Is This the End of the TikTok Saga? And Who Is Still Shopping at GameStop?
Welcome back to Bullish Rippers! Even though just two days ago we said volatility was coming back down to Earth, the markets went and pranked everybody. Markets finished in the red for the day.
That said, let’s dive in and see what finished in the green ✅
❄️ We’d be remiss to not mention Snowflake, which became the biggest tech IPO of the year when it went public today. Big co-signers of the IPO include Salesforce, Berkshire Hathaway and a number of major banks. $SNOW was supposed to list at $120, but they radically exceeded expectations when they started trading at nearly double that price. $SNOW added nearly 112% in trading, making it our BIG RIP for today.
🎮 People are still buying GameStop for some reason (weird because I’ve yet to meet someone who ever shopped there or liked it). Shares of the gaming and electronics retail company traded higher earlier this month after a considerable amount of the company was bought by a private equity firm. $GME returns to the list today on the heels of being upgraded by two analysts and announcing their intention to close even more stores this year. I guess investors call that “fundamentals.” It’s up a little over 22% today.
💰 Do you remember the last time your weird uncle tried to talk to you about Bitcoin? Truth is, it’s been awhile since cryptocurrency was a hot-button topic. However, one of our biggest Rippers today is still betting on it. MicroStrategy Incorporated, a business intelligence company, has been buying up millions worth of Bitcoin and using it as their reserve currency. They’re betting Bitcoin will drive bigger returns and greater stability. $MSTR owns over $425 million worth of Bitcoin. $MSTR is up 12% on the investor interest and the decision to buyback a number of existing shares.
📱 Finally, TikTok selected its “chosen tech partner” for business in the U.S. earlier this week, and it’s Oracle. Earlier this year, the digital video sharing company was given an ultimatum by the Trump administration: sell your U.S. business. However, this partnership doesn’t read as a sale and doesn’t mitigate the singular biggest concern the administration had with TikTok. It still allows ByteDance, the Chinese company who owns TikTok, to access user data from U.S. users. $ORCL is up 6% since the announcement and 12% this month.
That wraps our Wednesday Rippers list. Check back here on Friday to see what stocks are making moves 🕺