Block price target raised to $90 from $75 at Bernstein
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New York Post
20 minutes ago
- New York Post
Krispy Kreme, GoPro and Beyond Meat shares soar in revival of meme stock craze
Shares in a donut chain, camera company and meat-substitute maker surged Wednesday in a revival of meme stocks. Krispy Kreme, the North Carolina-based chain with about 350 shops, soared as much as 25% on Wednesday. GoPro, famous for its miniature action cameras, jumped 49% while Beyond Meat rose 11%. 3 Krispy Kreme Cake Batter donuts on display in a Times Square shop. Stephen Yang Shares in Opendoor Technologies, an online platform that buys and sells real estate, plummeted 18% after a wild week in trading – rising more than 300% over the past week. Kohl's shares also fell 13% after gaining about 40% at the start of this week. Social media buzz around the stocks and short squeezes spurred the rally, despite little change in these companies' business fundamentals, according to Daniela Hathorn, senior market analyst at 'Krispy Kreme seems to be the latest addition to the frenzy,' Hathorn said in a note. 'Like the others, there was no significant news to justify the rally, just sheer retail momentum.' It's an apparent comeback for meme stocks, reminiscent of the GameStop chaos four years ago that famously forced Gabe Plotkin to shut down his hedge fund Melvin Capital Management. 3 Shares in Krispy Kreme soared Wednesday. AP Similar to that initial GameStop craze, this latest bout of meme stocks are soaring alongside broader market optimism. The S&P 500 has notched another all-time high and Bitcoin has doubled in less than a year. Call volume on Krispy Kreme skyrocketed Tuesday, hitting a record of over 100,000 contracts trading – about 71 times the average daily volume over the past four years, according to a Bloomberg analysis. Every morning, the NY POSTcast offers a deep dive into the headlines with the Post's signature mix of politics, business, pop culture, true crime and everything in between. Subscribe here! GoPro saw its highest call volume since 2021 with over 56,000 contracts, according to Bloomberg. Traders on the WallStreetBets page on Reddit, known for orchestrating meme stock movements, suggested several companies, including Krispy Kreme. The revival started last week, as shares in Opendoor surged massively – though Eric Jackson, founder and president of EMJ Capital, argued that Opendoor is not a true meme stock. 3 A small GoPro action camera. Gabe Shakour – 'I got into it because this is a real business. It's got a real platform that it's built and it's definitely fallen on hard times, that's why the stock is down like 99% or whatever it is from its all-time highs, but I just think the market got overly pessimistic about this,' Jackson told Bloomberg Podcasts on Tuesday. Kohl's, meanwhile, had more than doubled at one point on Tuesday. Other stocks with relatively high short interest, like The Campbell's Co., Aehr Test Systems, Polaris and Wendy's, also attracted buyers this week.
Business Insider
21 minutes ago
- Business Insider
Investors are cheering Trump's 'massive' trade deal with Japan
Investors are getting some relief from trade war jitters. President Donald Trump announced on Tuesday that the US reached a trade deal with Japan, posting on Truth Social that the US would receive a $550 billion investment from Japan. Tariffs on goods from Japan will be lowered to 15%, down from 25% Trump threatened earlier this month. Stocks jumped on the news, with the Dow rising over 200 points at the open. Share of Japanese automakers spiked in trading in Tokyo, with Toyota up 14% and Honda rising 12%. "News of the long-awaited US-Japan trade deal represents a milestone in the president's trade jigsaw, reinforcing the perception that the White House is open to compromise," Michał Jóźwiak, analyst at Ebury said Wednesday. Here's where US indexes stood at 10 a.m. ET on Wednesday: S&P 500: 6,323.68, up 0.22% Dow Jones Industrial Average: 44,677.35, up 0.39% (+171.91 points) Nasdaq composite: 20,897.83, up 0.03% The response clearly indicates that investors are eager to see more trade deals get done. Trump has framed the Japan deal as beneficial to both countries, describing it as "a great deal for everybody." The deal comes after Trump had accused Japan of being "spoiled" and made it seem as though no deal would be reached. For investors, this may be reassuring, as it implies he is open to compromising. With stocks cruising at record highs, optimism has risen about the prospects that tariffs won't severely impact the US economy. Experts from HSBC Global have speculated this week that tariff-driven inflation could compromise growth, but the positive response to Trump's deal with Japan suggests that trade-related anxieties may continue to ease as more countries reach a deal. "We estimate that the US's effective tariff rate on Japanese products is around 17%, in line with our baseline assumption," said Oxford Economics' Director of Japan economics Shigeto Nagai and lead Japan economist Norihiro Yamaguchi. The economists added, "Lower tariffs on autos are a positive, given the sector's significant contribution to the economy and its broad domestic supporting base," noting that the trade deal has been well received in Japan. European stock indexes reacted positively to news of the Japan trade deal, with investors hoping that Trump and the EU soon come to an agreement that avoids a damaging trade war. "This bullishness comes as traders responded to news of the US-Japan tariff deal, and as President Trump hinted that a deal with the European Union was next on his 'to-do' list," said Trade Nation senior market economist David Morrison.
Yahoo
22 minutes ago
- Yahoo
Earnings Preview: What to Expect From News Corporation's Report
News Corporation (NWSA), headquartered in New York, creates and distributes authoritative and engaging content, and other products and services worldwide. Valued at $16.5 billion by market cap, the company delivers news, financial insights, entertainment, book publishing, digital real estate services, and subscription video content through influential publications like The Wall Street Journal, The Times, New York Post, MarketWatch, and more. The global media and information services leader is expected to announce its fiscal fourth-quarter earnings for 2025 after the market closes on Tuesday, Aug. 5. Ahead of the event, analysts expect NWSA to report a profit of $0.19 per share on a diluted basis, up 11.8% from $0.17 per share in the year-ago quarter. The company beat or matched the consensus estimates in three of the last four quarters while missing the forecast on another occasion. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear QuantumScape Stock Fans, Mark Your Calendars for July 23 Should You Buy the Post-Earnings Dip in Lockheed Martin Stock? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. For the full year, analysts expect NWSA to report EPS of $0.86, up 22.9% from $0.70 in fiscal 2024. Its EPS is expected to rise 20.9% year over year to $1.04 in fiscal 2026. NWSA stock has underperformed the S&P 500 Index's ($SPX) 13.4% gains over the past 52 weeks, with shares up 6.1% during this period. Similarly, it underperformed the Communication Services Select Sector SPDR ETF's (XLC) 26.2% uptick over the same time frame. On May 8, NWSA shares closed up more than 1% after reporting its Q3 results. Its revenue stood at $2 billion, up 1.7% year over year. The company's adjusted EPS rose 30.8% from the year-ago quarter to $0.17. Analysts' consensus opinion on NWSA stock is bullish, with an overall 'Strong Buy' rating from all the nine analysts covering the stock. NWSA's average analyst price target is $38.14, indicating a potential upside of 29.6% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
