Kohl's shares surge over 100% amid social media fueled frenzy. Here's all you need to know
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Shares of the retailer surged as much as 105% during early trading, marking the largest one-day increase on record and returning the stock to levels last seen nearly a year ago. The stock was briefly halted due to volatility after trimming its gains and was approximately 27 per cent higher at 9:52 a.m. in New York, according to a report by Bloomberg News.
Also Read | Stocks to buy under ₹100: Experts recommend two shares to buy tomorrow
'It's all social media chatter. Remember that a highlight of the meme stock era was a dose of nostalgia for companies like GameStop and AMC,' Steve Sosnick of Interactive Brokers told Bloomberg. 'Social media chatter can become self-fulfilling," he added.
Short interest, which is the amount of shares borrowed to short, accounts for approximately 48 per cent of Kohl's float, the report said citing data from S3 Partners LLC. This figure way above than the levels reported by companies such as Apple Inc. and Tesla Inc., which have less than 3 per cent of their float borrowed to short. GameStop Corp, a prominent entity of the meme stock era, has about 20% short interest.
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Kohl's stock rose steadily from an early April low, mainly due to US President Donald Trump's escalation of tariffs on Liberation Day, gaining more than 60 per cent by yesterday's close. However, shares were still over 25 per cent lower through Monday as the retailer faced a sales decline and dealt with the repercussions of firing its chief executive officer, Ashley Buchanan, just months after he took the role.
Also Read | European shares dip as mixed earnings, trade anxiety weigh
Notably, the Dow Jones, Nasdaq Composite, and S&P 500 opened flat during the market session on Tuesday without significant movement as US investors concentrated on President Donald Trump's trade agreements with global nations and corporate earnings.
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Time of India
35 minutes ago
- Time of India
Trump's trip to Scotland as his new golf course opens blurs politics and the family's business
EDINBURGH: Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump 's favorite spots on earth. "At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen," Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Leadership MBA CXO MCA Project Management Design Thinking Others Data Science Degree PGDM Artificial Intelligence Data Analytics Operations Management Technology Management Product Management Healthcare Data Science others Digital Marketing Finance Public Policy healthcare Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details At 79 and back in the White House , Trump is making at least part of that pledge a reality, landing in Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new golf course bearing his name. Trump will be in Scotland until Tuesday, and plans to talk trade with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen. The Aberdeen area is already home to another of his courses, Trump International Scotland , and the Republican president is also visiting a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Trump said upon arrival on Friday evening that his son is "gonna cut a ribbon" for the new course during his trip. Eric Trump also went with his father to break ground on the project back in 2023. Live Events Using a presidential overseas trip - with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters - to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a "working trip." But she added Trump "has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport." Trump family's new golf course has tee times for sale Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. But this trip comes as the new golf course is already actively selling tee times. "We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference," said Jordan Libowitz, vice president for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. "It's as if the White House were almost an arm of the Trump Organization." During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration negotiates tariff rates for those countries and around the globe. Trump's first Aberdeen course sparked legal battles Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines - a judgment that has grown with interest to more than $510 million as Trump appeals. Golfers-in-chief Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery - then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame . Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard 's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. "I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House," Trostel said. Trump, Trostel said, has a handicap index - how many strokes above par a golfer is likely to score - of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an "honest 13." The White House described Trump as a championship-level golfer but said he plays with no handicap.
United News of India
an hour ago
- United News of India
US to review, reduce number of its troops in Europe
Washington, July 26 (UNI) The United States is reviewing the positions of its troops on a global scale, the presence of US forces in the European region will decrease, Estonian Defense Minister Hanno Pevkur said. On Friday, during a visit to Washington, Pevkur, with counterparts from Latvia and Lithuania, met with US Secretary of Defense Pete Hegseth to discuss cooperation aimed at enhancing transatlantic ties, the ERR broadcaster reported. "As for the position of the US troops on a global scale, it is now under review... This process is being carried out in cooperation with the Supreme Commander of Forces in Europe and NATO headquarters. It is possible that more precise figures will be announced in the autumn," Pevkur told the ERR. The focus of the United States' attention is now shifting to the Indo-Pacific region, the military presence of its troops in Europe will decrease, however, Hegseth "could not answer exactly to what extent," Pevkur also said. In early July, the Euractiv portal reported that European NATO members started preparing for a possible reduction in the number of US troops on the continent. These countries are convinced that US President Donald Trump will reduce the number of forces there, now amounting to about 80,000 people, and redirect them to Asia and the Middle East, the news portal added. Since his return to office in January, US President Donald Trump has been pushing the idea of greater military spending by US partners, including the members of NATO. The June 24-25 NATO summit in The Hague raised the target threshold for defense spending by alliance members to 5% of GDP, which countries are expected to reach by 2035. In recent years, Russia has been flagging up NATO's unprecedented activity near its western borders. NATO is expanding its initiatives and calling it "containing Russian aggression." Moscow has repeatedly expressed concern about the buildup of alliance forces in Europe. The Kremlin noted that the Russia did not threaten anyone, but would not ignore actions potentially dangerous to its interests. UNI SPUTNIK AAB
Time of India
an hour ago
- Time of India
Trump in Scotland: US President on 'working trip'; golf business, bid for British Open and more
President Donald Trump has begun his fourth overseas visit of his second term, heading to Scotland, his mother's birthplace, where he plans to spend several days at his family-owned golf resorts. Tired of too many ads? go ad free now He is expected to visit the Trump Organization's two existing Scottish golf courses, in Turnberry and Aberdeenshire, with a third course at the Aberdeenshire site set to open soon. This will be Trump's second presidential visit to Turnberry, following his first in 2018. In 2020, ABC News reported that then-US Ambassador to the UK, Woody Johnson, told colleagues he had been asked by Trump to urge the British government to hold the British Open at Turnberry. While the UK government said no such request was made to Scottish officials, Trump also denied having made the request. Following the January 6 Capitol attack, the Royal and Ancient Golf Club of St Andrews, organisers of the world's oldest golf tournament, the Open, announced it had "no plans" to bring the event back to Turnberry and "will not do so in the foreseeable future." 'We will not return until we are convinced that the focus will be on the championship, the players and the course itself and we do not believe that is achievable in the current circumstances,' the R&A's chief executive said in a statement at the time. During a 2023 interview at Turnberry with British politician and media personality Nigel Farage, Trump claimed, 'Everyone wants to see the Open Championship here. The players, it's their favorite course, number one rated in Europe.' More recently, R&A chair Mark Darbon admitted there are 'logistical challenges' to holding the tournament at Turnberry, which last hosted the Open prior to Trump's purchase of the property in 2014. Tired of too many ads? go ad free now He also confirmed that the organisation met with Eric Trump and other Trump Golf executives a few months ago to explore the possibility. Earlier this year in May, Trump visited Saudi Arabia, Qatar, and the United Arab Emirates on his first overseas visit of his second term, aiming to strengthen ties with Gulf nations. His family's business interests have also expanded in the region, with partnerships on new projects in Saudi Arabia, Doha and the UAE, and involvement in a cryptocurrency venture linked to an Emirati government-affiliated fund. According to his latest financial disclosure, Trump reported hundreds of millions in income from his businesses, including golf clubs and the Mar-a-Lago estate, as well as from products such as watches and fragrances. Despite this, his Aberdeenshire resort reportedly lost £1.4 million last year, per BBC reports. Ethics experts have raised concerns over Trump's overseas travel, suggesting potential conflicts between his presidential duties and private business. Trump's assets are placed in a trust overseen by his children, and officials in his administration have repeatedly dismissed claims of any conflict of interest. 'At this point, he's essentially using the White House as an extension of the Trump Organization and letting the taxpayers pick up the bill,' said Jordan Libowitz, Vice President for Communications at Citizens for Responsibility and Ethics in Washington, speaking to ABC News. The White House described Trump's trip to Scotland as a 'working trip.' The president is expected to hold a bilateral meeting with UK Prime Minister Keir Starmer and may address the press during his stay. 'President Trump's working trip to Scotland will include a bilateral meeting with Prime Minister Starmer to refine the historic US-UK trade deal. Donald J Trump has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport,' said White House spokeswoman Taylor Rogers in a statement to ABC News.
