Last night at my neighbor’s Super Bowl party, my buddy had a multi-leg parlay on the verge of greatness… just one leg away from a legendary payout. But forget that for a second, because somehow, that wasn’t the most baffling thing to happen in the last 24 hours.
You know what’s even wilder than the Eagles jumping out to a 34-0 lead and making Patrick Mahomes look like a confused rookie? A single social media post sending GameStop stock up 8%… for absolutely no reason (even crazier, Roaring Kitty wasn’t involved).
On Saturday, GameStop CEO Ryan Cohen posted a picture of himself with MicroStrategy’s Bitcoin hype man, Michael Saylor. No caption, no announcement… just two guys standing there, one smiling, the other looking like he just remembered he left the oven on. Naturally, the internet ran wild, assuming this means GameStop is about to start buying Bitcoin at all-time highs (because nothing says "genius" like jumping in when the price is already in the stratosphere… we’re getting close to a top, right?).
Adding to the madness, MicroStrategy… sorry, Strategy (yes, they actually rebranded) disclosed it bought even more Bitcoin last week. The company now holds 478,740 BTC, worth $46.4 billion. That’s about $97,000 per coin. GameStop spiked over 7% Monday, while Strategy barely moved, proving once again that logic is optional in this market.
Back in the real world, steel stocks had a field day after Trump floated a fresh 25% tariff on steel and aluminum imports. Cleveland-Cliffs skyrocketed 15%, while U.S. Steel and Nucor also logged solid gains.
On the flip side, McDonald’s posted its worst U.S. sales slump in nearly a decade (excluding the pandemic). Turns out, customers aren’t lovin’ higher prices, though CEO Chris Kempczinski insists the $5 meal deal is keeping people spending. Investors seemed convinced… McDonald’s stock jumped 5.4%.
And for some rare positive EV news… Rivian is finally selling its electric vans to other companies now that Amazon only took 20,000 of the 100,000 it ordered (definitely not a red flag at all). The stock rose 3%, as investors decided to take this as good news.
If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.
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