Markets
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Luke Kawa

Everyone’s buying GameStop calls after CEO Ryan Cohen tweets “Trump Is The Shit”

There is once again unusual options activity in everyone’s favorite meme stock.

ah-shit-here-we-go-again-ah-shit
Source: Tenor via Grand Theft Auto San Andreas

Call volumes in the embattled brick-and-mortar video game seller GameStop are surging, already more than double their one-month average as of 2:20 p.m. Eastern Time, helping propel the stock up 6.6%.

Of course, these are nowhere near their early June zenith for 2024, spurred by the return of Roaring Kitty, aka Keith Gill. Unlike the late April jump in activity (spurred by Gill’s positioning ahead of his stream of social-media posts), most of the increase in trading volume is for very short-term contracts that expire on Friday.

The pickup in activity here is especially noteworthy given that volume traded in the SPDR S&P 500 ETF is running well below its trailing one-month average.

We’re well past the point of ever needing reasons for things here, so we’ll just leave you with this Ryan Cohen tweet from Friday.

(h/t @nope_its_lily)

Cohen, the CEO and chairman of GameStop, is the alpha and omega of Keith Gill’s bull thesis for the company. Perhaps he’s trying to upgrade from one memelord to another?

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