Keith's Cryptic Dog Pic Sends Pet Stock Up 34%... Levi's Jeans Under Fire After Earnings Flop

Today investors tiptoed through economic data like they were navigating a minefield in high heels.

The S&P made a stealthy move, inching up by nearly 0.1%, creeping closer to its record high.

The Dow followed suit with a modest 0.1% gain, while the Nasdaq led the charge boasting a solid 0.3% increase.

Let’s see what else you missed.

Today’s issue will cover…

Chipmakers crapping the bed once again… (Nvidia included)

What to expect for tomorrow’s much anticipated PCE release from the Fed…

Levi’s Jeans hitting a snag with disappointing earnings, 15% stock plunge…

And last but not least, Roaring Kitty’s dog picture that sent pet stocks into a frenzy!

Here’s our heatmap.

As you can see, the tech sector took a hit as Micron's shares nosedived over 7%, dragging other chip stocks down with them. 

Nvidia didn't escape without harm either, slipping nearly 2%.

All eyes are now on tomorrow’s core PCE price index like it's the main event. Expected to show a modest 0.1% bump from last month and a 2.6% rise from last year, this report could sway the Fed's stance on interest rates. 

If it comes in below expectations, we might see Wall Street kicking back and enjoying the summer breeze. But if it surprises to the upside, get ready for some headline drama.

In the midst of all this, earnings reports played their part. Levi Strauss took a tumble of 15.4%, as investors firesaled the stock. It seems like their Beyonce campaign didn’t work out after all.

Meanwhile, Walgreens Boots Alliance saw a massive drop of over 22% after cutting their outlook—a tough pill to swallow for shareholders.

As we head into the next round of economic data, the market seems to be in a cautious dance, with investors eagerly waiting to see if the Fed will keep the party going or hit pause.

Stock.News Spikers of the Day

Agile Therapeutics, Inc.: [AGRX] [+332.43%]

Assure Holdings Corp.: [IONM] [+118.02%]

Roaring Kitty’s Cryptic Dog Picture Sends Pet Stock Up 34%

Fourteen days. That’s how long it’s been since I last wrote an article on Keith Gill, aka "Roaring Kitty." Well guess what? 

After a brief hiatus, probably involving a secret mission to find the perfect meme, the cat has returned.

Here’s the scoop: Chewy's stock catapulted 34% today because Gill posted a picture of a dog on X.

 
Yep, you read that right. A dog. Somewhere, hedge fund managers were probably choking on their lattes.

But don’t worry, the stock took a chill pill and ended the day flat. Classic Gill move, right? He has the whole world at his fingertips and he knows it. This guy’s been stirring the pot with GameStop too, so much so that analysts are now debating if he might become the first retail trader billionaire.

(Source: CNBC)

Winning at life? Absolutely. Questionable hairstyle? Also yes.

Now, let’s rewind a bit. Chewy had just dropped news of a $500 million share repurchase program the day before. 

Did it move the needle? Not a chance. But then Gill’s dog pic hit the internet, and boom—Chewy’s stock shot up like a puppy chasing a treat, only to come back down for a nap.

Can you imagine what our founding fathers would think if they knew this is what America has come to in 2024?

Unless you’ve been living under a rock, you’ve noticed that Gill’s online appearances are as rare as a unicorn sighting, and the suspense is what keeps the thrill alive.

So why did our meme maestro decide to tweet about a pet stock instead of juicing up his GameStop position potentially worth hundreds of millions? Plot twist: GameStop’s CEO, Ryan Cohen, is also the founder of Chewy. No wonder Gill’s been hyping Cohen up, dubbing him the “Ryan f***ng Cohen” and saying he’s the guy to watch.

(Fox Business)

At this point, if you can’t see what’s going on… you must be blind.

Oh and it wasn’t just Chewy that jumped because of Keith’s move. Other pet stocks sniffed out the action too. Petco (WOOF) and PetMed Express (PETS) spiked in the afternoon trading session.

Meanwhile, GameStop had a modest 5% uptick post-tweet. Not exactly a blockbuster, but hey, it’s something. The meme stock mania had a wild revival last month when GameStop shot up 180% in two days after Gill reappeared on X. Since then, though, it’s been a bit rocky with GameStop’s shares tripping over disappointing sales and new stock issues.

So there you have it—Roaring Kitty posts a dog pic, Chewy’s stock does a somersault, and the market continues to be as predictable as a Joe Biden press conference.

Stock.News does not have positions in companies mentioned.