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A GameStop on Sixth Avenue in New York City (John Smith/Getty Images)

GameStop rallies on bullish options activity as Michael Burry teases post

And let’s not sell the artist formerly known as “Best Buy Rilie” short, either.

Luke Kawa

What’s good for a video game and collectibles retailer?

New and intriguing characters, apparently.

Shares of GameStop are having a strong start to the week, up over 4% on Monday.

Hedge fund manager turned Substacker Michael Burry teased a post on the retailer this weekend, before saying this would be delayed on account of too much information.

(Cheers to Burry, still relatively new to the publishing-for-profit world, as missing deadlines is a key rite of passage.)

Shares are on track for their biggest one-day gain since October, surpassing their 4.2% advance on November 28, the trading day after Burry published tweets that offered some lore into his time spent as a GameStop bull ahead of its ascendance to meme stock status. Despite delivering its sixth consecutive quarter of positive cash flows from operations in Q3, GameStop sank after reporting earnings last week, as revenues fell about 5% year on year.

On Monday, GameStop’s put/call ratio as of 11:46 a.m. ET was about 0.12, or roughly half of its six-month average.

Burry might bring the kind of main character energy back to GameStop that’s been absent since Keith Gill, aka Roaring Kitty, kicked off another meme rally in the stock in the second quarter of 2024.

Also piquing renewed interest in GameStop may be the exact opposite of a graying finance guy: the company’s recent poach of the artist formerly known as “Best Buy Rilie.” Two videos posted to X featuring the goth TikTok creator have received nearly 50 million views combined since December 10.

Hey, Sydney Sweeney worked for American Eagle...

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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