Well-timed GameStop options trade scores $550K profit after Roaring Kitty post

By Saqib Iqbal Ahmed NEW YORK (Reuters) – A well-timed trade in GameStop’s options reaped a handsome profit on Friday after an account associated with “Roaring Kitty,” a stock influencer and longtime champion for the video game retailer, published a cryptic post on social media platform X. The post from “Roaring Kitty,” whose real name is Keith Gill, showed an image from the 1999 film “Toy Story 2” altered to show a dog’s face placed … Read more…

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The Floundering Market – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) After an erratic month, stocks on all exchanges surprisingly finished higher. The Dow Jones Industrial Average closed the month up 1.8%, while the S&P 500 advanced 2.3% and the robust heavy tech Nasdaq Composite edged up 0.6%. Friday was the tipping point as the techs and chips and value stocks all firmed up after a topsy-turvy four weeks. As data confirmed, inflation is slowing, labor is cooling and retail … Read more…

Trump says he will appoint Musk head of government efficiency commission if elected

By Helen Coster and Gram Slattery NEW YORK (Reuters) -Republican presidential candidate Donald Trump said on Thursday he would establish a government efficiency commission headed by billionaire supporter Elon Musk if he wins the Nov. 5 election, during a wide-ranging speech in which he laid out his economic vision for the country. The former president has been discussing the idea of a government efficiency commission with aides for weeks, people with knowledge of those conversations … Read more…

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Harris campaign raises $300 million in August, NBC reports

(Reuters) – Democrat Kamala Harris’ campaign for U.S. president raised more than $300 million in the month of August, more than twice as much as her Republican opponent Donald Trump raised during the same period, NBC News reported on Thursday, citing two unnamed sources. Trump’s campaign said on Wednesday that his campaign and party raised $130 million in August and ended the month with $295 cash on hand. (Reporting by Rami Ayyub; editing by Costas … Read more…

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Exclusive-US worries about steel supply for infrastructure after Nippon-US steel deal

By Alexandra Alper WASHINGTON (Reuters) – Nippon Steel’s proposed $14.9 billion takeover of U.S. Steel would create national security risks because it could hurt the supply of steel needed for critical transportation, infrastructure, construction and agriculture projects, the U.S. said in a letter sent to the companies and seen by Reuters. Decisions by Nippon could “lead to a reduction in domestic steel production capacity,” the Committee on Foreign Investment in the U.S. (CFIUS) said in … Read more…

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Exclusive-Vista and Blackstone in talks to acquire software maker Smartsheet, sources say

By Milana Vinn NEW YORK (Reuters) – A private equity consortium including Vista Equity Partners and Blackstone is in talks to acquire Smartsheet, a U.S. maker of workplace collaboration software with a market value of about $7 billion, people familiar with the matter said on Thursday. A deal could be signed in the coming weeks if the talks don’t fall apart, the sources said, requesting anonymity as the discussions are confidential. The terms being discussed … Read more…

Faster US settlement hit harder than expected, says Citi survey

By Laura Matthews NEW YORK (Reuters) – A shift to shorter settlement for U.S. securities transactions earlier this year had a greater-than-anticipated impact on market participants across the board, with Europe reporting the greatest hit, a Citigroup survey showed. The U.S. sped up its settlement cycle in May, requiring that equities, corporate and municipal bonds and other securities transactions settle one business day after the trade, instead of two, or T+1. The transition “was more … Read more…

Exclusive-OpenAI co-founder Sutskever’s new safety-focused AI startup SSI raises $1 billion

By Kenrick Cai, Krystal Hu and Anna Tong SAN FRANCISCO/NEW YORK – Safe Superintelligence (SSI), newly co-founded by OpenAI’s former chief scientist Ilya Sutskever, has raised $1 billion in cash to help develop safe artificial intelligence systems that far surpass human capabilities, company executives told Reuters. SSI, which currently has 10 employees, plans to use the funds to acquire computing power and hire top talent. It will focus on building a small highly trusted team … Read more…

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Trump campaign says it raised $130 million in August

WASHINGTON (Reuters) – Republican U.S. presidential candidate Donald Trump’s campaign raised $130 million in August, ending that month with $295 million cash on hand, the campaign said in a statement on Wednesday. The fundraising was slightly lower in August when compared to July. The Trump campaign raised $138.7 million in July and had a cash on hand total of $327 million at the end of July. (Reporting by Kanishka Singh in Washington; Editing by Katharine … Read more…

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Biden preparing to block Nippon’s US Steel takeover, source says

By Jeff Mason WASHINGTON (Reuters) -U.S. President Joe Biden is preparing to block Nippon Steel’s acquisition of U.S. Steel, a source said on Wednesday. The move by Biden would deal a blow to the proposed $14.9 billion deal. The president has previously expressed concern over Nippon’s deal to buy the 122-year-old iconic U.S. steelmaker. U.S. Steel warned earlier on Wednesday that a failure to merge with Nippon Steel would put thousands of U.S. union jobs … Read more…