Lt. General John Thompson says the Space Force is working hard to develop a digital literate workforce.
Lt. General John Thompson says the Space Force is working hard to develop a digital literate workforce.
The Board of Directors of General American Investors Company, Inc. (NYSE symbol – GAM), a closed-end investment company, declared a spill-over capital gain distribution on its common stock totaling $0.25 per share from net long-term profits on securities sold during the period November 1, 2020 through December 31, 2020. This is sourced from long-term capital gain income and is expected to be taxable as such. The dividend and distribution is payable in cash on February 19, 2021 to stockholders of record on February 8, 2021 and is to be included in stockholders’ federal income tax returns for 2021.
Over the past week, a growing number of Republicans began sounding the alarm about the number and content of executive orders being issued by President Joe Biden.
Facebook continued to churn out massive advertising revenue, but cited "significant uncertainty" as challenges mount.
The San Jose Sharks acquired Ottawa Senators defenseman Christian Jaros in a pair of deals Wednesday that also involved the Anaheim Ducks. The Sharks first sent defenseman Trevor Carrick to the Ducks in exchange for forward Jack Kopacka, then bundled Kopacka and a 2022 seventh-round pick to the Senators in exchange for Jaros.
There’s a kitchen-sink full of Serious Drama Cliches in the new Justin Timberlake film “Palmer,” about a high school football star turned convict who must help the young gender fluid boy with the addict mom next door while also trying to regain his footing in his small Louisiana hometown. Timberlake plays Eddie Palmer, who has just been released from prison after 12 years and is going to live with his grandmother Vivian (June Squibb) in his old hometown.
"Love and loss [are] part of life and it's even harder when you have to do it in the public eye," she wrote on Instagram
Starbucks, which serves coffee to 100 million customers each week, is leveraging its team of design engineers to speed up the COVID-19 vaccine process in its home state of Washington.
Shares of Express (NYSE: EXPR), Revlon (NYSE: REV), and PetMed Express (NASDAQ: PETS) were jumping again as a massive short squeeze on consumer stocks continued into its third day. The squeeze instigated by a group of traders on Gamestop has now spread to other heavily shorted stocks, including AMC Entertainment Holdings and Bed Bath & Beyond, in addition to the group of stocks above. As of 12:13 p.m. EST, Express was the big winner of the bunch, up a whopping 202%, while Revlon had gained 26.2% and PetMed Express was up 20.7%.
After last week's impressive performance, the streaming leader got caught up in Wall Street's negative mood.
XILINX REPORTS THIRD QUARTER FISCAL YEAR 2021 RESULTS
The man had thousands of rounds of ammunition and appeared to support right-wing militias
(Bloomberg) -- Democratic Senator Elizabeth Warren pressured the Biden administration’s financial regulators to crack down on Wall Street, citing frenzied volatility in shares of GameStop Corp. over the past week that has shocked traders.In a sharply worded statement on Wednesday, the former presidential candidate and longtime corporate foe expressed astonishment at the rally while also criticizing hedge funds and others with short positions in company.“For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price,” she said. “It’s long past time for the SEC and other financial regulators to wake up and do their jobs -- and with a new administration and Democrats running Congress, I intend to make sure they do.”Retail investors have rapidly driven up GameStop’s shares in recent days, squeezing hedge funds with large short positions in the company.U.S. Treasury Secretary Janet Yellen and the administration’s economic team are watching stock market activity around GameStop and other heavily shorted companies, White House Press Secretary Jen Psaki said earlier Wednesday.“Our team is of course -- our economic team including Secretary Yellen and others -- are monitoring the situation,” Psaki told reporters at the White House on Wednesday. She called the unusual trades in the video-game retailer “a good reminder, though, that the stock market isn’t the only measure of the health of our economy.”A Treasury Department spokesperson declined to comment. Federal Reserve Chairman Jerome Powell also declined to weigh in on the activity around GameStop.“I don’t want to comment on a particular company or day’s market activity or things like that. It’s just not something really that I would typically comment on,” he told reporters at a Wednesday afternoon news conference.Shares in the video-game retailer more than doubled on Wednesday, triggering at least two volatility halts as it at one point notched its biggest-ever intraday advance. GameStop has surged eightfold in the past week, adding almost $20 billion to its market value.Read More: GameStop Rally Hits New Extremes as Short Sellers SurrenderGameStop’s meteoric rise has captivated Wall Street, as an army of small traders spurred on by Reddit posts have pushed the company’s stock price to unheard-of levels. Shares in the company began the year at just $19. Hedge funds who held short positions in GameStop, such as Melvin Capital, have closed out of them as the rally continued, suffering billions of dollars in losses.Representative Alexandria Ocasio-Cortez, a New York Democrat, said in a tweet that Wall Street and those posting online have taken a similar approach to the economy and markets.“Gotta admit it’s really something to see Wall Streeters with a long history of treating our economy as a casino complain about a message board of posters also treating the market as a casino,” she wrote.While some commentators have cast the frenzy as a populist uprising against Wall Street institutions, others see a dangerous play that could eventually leave investors exposed to major losses. Some wondered if it was the result of purposeful market manipulation.Earlier: Michael Burry Calls GameStop Rally ‘Unnatural, Insane’ Investor Michael Burry, who previously championed GameStop in 2019, called the current phenomenon “unnatural, insane, and dangerous.”“What is going on now -- there should be legal and regulatory repercussions,” tweeted Burry, who made his name for his bet against mortgage-backed securities before the 2008 financial crisis.Burry’s tweet tagged the Securities and Exchange Commission’s Division of Enforcement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The furor surrounding GameStop and its stock price has consumed social media, business television, and the hopes and dreams a many retail investors. After noting reports that some traditional brokers were limiting access to GameStop and other so-called meme stocks, TechCrunch was curious what the newer, app-based investing services were doing for their own users. A spokesperson for M1 Finance, a Midwest-based consumer fintech player that offers a basket of banking and investing services -- more on its growth here and here -- told TechCrunch via email that it wasn't taking "specific" steps regarding individual stocks.
(Bloomberg) -- GameStop Corp. had the biggest day yet of its dizzying rally, adding more than $10 billion in market value, as bullish day traders kept the upper hand over short sellers.The shares advanced 135% to $347.51 at the close Wednesday after triggering three volatility halts. The video-game retailer’s market value has risen more than 18 times this month to about $24 billion, making GameStop bigger than almost half of the companies in the S&P 500 Index.Euphoria born in day-trader chat rooms has turned GameStop into the biggest story of the retail era, its improbable surge an emblem of the newfound power of individual investors. At the same time, it’s become a major headache for institutional investors betting it would fall.The meteoric rally has left short sellers counting the cost in a battle with day traders who have taken to the Reddit social media platform to encourage others to follow their lead. Melvin Capital closed out its short position, while Citron Capital’s Andrew Left said the firm covered the majority of its short in “the $90’s at a loss of 100%.”“It does feel like rationality and fundamentals are just kind of dead,” J Capital Research co-founder Anne Stevenson-Yang said by phone. “If you’re short you’re in a very difficult position because you have to buy the stock to get out, so you end with a heavily overvalued stock.”The story catapulted past the market and was said to have caught the attention of Treasury Secretary Janet Yellen and others in the Biden administration. Senator Elizabeth Warren said she intends to make sure regulators “wake up and do their jobs.”Federal Reserve Chair Jerome Powell sidestepped several questions about the market implications of GameStop’s rally, refusing to comment on any individual stock or a single-day move in the equity market. Instead, he said that financial-stability vulnerabilities overall are “moderate.”GameStop didn’t respond to requests for comment.The stock’s gains were fanned late Tuesday after Tesla Inc. chief Elon Musk tweeted a link to a Reddit thread about the company. But famed fund manager Michael Burry warned that the manic rally has gotten out of hand, calling the stock’s rise “unnatural, insane, and dangerous.”Venture capitalist Chamath Palihapitiya, who pushed the gains higher Tuesday after tweeting about buying calls, said on CNBC that he closed his GameStop position. He said he will donate $500,000 from his profits and original position to the Barstool Fund for small businesses.“It really just goes to show the classic saying that markets can stay irrational longer than you can stay solvent,” said Greg Taylor, chief investment officer at Purpose Investments. “So you can try to fight this as long as you want but at some point you just have to give in and just step to the sidelines. That feels like the phase of the market we’re in right now, where things are going a little crazy and definitely divorced from fundamentals.”Another note of caution was provided Wednesday by Bank of America Corp. analysts. While raising their price target to $10 from $1.60 to reflect the stock’s recent surge, they noted that GameStop is in “a weaker not a stronger place” and reiterated their underperform recommendation.“While it is difficult to know how much very high short interest and retail ownership could continue to put upward pressure on the shares, we think fundamentals will again factor into valuation,” analysts led by Curtis Nagle wrote in a note. “We remain skeptical on the potential for a turnaround.”“It is unwise to try to stand on principle against an angry mob,” said Wedbush Securities Inc. analyst Michael Pachter, who had a price target of $16 for GameStop as of Jan. 11. “The shorts have to mark their investments to market value, so if they’re short at $20 thinking the stock will go to $10 and it goes to $300, they lost $280 trying to make $10. Frankly, I’m surprised they didn’t close much lower than here.”The epic short squeeze has set off a search for other companies that might be similarly vulnerable, with Express Inc., Bed Bath & Beyond Inc. and AMC Entertainment Holdings Inc. among stocks surging on Wednesday.Online brokerages including Robinhood Markets and Charles Schwab Corp. were hit again by service disruptions as the wild swings transfixed traders. TD Ameritrade told clients in a message that it has put in place several restrictions on some transactions in GameStop, AMC and other securities.“The thing about these manias is there’s always enough people who make 600% or 1,000% and tell everybody about it that everybody gets excited about it,” said Anne Stevenson-Yang. “The thing is it’s not the majority of those people and eventually a whole bunch of people lose money.”(Updates share price moves throughout, adds comments from Senator Warren and Fed’s Powell.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Residents of Washington DC have only a non-voting representative in the House and no representation in the Senate
Graham Corporation Declares $0.11 per Share Quarterly Cash Dividend
Michael Strahan has tested positive for Covid-19. The Good Morning America co-host has been away from the ABC show this week and is self-quarantining. He also appeared only remotely on Fox NFL Sunday this past weekend as that network covered the NFC Championship Game. Strahan has worked on the telecast during football season for more than a […]
Keke Palmer has been tapped as host of Disney+’s upcoming unscripted build competition series Foodtastic. Palmer also will executive produce the series in which contestants are challenged to create Disney-inspired works of art made out of food. NYC’s City Cakes founder Chef Benny Rivera and Flour Shop founder Amirah Kassem will serve as judges for […]
Sales through retailers' e-commerce channels jumped during the holiday season as customers staying at home chose to spend their disposable income and stimulus money on clothing, electronics, and gifts, rather than traveling or eating out. Overall revenue fell about 12% to $1.39 billion in the fourth quarter ended Nov. 29, as a surge in coronavirus cases at the end of last year forced store closures in major markets and battered already weak store traffic.
EU says it is yet to make breakthrough in talks with British-Swedish drug maker as tensions rise over vaccine