GameStop climbs as ‘Roaring Kitty’ reveals $116 million bet in Reddit post [Reuters via Yahoo!]
The stock was set to add $4.6 billion to its market value after surging as much as 75% earlier in the session. Roughly $2.7 billion worth of shares changed hands by 10:12 a.m. ET, compared with $2.3 billion in Apple…. It was [Keith] Gill’s first post in three years from his Reddit account….
‘Blind’ Wagers on a Buzzy Bank Risk Transfer Trade Have Never Been So Popular [Bloomberg via Yahoo!]
Pension funds, insurers and hedge funds are taking on the first losses of loan failures of banks around the world — without even knowing the identities of the borrowers behind those loans…. These synthetic risk transfers typically pay double-digit returns….
Why Saudi Aramco Stock Is a Tough Sell on Wall Street [WSJ]
Aramco is hoping a beefed-up dividend will be enough to lure international funds this time round…. However, Aramco still looks a lot more expensive than Western supermajors on other metrics, such as price-earnings multiples and free cash flow yields. This valuation premium could hold back returns, just as it has since the IPO. Including dividends, Aramco shares have generated annual gains of 4% since the end of 2019, compared with 18% at Exxon and 14% at TotalEnergies.
What Wall Street Strategists Are Saying About Sheinbaum’s Landslide Victory in Mexico [Bloomberg]
While polls in the run-up to the vote showed [president-elect Claudia Sheinbaum] was comfortably ahead, the results in Congress — where the ruling Morena party was cruising to decisive wins in both houses — surprised investors…. “No one expected them to get a supermajority”
A Crypto Bull’s Big Tax Settlement [DealBook]
The attorney general for the District of Columbia has reached a $40 million settlement with the billionaire Bitcoin investor Michael Saylor and MicroStrategy, the software company he founded…. The attorney general said MicroStrategy was aware of where Saylor spent his time, as the company provided him with a security detail and drivers.
Grant Thornton Is Now the Biggest Accounting Firm to Get Private-Equity Backing [WSJ via MSN]
The firm’s Chicago-based U.S. unit closed the sale of a stake to a group led by New Mountain Capital on Friday, following an agreement in March. Under the deal, the U.S. audit business will remain a partnership, while U.S. advisory, tax and other nonaudit services will be part of Grant Thornton Advisors LLC, a newly created limited liability company…. The New Mountain-led group’s investment constitutes a 60% stake in Grant Thornton’s U.S. unit and centers on the nonaudit business….
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- Source: https://dealbreaker.com/2024/06/opening-bell-6-3-2024
