Video Game Retailer Pops 9%
Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were mostly higher on Thursday. Wall Street was attempting to shake off the downbeat mood as investors waited for an update on U.S. economic growth. Both markets are under pressure from the surge in the price of oil, which hit fresh 2023 highs on Wednesday and is up over 35% since the end of June. Next up is the week’s data highlight on PCE inflation.
A rough September for the markets is almost over, but we haven’t slowed down in The War Room. Bryan and Karim have closed 14 winners of 18 total trades for a 78% win rate this month. These include several triple-digit winners like Bryan’s 133% overnight win on ORCL and his 124.47% overnight win on AMBA.
Gamestop (NYSE: GME)
Gamestop is up 9.45% premarket after the videogame retailer appointed Ryan Cohen as CEO. It’s a further bet that the activist investor can turn around the company. Cohen will take over as CEO effective immediately.
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Micron (Nasdaq: MU)
Micron is down 4.56% premarket after disappointing margin guidance. The memory-chip company’s losses can be liked to a China ban on chip sales, despite the company unveiling a supply deal with AI leader Nvidia. The “security review” by China’s Cyberspace Administration caused group revenues to fall 40% or just over $4 billion.
CarMax (NYSE: KMX)
CarMax is down 12.79% premarket after earnings fall again. The used-car retailer reported fiscal second-quarter earnings and revenue early Thursday as the autoworkers’ strike threatens to ramp up used car prices. Retail used unit sales fell 7.4% while comparable store used units sales declined 9%. The company said it will resume stock buybacks in the current third quarter after halting them a year earlier.
Gold remains a popular play
Our Lead Fundamental Tactician Karim Rahemtulla is aware of how inflation has been eating away at the American dollar, which is why he’s letting readers in on what he’s calling “An Unbeatable Gold Play.” This little-known investment kept winning no matter what happened in the stock market.
Click here to unlock Karim’s latest hedge against inflation.
