Cohen Buys Another $26M of GameStop

Welcome to LazyListen. This is The Daily Rip for today. S.

stocks closed mostly flat Thursday, recovering late in the day after earlier losses driven by rising oil prices and higher bond yields. The market’s mood was also shaped by high-profile diplomacy, as former President Trump and China’s President Xi met in Washington. I.

experts, kept traders watching for any geopolitical or tech-related cues. S. and Iran are discussing reopening the Strait of Hormuz, a key oil shipping route.

That’s a big deal because any disruption there tends to push energy prices higher, impacting costs globally. Sector-wise, communication services and health care managed modest gains, but eight of the eleven major sectors ended lower. The Dow underperformed, weighed down by some industrial names, while the semiconductor space held steady thanks to Intel and AMD.

Earnings season is winding down, and the latest reports from off-cycle companies were generally uneventful. -powered digital pet, a nod to its ongoing push into artificial intelligence. Meanwhile, Morgan Stanley tried to assess the fallout from a recent leak of over a hundred confidential deals, a reminder of ongoing risks in dealmaking.

Turning to individual stocks, the spotlight was on GameStop, Costco, and a few tech names like Unity and Moderna. 15 million shares to his stake. That pushed GameStop’s rally to nearly ten percent over five sessions, despite the company’s core business still shrinking.

Sales fell almost nineteen percent in the latest quarter, but operating income surged 141 percent, helped by a fifty six percent jump in collectibles sales. 4 billion dollars debt swap, issuing new shares and paying down cash, which caused some dilution but also gave bulls something to rally around. Costco reported strong quarterly results after the close, beating expectations on revenue and earnings per share.

The warehouse giant’s revenue rose eleven percent to nearly 96 billion dollars, with comparable sales up over nine percent. Digital sales jumped almost twenty percent, and membership fees hit a record one dollar and eighty five cents billion. However, the profit beat included a one-time tariff refund, and Costco offered no forward guidance, leaving investors cautious.

Shares slipped slightly in after-hours trading despite the solid quarter, reflecting the high bar already set at a valuation of 43 times earnings. In the tech sector, BlackBerry’s automotive software division, QNX, drove a better-than-expected quarter. The company raised its full-year revenue outlook thanks to strong growth in QNX, which saw revenue climb twenty seven percent to over 80 million dollars.

BlackBerry also landed a new design win expected to generate more than 100 million dollars in future royalties. However, its secure communications segment faced headwinds from government contract uncertainties and trade tensions, leading to a lowered revenue forecast there. BlackBerry’s shares rose over four percent on the news, continuing a strong run this year.

Looking at other movers, Gen Digital’s stock tumbled twelve percent after reports surfaced that it made an early-stage takeover bid for GoDaddy, spooking investors. Meanwhile, MGM Resorts fell eleven percent following the withdrawal of a potential takeover offer, marking its worst session since last October. I.

I. infrastructure. Tomorrow’s calendar features several key economic events, including speeches from New York Fed President John Williams and Cleveland Fed President Beth Hammack.

Durable goods orders and the weekly state unemployment claims report will also provide fresh data on the economy’s health. Earnings-wise, keep an eye on Tamboran Resources, which reports before the market opens. I.

and semiconductor spaces. Investors are watching closely for signs that rising energy costs and bond yields might start to weigh more heavily on growth, while selective buying in stocks like GameStop and BlackBerry shows pockets of confidence amid broader caution. Thanks for listening.

Catch you next time on LazyListen.