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Today is Tuesday, May 14, 2024.

The Early Bird Index today is 70.55.

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GameStop's Meme Stock Surge 🚀

The meme stock craze of 2021 made a surprise comeback on Monday.

Details: Keith Gill is an investment trader known as Roaring Kitty, who was behind 2021’s meme stock craze. Gill posted on Twitter/X for the first time in nearly three years on Monday, which prompted retail investors to snap up shares of so-called meme stocks.

Stock Prices: GameStop (NYSE: GME) surged by 74.40% on Monday, AMC Entertainment (NYSE: AMC) climbed by 78.35%, Novavax (Nasdaq: NVAX) jumped 47.64%, and Tupperware Brands (NYSE: TUP) grew by 36.43%.

Bigger Picture: Short-sellers who bet against the meme stocks lost nearly $1 billion in the rally on Monday.

Also: Dogecoin, a meme coin in cryptocurrency, increased 5% on Monday.

Final Thoughts: It’s tough to trust these meme stock rallies, although they are fun to watch.

Notables

Notable Earnings Today: Home Depot (NYSE: HD), Alibaba Group Holding (NYSE: BABA), Jack In The Box (Nasdaq: JACK), Nextracker (LON: NXT), Sea Limited (NYSE: SE), Nu Holdings (NYSE: NU), Intuitive Machines (Nasdaq: LUNR), DHT (NYSE: DHT), Rumble (Nasdaq: RUM), Prestige Consumer (NYSE: PBH), Arcutis Biotherapeutics (Nasdaq: ARQT), Bakkt Holdings (NYSE: BKKT), Bioceres Crop Solutions (Nasdaq: BIOX), Boot Barn Holdings (NYSE: BOOT), Canoo (Nasdaq: GOEV), Capital Southwest Corp. (Nasdaq: CSWC), dLocal (Nasdaq: DLO), Dragonfly Energy Holdings (Nasdaq: DFLI), Hudbay Minerals (NYSE: HBM), IHS Holding (NYSE: IHS), International Game Technology (NYSE: IGT), MINISO Group (NYSE: MNSO), Ocugen (Nasdaq: OCGN), On Holding (NYSE: ONON), Ontrak (Nasdaq: OTRK), OrganiGram Holdings (Nasdaq: OGI), SFL Corp. (NYSE: SFL), Smith Douglas Homes (NYSE: SDHC), Taysha Gene Therapies (Nasdaq: TSHA).

Notable IPOs Today: Raytech Holding Limited Ordinary Shares (Nasdaq: RAY), Armlogi Holding Corp. common stock (Nasdaq: BTOC).

Notable Equity Crowdfunding Campaigns Ending Today: CENA (SMBX).

Notable Economic Events Today: Producer Price Index / Core PPI (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Online Casino Stock Delays IPO

Games Global Limited (NYSE: GGL) was supposed to go public today, but the online casino game company announced on Monday it was delaying its initial public offering.

Details: According to Reuters, Games Global halted its IPO due to “current market conditions.”

Final Thoughts: The IPO market has been slow lately. This news won’t help it.

Paysafe Reaffirms Outlook

Online payments company Paysafe (NYSE: PSFE) jumped 12.32% in after-hours trading on Monday after posting better-than-expected financial results.

Financials: Paysafe reported earnings of 57 cents per share in the past quarter and revenue of $417.7 million; both were better than expected.

Powering the Story: In addition to the good results, Paysafe also reaffirmed its full-year outlook.

Stock Price: Paysafe was up 24% this year before the results.

Final Thoughts: It’s been a good 2024 for Paysafe as it pulls ahead of its rivals.

Trends to Watch

Big Test: Cautious Bitcoin Bounce to Face Inflation Data Hurdles Later This Week (CoinDesk)

Sparking a Brighter Future: New Rules to Overhaul Electric Grids Could Boost Wind and Solar Power (New York Times)

Denied: NRF rejects Shein membership as retailer pursues U.S. IPO (CNBC)

Closing the Nuclear Chapter: Biden Signs Ban on Imports of Russian Nuclear Reactor Fuel (Bloomberg)

Fourth Time’s a Charm: Investors Crowd Into Soft-Landing Trade Ahead of Crucial Inflation Data (Wall Street Journal)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}