a meme stock turned successful T-bill fund that, as of this morning, has officially diversified into bitcoin.

The company announced that it purchased 4,710 bitcoin, or at least $510 million worth, based on prevailing prices through May 28, joining the likes of Michael Saylor’s Strategy in holding crypto on its balance sheet.

GameStop’s move to adopt a bitcoin treasury strategy, seemingly the worst-kept secret in finance, was unveiled in tandem with its quarterly results on March 25, followed by a $1.3 billion to $1.5 billion offering of convertible senior notes to raise money for, among other things, purchasing crypto.

That offering was expected to close in early April. Bitcoin is up about 30% since then, but traders are rewarding GameStop in the premarket even after management missed out on that massive rally only to buy now: shares spiked as much as 7% in premarket trading on Wednesday before paring a chunk of that gain, on the heels of a 6% advance on Tuesday.

The stock is now trading at its highest level since last year’s meme mania spurred by the return of Keith Gill, aka Roaring Kitty, to the scene.

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Oracle Wall Street Revisions

Analysts revise up anything and everything they thought about Oracle

After the company’s bombshell earnings this week, Wall Street thinks Oracle’s trajectory has changed.

Matt Phillips1h

markets

3h

Six Flags pops after reiterating its guidance as theme park attendance rebounds

Six Flags shares rose more than 7% today after the company reported a rebound in attendance and early season-pass sales heading into the fall. The nine-week period ending August 31 saw 17.8 million guests, up about 2% from the same stretch in 2024, with stronger momentum in the final four weeks.

More importantly, Six Flags reaffirmed its full-year adjusted EBITDA guidance of $860 million to $910 million, showing confidence that its cost and operations strategy can stay strong for the duration of the year. Riding that wave, Six Flags also said early 2026 season pass unit sales are pacing ahead of last year, and average season pass prices are up around 3%.

The good vibes come despite a drop in in-park per capita spending, especially from admissions, where promotions and changes to attendance mix (which parks or days guests visit) have weighed. Earlier this week, the amusement giant extended a new agreement that extended its position as the exclusive amusement park partner for Peanuts™ in North America through 2030.

Despite the rally, Six Flags shares are down around 52% year-to-date.

markets

4h

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

markets

J. Edward Moreno

4h

Moderna, Pfizer dip after WaPo reports Trump officials’ plan to link Covid vaccines to child deaths

Vaccine makers are falling after The Washington Post reported that the Trump administration plans to link the coronavirus vaccine to 25 child deaths.

Moderna and Pfizer, the two companies who sell the vaccine in the US, fell by more than 5% and 2%, respectively. The coronavirus vaccine is virtually the only revenue driver for Moderna, while Pfizer has a larger and more diverse portfolio.

Trump officials to link child deaths to covid shots, alarming career scientists

DEVELOPING PROBLEMS

Concerns about rising government debt are not strictly an American problem

Global government debt piles are swelling to record levels. That’s an issue for many nations, but developing countries may be most at risk.

Closeup rolled of variety banknote and multi currency around the world. Exchange rate and Forex investment concept.-Image.

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