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GameStop shares tumble as Reddit-rally surge dies down

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GameStop shares tumble as Reddit-rally surge dies down

Shares of video game retailer GameStop tumbled nearly 20 percent Tuesday to their lowest levels since the start of a retail investor-led surge that echoed across Wall Street.

Investors who followed the popular Reddit forum WallStreetBets helped push shares of GameStop to a closing high of $347.51 on Jan. 27 as part of a strategy to squeeze hedge funds that had taken a short bet on the retailer. Since then, GameStop has tumbled about 85 percent to near $40 a share.

The discussion of the stock was notably muted on Reddit as shares fell Tuesday.

“This really is like a party that’s dying down,” one user wrote.

Other Reddit favorites tumbled alongside GameStop, with AMC Entertainment shedding nearly 12 percent and BlackBerry dropping nearly 4 percent. The benchmark S&P 500 was flat in afternoon trading.

The average price target of analysts tracked by Refinitiv on the company is $13.44.

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AT&T execs roll their eyes as Elliott Management takes victory lap on $43B merger

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AT&T execs roll their eyes as Elliott Management takes victory lap on $43B merger

Some higher ups at AT&T aren’t too happy about billionaire Paul Singer’s hedge fund’s response to their $43 billion media merger on Monday.

“Elliott Management is taking a victory lap even though they had nothing to do with getting this deal done” one AT&T insider griped to The Post about AT&T’s plans to combine its WarnerMedia entertainment unit with media giant Discovery.

Elliott took a $3.2 billion stake in AT&T in September 2019, calling in a letter for “improved strategic focus” and “enhanced leadership.” But the hedge fund’s execs weren’t in the room when negotiations to were taking place, according to sources close to the situation.

That didn’t stop Elliott executive Jesse Cohn from tweeting about the deal on Monday in a way that rubbed some insiders the wrong way.

“@ATT has now executed on its promise to streamline operations and re-focus on its core businesses,” Cohn said in a tweet about what he called AT&T’s “transformational year.”

A source close to Elliott Management fired back by doubling down on the notion that the deal was the result of the hedge fund’s activism. “AT&T wouldn’t have completed the deal if we hadn’t put out that letter,” this person said. “There’s not even a debate that Elliott provided cover for John (Stankey) to make the necessary changes.”

Stankey took the reins from Randall Stephenson in April 2020 in what presumably was a step towards “enhanced leadership.”

Another Elliott insider, however, emphasized the now-collegial relationship between the hedge fund and AT&T. “Stankey saw things the way we did,” this person said. “This is a feel-good story.”

“It’s puzzling a statement in which Jesse (Cohn) gives credit to John (Stankey) is being considered a victory lap.”

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Goldman taps former Uber executive to lead its consumer bank

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Goldman taps former Uber executive to lead its consumer bank

Goldman Sachs has tapped a former Uber executive to lead its fledgling consumer banking division, whose retail lending arm Marcus has seen heavy turnover since its launch.

Peeyush Nahar, who at Uber had overseen teams that developed software for payments, insurance and other fintech, has joined the Wall Street giant as a partner and global head of its consumer business. He will report to Stephanie Cohen, Goldman’s global co-head of consumer and wealth management.

Earlier this year, Goldman’s former head of consumer banking Omer Ismail and one of his top deputies, David Stark, left to run a new fintech startup at Walmart. On Friday, Goldman announced it was losing another member of Marcus — chief financial officer Sherry Ann Mohan, who is leaving for JPMorgan.

Amid the flight of financiers, Goldman is trying to shore up the consumer division that launched in 2016. Over the past few months it has brought on three new executives. Brian King, a former Goldman executive who left for a brief stint at Wells Fargo, is now chief risk officer. Swati Bhatia joined from payment technology company Stripe as head of proprietary business. Robert Cochran has joined as digital product lead at the division.

Before the pandemic, Goldman set a goal of lending $20 billion and maintaining $125 billion in deposits by 2024. As of March, Marcus has $8 billion in loans and $100 billion in deposits.

Before his stint at Uber, Nahar spent 14 years at Amazon where he focused on lending and machine learning.

“Peeyush will lead the business in its next phase of growth, helping drive forward our commitment to our customers and make us the place they go to manage their finances,” Goldman said in a statement.

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World Economic Forum cancels 2021 Singapore event amid pandemic

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World Economic Forum cancels 2021 Singapore event amid pandemic

World Economic Forum organizers say they have decided to cancel their annual gathering — usually held in Davos, Switzerland each year — this year amid concerns related to the COVID-19 pandemic.

After multiple attempts to find a proper date and venue, most recently settling on hopes to hold it in Singapore in August, the forum’s organizers said in a statement Monday that it won’t go ahead with the meeting, largely citing the impact of the coronavirus.

“Regretfully, the tragic circumstances unfolding across geographies, an uncertain travel outlook, differing speeds of vaccination rollout and the uncertainty around new variants combine to make it impossible to realize a global meeting with business, government and civil society leaders from all over the world at the scale which was planned,” the forum said.

Forum founder Klaus Schwab called it a “difficult decision” … “but ultimately the health and safety of everyone concerned is our highest priority.”

The forum’s next annual gathering will be in the first half of next year, with the final date and location to be determined, organizers said.

The elite gathering typically draws hundreds of well-known government leaders, business executives, civil society advocates and artists, actors and musicians.

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