Yahoo Finance Trending tickers: GameStop, Bitcoin, Saudi Aramco and Hipgnosis
The latest investor updates on stocks that are trending on Monday
GameStop (GME)
Meme stock GameStop rallied as much as 75% at the market open before coming down to 34% on speculation that Keith Gill, the man who inspired 2021′s short squeeze, could currently have a significant position in the video game retailer.
Gill, who goes by "Roaring Kitty" on X and YouTube and "DeepF—Value" on Reddit, appeared to post a screenshot that shows a $181.4m (£142.6m) position in GameStop stock and options.
The options would allow him to buy the stock at $20 per share.
Read more: FTSE 100 LIVE: Europe in the green as London stocks make biggest jump in a month
“Recent renewed interest in meme stocks, coming as the main US indices struggle to make new highs, is a sign of excessive over exuberance and is more likely a negative portent given the rising headwinds in the markets,” Robert Lea, a Bloomberg Intelligence analyst, said.
GameStop largely relies on brick-and-mortar stores and has been grappling with customers turning online for buying video games and collectibles.
Steve Sosnick, chief strategist at Interactive Brokers, warned investors against chasing the rally.
"Is whoever controlling this account doing this in your best interest, or in their best interest? And, really, you should think that one through because to me it [is] pretty obvious whose interest it's in," Sosnick told Yahoo Finance on Monday.
"If you're chasing the stock up here, you're more likely than not the source of liquidity for whoever is controlling this account to sell into your enthusiasm."
Bitcoin (BTC-USD)
Bitcoin price rose slightly on Monday adding 1.74% on the day to reach $68,858 at the time of writing. However, overall, it has remained tightly rangebound since it failed to top $70,000 again in late May.
Bitcoin saw little price movement even as El Salvador president Nayib Bukele — who had adopted the cryptocurrency as legal tender in 2021 — was re-elected for a second term over the weekend.
Read more: Crypto live prices
The price has also been supported by Donald Trump fans, after the former US president added the option to accept bitcoin as campaign donations.
Despite declining gains, bitcoin investor Peter Brandt is predicting the cryptocurrency could reach $150,000 by September 2025.
Saudi Aramco (2222.SR)
Saudi Aramco’s executives are expected to hold a series of events in the UK and US as they seek to drive up interest for a $12bn share sale.
Saudi Arabia’s state-owned oil giant axed an international roadshow for its $29.4bn initial public offering five years ago after overseas investors casted doubts at its valuation expectations, leaving the government reliant on local buyers.
Read more: Stocks that are trending today
However, its secondary listing plans were oversubscribed within hours of the deal opening on Sunday.
As a result, the Aramco is planning events to attract investors in London this week, at least one of which will be attended by chief executive Amin Nasser, according to Bloomberg News.
The Saudi government owns about 82% of Aramco, while the kingdom’s wealth fund holds a further 16% stake.
Hipgnosis (SONG.L)
Blackstone (BX) has announced plans to sweeten its offer for Hipgnosis as part of a restructured bid for the music rights owner designed to make completing the deal easier.
On Monday, the US private equity firm said it had revised its offer price after discussions with the Hipgnosis board.
It has risen by one US cent per share, valuing Hipgnosis at about $1.58bn (£1.27bn), an almost 50% premium on the closing price of Hipgnosis shares before an offer was made.
Read more: Stocks to watch this week: WH Smith, B&M, BAT and Inditex
The two businesses had previously agreed to a deal that will see Hipgnosis taken off the public markets.
However, the process had been complicated by tensions between the London-listed fund and its founder Merck Mercuriadis, who runs advisory firm Hipgnosis Songs Management (HSM).
Watch: What went into meme star GameStop's $933m stock sale
Download the Yahoo Finance app, available for Apple and Android.
