GameStop brings in $2 billion after selling 75 million shares

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how GameStop brought in more than $2 billion.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on

00:03the street today. Wall Street is coming off yet another set of record highs from the S&P 500 and

00:08Nasdaq ahead of the latest interest rate decision from the Fed. While markets have priced in a 99%

00:14chance, the central bank holds rates steady at this meeting. Investors will closely listen for

00:19any clues on the Fed's path forward. And the first clue may have already been received with

00:25glee on Wall Street. The consumer price index is out. Headline inflation surprisingly came in

00:30unchanged for May versus a 0.3% increase the prior month. Total consumer prices are up 3.3%

00:38from a year ago. That's slower from April but is still above the Fed's 2% target. In other news,

00:44there may be a winner of the recent return of the meme trade and yes, it's of course GameStop.

00:49The company announced Tuesday that it completed a sale of a maximum of 75 million shares of its

00:55common stock. The move brought in $2.14 billion. GameStop says it will use the cash for general

01:01corporate purposes with investments and acquisitions possible. GameStop once again

01:06caught Wall Street's attention after Keith Gill, known as Roaring Kitty, the father of the 2021

01:12meme stock frenzy, returned to the public eye. He reiterated his GameStop thesis and his large

01:18position in the stock in a live stream on June 7th. Gill provided little new reasoning but did

01:25show his positions in a series of screenshots. While the stock initially soared after Roaring

01:31Kitty's bullish roar, GameStop plunged after surprising Wall Street with a larger-than-expected

01:37drop in quarterly sales. That'll do it for your daily briefing from the New York Stock Exchange.

01:43I'm Conway Gittins with The Street.

01:48you

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