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Citron Research closes GameStop short position

By Pranav Kashyap and Medha Singh (Reuters) – Citron Research no longer has a short position in retail traders’ favorite GameStop, the short seller said on X.com on Wednesday, days after taking a bearish position in the company. “It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $4 billion in the bank, they have enough runway to appease their cult like shareholders,” Citron said in the tweet. … Read more…

Apple overtakes Microsoft to return as world’s most valuable company

(Reuters) -Apple once again became the world’s most valuable company on Wednesday, dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology. Its shares rose more than 2% to $211.75, giving it a market valuation of $3.25 trillion. Microsoft’s market capitalization stood at $3.24 trillion, falling behind Apple for the first time in five months. Apple shares had surged to an all-time high in the … Read more…

Paramount special committee meets to vote on Skydance deal, Bloomberg News reports

(Reuters) -A special committee of the board of Paramount Global is meeting on Tuesday to vote on whether to accept a proposal to merge with David Ellison’s Skydance Media, Bloomberg News reported, citing two people familiar with the matter. The offer would see Shari Redstone sell her family’s controlling stake in Paramount to Ellison for $2.25 billion, according to the report. One of the five special committee members had been objecting to the proposed offer, … Read more…

Ukraine seeks help to shield and rebuild shattered cities

By Andreas Rinke and Olena Harmash BERLIN (Reuters) -Ukraine and its allies drummed up support to protect Ukrainian cities from Russian missiles at a conference in Berlin on Tuesday and urged international businesses to put their faith, and billions of dollars, into post-war reconstruction. Kyiv hopes the recovery conference will cement its credentials as a future member of the European Union worthy of huge injections of reconstruction financing – even as Russian forces continue to … Read more…

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China state-owned banks sold dollars as yuan fell to near seven-month low, sources say

SHANGHAI/BEIJING (Reuters) – China’s major state-owned banks were seen selling dollars for yuan in the onshore spot foreign exchange market on Tuesday to prevent the local currency from falling too rapidly, four people with knowledge of the matter said. China’s state banks usually act on behalf of the central bank in the country’s foreign exchange market, but they could also trade on their own behalf. The state banks’ actions came as the onshore yuan fell … Read more…

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Boeing plane deliveries drop by half in May year-on-year

By Allison Lampert (Reuters) – Boeing said on Tuesday it delivered 24 commercial planes in May, about half of the 50 jets it handed over to customers during the same month a year earlier, as it continued operating a slower assembly line to complete outstanding work. Boeing has said it is producing fewer MAX single-aisle jets to improve manufacturing quality, after the Jan. 5 mid-air blowout of a door plug on a 737 MAX 9 … Read more…

Explainer-What will happen to Tesla CEO Elon Musk’s $56 billion pay package?

By Rachael Levy and Hyunjoo Jin (Reuters) – A Tesla shareholder vote on Thursday on whether to reinstate CEO Elon Musk’s $56 billion pay package that was shot down by a Delaware judge will not provide a quick resolution, irrespective of the tally’s results. Tesla’s board is hoping shareholder approval will give the electric vehicle maker the legal ammunition it needs to reinstate the package, though that is far from certain. The company has also … Read more…

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GameStop’s price declines, ‘time decay’ hammer Roaring Kitty’s option position

By Saqib Iqbal Ahmed NEW YORK (Reuters) – The clock is ticking for Keith Gill, the stock influencer known on YouTube as “Roaring Kitty,” to lock in gains on his options position in GameStop as the company’s share price wobbles and the expiration date for the contracts draws closer. Shares of GameStop tumbled 12% on Monday to $24.83. It was the second straight session of losses for the video game retailer, whose shares fell 40% … Read more…

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Morning Bid: Apple’s AI push and the trouble with Europe

A look at the day ahead in U.S. and global markets by Amanda Cooper. To anyone watching the stock market over the last year, it would seem the letters “AI” are akin to a magic wand that will pump up the share price of any company involved in it. That sprinkle of pixie dust has made chipmaker Nvidia the world’s second-most valuable company after Microsoft, which in turn has seen its own shares rise 30% … Read more…

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General Motors approves new $6 billion share buyback plan

(Reuters) -General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker raised its dividend on upbeat annual forecast, citing stable prices and demand for gasoline-engine vehicles. The company had in November outlined a $10 billion stock buyback on the heels of reaching a costly new labor agreement with the United Auto Workers union. GM completed the first tranche in the first quarter and is on track … Read more…