🚀 Gamestop soars

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Shares of GameStop surged on Thursday after "Roaring Kitty" (Keith Gill) announced a YouTube livestream, his first in nearly four years. Scheduled for noon on Friday, traders speculated that Gill would discuss his substantial GameStop stake, causing the stock to jump over 47% to close at $46.55, peaking at $47.50 during the session. This rise led to a brief trading halt due to volatility, with the stock doubling this week alone. Gill, who uses the alias DeepF------Value on Reddit, recently posted screenshots showing he holds five million shares and 120,000 call options in GameStop, valued at over $200 million. If exercised, these options could expand his stake to 17 million shares, potentially worth over $1 billion if the stock returns to its May high of $64.83 per share. Gill's recent re-emergence follows a pause in updates after concerns from E-Trade about potential market manipulation.

2. Hertz Global Holdings is selling 20,000 electric vehicles from its fleet, including many Teslas, in an attempt to adjust its EV strategy amidst slowing growth in the U.S. EV market. While EV sales have significantly increased since 2020, the pace has recently decelerated, prompting a shift towards hybrids by automakers. Despite this, the transition to EVs is still inevitable due to improving battery technology, expanding charging infrastructure, and the need to reduce carbon emissions. Hertz’s used EVs, including Teslas priced around $25,000, come with a 115-point inspection, limited warranty, and additional protections. However, potential buyers should be aware that these vehicles may have higher mileage and wear due to frequent rentals. The used EV market is also seeing significant price drops, making now a potentially good time to purchase. Buyers can use AI tools and online resources to research and find deals, but a physical test drive and third-party inspection remain crucial steps in the buying process.

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4. Headlines

   1. A rise in orange juice prices is causing manufacturers to consider other fruits/juices.

   2. Supreme Court Justice Thomas has accepted over $2.4M in gifts.

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