Photos of US State Department workers getting hugs and applause as they're fired
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The Independent
25 minutes ago
- The Independent
What makes a meme stock? Online enthusiasm for a beaten down company with doubtful prospects
Investors occasionally scoop up shares of companies whose financial prospects appear dim. The consensus around such companies is that the shares should, if anything, fall further. But they suddenly get touted in online forums and take off for no fundamental reason. Wall Street has dubbed them 'meme stocks.' Here are some characteristics of meme stocks: Poor growth prospects Meme stock investors typically look for companies with poor financials that are unlikely to grow much in coming years. This could be due to a number of factors, such as an outdated business model or fierce competition. Example s: GameStop, the original meme stock, faced a changing gaming environment where online gaming essentially replaced the need for video-game rental stores. Kohl's, battered for years by growth of online shopping, is now facing an increasingly competitive retail market that includes traditional department stores like Macy's and big-box retailers like Walmart. Beaten down share price Meme stocks are cheap. That's often part of the big attraction for investors looking to turn a quick profit. The low price allows for easier entry. Examples: Krispy Kreme, known for its light and airy doughnuts, landed on Wall Street in 2021 at more than $19 per share. It sank below $3 last month. AMC Entertainment is a more extreme example. It was an $11 stock before the 2021 meme stock craze pushed it above $300. It's now trading at about $3 per share. Big bets on the price dropping further Big interest from short sellers often precedes a beaten down stock's transformation into a meme. Short sellers are essentially betting against the stock in an effort to turn a profit. They do this by borrowing shares from a broker, then selling those shares. When the price drops, they buy back the shares at the lower price, give the shares back to the broker and pocket the profit. Part of a meme stock's identity involves investors suddenly buying highly shorted stocks, which drives the price up. That forces short sellers to also start buying the stock to cover their losses, which is called a 'short squeeze'. That drives the stock price even higher and results in a meme stock rally that benefits the investors who bought shares at their low point. Hype Online buzz is usually the key source powering a meme stock and not any change in the company's fundamentals. The hype typically comes from forums and platforms such as Reddit or YouTube. Example: GameStop's entry to meme status started from a keyboard. Investor Keith Gill, better known as 'Roaring Kitty,' rallied other investors to join him in buying up thousands of GameStop shares, changing the trajectory of the stock. Volatility Investing in meme stocks takes nerve. Gains can evaporate as quickly as they came. Example: Opendoor Technologies. The beaten down online real estate company's stock was trading below $1 per share through early July, then surged to as much $3.21 in the middle of the month as hedge fund manager Eric Jackson touted the stock on X. The stock is still trading just above $2, but that means buyers at the height of its rally ultimately suffered a loss.
Daily Mail
25 minutes ago
- Daily Mail
Moment Cory Booker loses it during unhinged screaming rant at colleagues with no 'backbone'
A vocal member of the Senat e Democratic Caucus has gone on another unhinged rant. New Jersey Senator Corey Booker unleashed on his Democrat colleagues Tuesday evening, accusing them of being 'willing to be complicit' in President Donald Trump 's governance. 'It's time for Democrats to have a backbone. It's time for us to fight. It's time for us to draw lines, the New Jersey Senator said, during his latest rant. 'Don't be complicit to the president of the United States,' Booker stated. 'We are standing at a moment where our president is eviscerating the Constitution of the United States of America, and we're willing to go along with that today.' 'No, not on my watch. I have to stand against this. It is a violation of our Constitution for the president of the United States to ignore the will of Congress and decide which states are eligible for grants and which are not,' he added. Booker's tough words were directed at a pair of his Democrat colleagues, Senators Amy Klobuchar of Minnesota and Catherine Cortez Masto of Nevada. 'I will note that Sen. Booker objected to my police reauthorization bill, the COPS funding, the Clinton COPS funding, long before Donald Trump came into office. So this is not just about this. This is a long dispute over this type of funding,' Klobuchar said, biting back at her colleague. Klobuchar then added another jab at Booker, noting that he didn't think it was worth his time to show up to debate the merits of her proposal in a prior committee meeting. 'I can't help it if someone couldn't change their schedule to be there,' Klobuchar fired back. All of that fiery rhetoric seemed to have been for nothing in the end, as Booker did not oppose the two police bills, which were passed by unanimous consent. Booker has made a name for himself with his long-winded speeches in the chamber, recently setting a record for the longest ever solo address on the Senate Floor. The 25-hour marathon started on March 31st and ran over a day into the evening of April 1st. Booker is considered to be a potential hopeful for the 2028 Democratic presidential nomination, and his attacks on his colleagues come as the Democrats are searching for both an identity in the Trump era, as well as a new leader for their political party.
The Independent
25 minutes ago
- The Independent
Demolition begins on last pieces of Baltimore's collapsed Francis Scott Key Bridge
Demolition crews are using giant saws, backhoes and other heavy equipment to remove large sections of the remaining pieces of Baltimore's Francis Scott Key Bridge, which collapsed last year after a container ship lost power and veered off course, killing six people. Its replacement, which is expected to open in 2028, can be built nearby during demolition the work, officials said. Gov. Wes Moore praised the efforts and noted the magnitude of the project during a visit to the worksite Wednesday. He also mourned those who died in the collapse. 'We wanted to move as quickly as possible. We wanted to move as safely as possible, and we wanted to make sure we were being good stewards of taxpayer dollars,' he told reporters. The March 26 collapse killed six construction workers who were filling potholes when the roadway crumbled beneath them. Baltimore's port was closed for months, and increased traffic congestion remains a problem across the region. The longstanding Baltimore landmark was a vital piece of transportation infrastructure that allowed drivers to easily bypass downtown. The original 1.6-mile (2.6-kilometer) steel span took five years to construct and opened to traffic in 1977. It was particularly important for the city's port operations. Earlier this year, officials unveiled designs for the state's first cable-stayed bridge. The replacement span will be taller and better protected than the original Key Bridge, which was particularly vulnerable to ship strikes. Crews working to remove its skeletal remains are cutting the concrete deck into 6-foot (1.83-meter) sections and carting them away to be recycled during the construction process, said Brian Wolfe, director of project development for the Maryland Transportation Authority. He said this phase of the demolition should take about nine months. Meanwhile, crews will also start conducting tests to confirm the foundation design of the replacement bridge. Officials said they're reevaluating a $1.7 billion price tag for the project to factor in supply chain issues, tariffs and other costs. They said the completion date could also change.
