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Yahoo
11 minutes ago
- Yahoo
'I'm not here to pump up a stock': The hedge funder who sparked a speculative frenzy says he's not playing the meme stock game
Opendoor isn't a meme stock, says the hedge funder whose thesis sparked a huge rally in the shares. Eric Jackson, known for his call on Carvana in 2023, thinks Opendoor can rally more than 3,000%. He says Opendoor shouldn't be lumped together with other meme stocks that surged this week. The architect of the latest meme stock rally doesn't want you to call him that. Eric Jackson, the founder of EMJ Capital, is bullish on Opendoor—the online real estate platform that embarked on a blistering rally after he posted his thesis on X—but it isn't a meme stock, he says. In his eyes, it's the real deal, a pandemic-era darling with big turnaround potential despite a 92% tumble since its peak. Jackson is known for what ended up being a correctly bullish call on Carvana in 2023. He laid out his views on Opendoor on social media on July 14, sparking not only a rapid rise in the stock, which also seems to have revived the meme stock trade among a newer group of unloved stocks, including Kohl's, Krispy Kreme, and GoPro. But for Jackson, Opendoor isn't a joke. He declined to disclose the value of his firm's stake, but it's now the single biggest position in EMJ Capital's portfolio, he told Business Insider. "I never thought of it that way," he said of investors who called Opendoor a meme stock. "So I sort of take offense, because I find all the meme stocks to be, to me, kind of terrible businesses that I would never want to own. Whereas I see Opendoor as a legitimate turnaround story." Opendoor will probably be the only company among the meme-stock cohort that won't be forgotten about by next week, he said, adding that he sees the latest speculative buying spree fizzling out. Indeed, most of this week's meme stock cohort was already giving up their biggest gains by midday on Friday. Opendoor's stock price spiked as high as $4.97 this week in intraday trading, an almost 830% increase in July. The stock has since pared its gains, trading around $2.46 a share on Friday, but Jackson still thinks shares could hit $82 within the next several years, a gain that would mark a 3,200% increase from current levels. The next leg-up for the stock could come in the next few weeks when the company reports third-quarter earnings, Jackson said. 'I'm not here to pump up a stock' Opendoor first appeared on Jackson's radar in 2022, around the time he started paying attention to Carvana. In a podcast called "The Compound and Friends," he said he believed both companies, which were struggling at the time, could stage a massive turnaround. His bet on Carvana paid off. Shares of the online used car retailer have risen almost 7,000% since the beginning of 2023. The bet on Opendoor — until now — did not. The stock traded between $1-$3 a share around the time Jackson finally gave up on the call and cashed out his shares nine months ago. "It's like having a painful ex in your history and you just don't want to look at their Instagram page or something like that, because it just brings up bad feelings," he said. Jackson thinks the story could be different this time around for a few reasons: Opendoor stock now looks similar to Carvana when Jackson first made his call on the used car seller. Opendoor shares were trading under $1 around the time he fired off a series of posts about the company on X. Opendoor has aggressively slashed its costs in recent years. In 2024, it cut its workforce by 17%. The firm doesn't have much competition in the iBuying space now that Zillow and Redfin have exited that business. Opendoor was likely "thrown for a loop" by the Fed keeping interest rates higher for longer than expected in 2022 and 2023, Jackson said. High borrowing costs significantly impact the real estate sector, but most investors expect the central bank to cut rates several more times this year, potentially stimulating fresh activity in the housing market. Opendoor might also be able to benefit from a big AI play, Jackson told BI, citing conversations with a former company insider. Jackson says what he sees going for Opendoor sets it apart from the meme stocks at the center of this week's euphoric rally. "Does Kohl's have an AI strategy? Does American Eagle, other than hiring Sydney Sweeney, have an AI strategy? I mean, GoPro — I mean, come on," he said of the other meme stocks in the spotlight. On social media, Jackson frequently tells his followers he's on the quest to find the next "100-bagger," a term coined by the investor Chris Mayer to describe an investment that has the potential to return 100 times its value over the long run. Jackson's firm, which has also started leaning on AI models to identify stocks with glimmers of potential, tries to look for three things, he said: Have other people given up on the stock? Does it look substantially mispriced? Does it look like it has a sustainable turnaround trajectory? If the answers are "yes," it could be a winning trade, though he acknowledges the approach isn't an exact science. Successful investments Jackson has made that he deems as 100-baggers include Alibaba, Microsoft, Coinbase, and Roku, he said in a post on X in June. The Opendoor call, in particular, has garnered him a lot of attention. Speaking to Bloomberg, Jackson said his firm had received 600 calls or emails from people inquiring about his fund and investment ideas in the last several weeks. Since posting the Opendoor thread on X, he told BI he's spoken with investors all over Asia, Africa, Europe, and South America who buy into his call, but he has also come across "a lot of negative stuff" on X about his thesis. "I guess it comes with the territory when you stick your neck out there as a real person with real thoughts. You get all these anonymous trolls chirping back at you," he said. "I really hope that if all of retail and all institutional investors truly believe in this $82 story, my hope is they zero in with like, the Death Star on this planet, and just buy and hold," he said, adding that he believed investors could stage a rally similar to Cisco's meteoric rise during the dot-com bubble. Importantly, he emphasized that he's not a fan of people saying he sparked the meme stock rally. "But I'm some grifter or flipper, no. I'm in this for the long run. I'm not here to pump up a stock and jump out of it. I've never done that." Read the original article on Business Insider
Yahoo
11 minutes ago
- Yahoo
Notre Dame trending in the right direction for elite 2027 wide receiver Matthew Gregory
The arrival of running backs coach Ja'Juan Seider from Penn State has already paid dividends for Notre Dame, and more good news could be on the way. The Fighting Irish extended an offer to elite 2027 wide receiver Matthew Gregory in early June, and there is positive momentum for his potential commitment. The 6-foot-1, 170-pound five-star prospect is ranked as the No. 39 overall player nationally in his class by the 247Sports Composite Rankings, and he has several offers outside of ND, including Penn State, Florida State and Maryland. But he has praised the relationships he has made across the Irish coaching staff in a report from Kyle Kelly. During his sophomore season in 2024 at Owen J. Roberts (Pottstown, PA), Gregory recorded 850 receiving yards and 13 touchdowns on 48 catches. He also had six interceptions while playing on the other side of the ball, and he has been clocked at 4.35 when running the 40-yard dash. Contact/Follow us @IrishWireND on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Notre Dame news, notes and opinions. Follow Dave on X: Miller_Dave This article originally appeared on Fighting Irish Wire: Momentum building for Notre Dame in recruitment of WR Matthew Gregory
Yahoo
11 minutes ago
- Yahoo
Manchester United vs Bournemouth: Friendly prediction, kick-off time, TV, live stream, team news, h2h, odds
Manchester United take on fellow Premier League side Bournemouth this week as their pre-season preparations continue across the pond. Ruben Amorim's side kicked off their US tour with a 2-1 win over West Ham, which saw Bruno Fernandes score both goals. The summer started with a 0-0 draw with Leeds in Sweden. United are back in Chicago for the first time in a decade, having faced Paris Saint-Germain at Soldier Field in 2015. The club's tour concludes against Everton in Atlanta on Sunday. Date, kick-off time and venue Manchester United vs Bournemouth is scheduled for a 2.30am BST kick-off on Thursday, July 31, 2025. The match will take place at Soldier Field in Chicago, Illinois. Where to watch Man Utd vs Bournemouth TV channel: In the UK, the game will be televised live on Sky Sports Main Event and Premier League. MUTV are also providing a live broadcast of the game. Live stream: Sky Sports subscribers can also catch the contest live online via the Sky Go app and website. MUTV is available through Manchester United's official website. Man Utd vs Bournemouth team news Manchester United fans will have to wait a little longer to see Bryan Mbeumo in action for the first time, with Amorim confirming the summer signing will not face the Cherries. The head coach told reporters: "Bryan is starting slowly. He is not going to play in the next one. We hope to have Bryan in the last game [against Everton]. He's training now, so we'll see." Noussair Mazraoui and Joshua Zirkzee missed the win over West Ham, wtih the former sidelined with a knock and the latter recovering from a "small issue". Goalkeeper Andre Onana has returned to training but will not feature during the tour. Bournemouth have a fully fit squad together Stateside. Man Utd vs Bournemouth prediction It is a fool's errand to make predictions for these pre-season games - after all, the result is secondary - but Manchester United have played two games so far this summer without yet showing much improvement from last season. Bournemouth, meanwhile, have scored plenty across three pre-season fixtures so far, including a 3-0 win over Everton last time out, suggesting they are clicking slightly better as the new Premier League approaches. Bournemouth to win, 3-2. Head to head (h2h) history and results Man Utd wins: 14 Bournemouth wins: 5 Draws: 5 Man Utd vs Bournemouth match odds Man Utd to win: 10/11 Bournemouth to win: 15/8 Draw: 15/8 Odds via Betfair (subject to change).
