markets

Luke Kawa1/26/26

GameStop surges after Michael Burry reveals he owns the stock

Shares of GameStop are surging after Michael Burry, former hedge fund manager of “The Big Short” fame and current Substacker, announced that he’s been buying the video game and collectibles retailer recently.

The revelation came in Burry’s long-anticipated follow-up post on GameStop. The stock initially jumped when Burry tweeted about his history of being long the stock in November, and again in December as he teased a more thorough write-up of the experience.

Per CNBC, Burry wrote in a Substack post on Monday:

“I own GME. I have been buying recently. I expect I am buying at what may soon be 1x tangible book value / 1x net asset value. And getting a young Ryan Cohen investing and deploying the company’s capital and cash flows. Perhaps for the next 50 years.”

Trading volumes in GameStop went parabolic after the news crossed the wires. As of noon ET, 11.9 million shares have changed hands, more than 6x the average by this time of day.

And while Burry said he’s “willing to hold long-term,” his ownership is spurring a big rush into short-term call options on GameStop. As of 12:20 p.m., call volumes are more than double their 20-day moving average. The four most active contracts are calls that expire this Friday with strike prices of $25, $24, $20, and $23.

GameStop is a stock that has traded off of nostalgia, its exposure to things that are cool or entertaining, and leaders with big main character energy. And Burry’s the first injection of main character energy into the shares since Keith Gill, aka Roaring Kitty, came back to spur another meme stock rally in GameStop in the second quarter of 2024 and then disappeared almost as quickly as he’d arrived.

Gill and Burry have a lot in common: both like GameStop because they think it’s cheap and they’re willing to make “a bet on the management, in particular, of course, Ryan fucking Cohen.”

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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