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Is GameStop Saying It’s Game Over With This Buyback?

Man critical after Warwick University building fall

“Other students and staff are also urged to access this support, and we will share more information with you as soon as we are able to do so.”

The cause of the fall is not yet known.

Vietnam: China companies using fake 'Made in Vietnam' labels

Vietnam's government says it is taking more steps to prevent Chinese companies from using illegal "Made in Vietnam" labels to avoid high tariffs that have been imposed by the United States on Chinese goods.

The customs department says textiles, fisheries, farm products, tiles, honey, iron, steel and plywood are among the Chinese products that are most often being relabeled and then exported to a third country.

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Vietnam's government portal said the customs department has ordered its offices to be more aggressive in checking the certificates of origin of products.

In a spiraling trade war, the United States is imposing 25% tariffs on $250 billion in Chinese goods. Beijing has counterpunched by targeting $110 billion worth of American products.

Exposure to Fixed Income Reached a 6-Year High in May

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As the U.S.-China trade deal that was supposed to happen went south, investors increased their exposure to fixed income to a point where it reached a six-year high based on the latest AAII Asset Allocation Survey. As such, other notable trends included a decreased exposure to equities and an increase of investors sitting on the […]

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Don’t Forget Fintech ETFs After the Industry Just Notched $117B in Deals

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The financial technology space is brimming with capital after it recorded $117 billion in deals thus far in 2019. That’s 87 deals that represents a four-fold increase from the $31.8 billion through the same time last year when it reached 89 deals total for 2018–needless to say, fintech is piping hot. “Clearly, technological innovation is […]

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Justin Bieber Challenges Tom Cruise To A UFC Cage Fight…Conor McGregor Wants To Host It

Justin Bieber has challenged Tom Cruise to a UFC cage fight, because…you know, just because.

Bieber posted on Twitter, “I wanna challenge Tom Cruise to fight in the octagon. Tom if you dont [sic] take this fight your [sic] scared and you will never live it down. Who is willing to put on the fight? @danawhite ?”

UFC star Conor McGregor has put his hand up to host the bout. “If Tom Cruise is man enough to accept this challenge, McGregor Sports and Entertainment will host the bout. Does Cruise have the sprouts to fight, like he does in the movies? Stay tuned to find out!”

As if that wasn’t surreal enough for a Sunday evening, McGregor then challenged Mark Wahlberg to a fight on the same card, “I challenge Mark Walhberg [sic] on the very same card. Back when mark wahlberg was marky mark, I’d’ve still slapped the ears off him and took my ufc shares back.”

This all feels like slightly last days of Rome stuff. Not to say that either match-up wouldn’t be supremely well-watched, especially the Bieber-Cruise ’bout’. Bieber’s Tweet on the subject has got 110k likes and plenty of supporters on social media. The singer is known to be a boxing fan while 56-year-old Cruise was a high school wrestler and is of course known for his stunt work and athleticism.

Suffice to say, no word from either actor camps as yet.

Dow opens with triple-digit gain after U.S. shelves plans for Mexico tariffs

Stocks opened higher on Monday after the Trump administration reached a deal with Mexico to end their dispute over the flow of migrants into the U.S. The S&P 500 SPX, +0.85% was up 0.4% to 2,885 The Dow Jones Industrial Average DJIA, +0.68% advanced 138 points, or 0.5%, to 26,122. The Nasdaq Composite COMP, +1.62% rose 0.7% to 7,797. President Donald Trump halted his plan to impose to tariffs on Mexican imports after striking a deal with that country to a range of measures aimed at reducing the level of immigration from Mexico. But Trump said he could bring tariffs back into play if Mexico didn’t cooperate with the U.S. on border issues. Shares of United Technologies UTX, -2.08% and Raytheon Co. RTN, +1.83% both rose after they agreed to a merger that would create the world’s second biggest aerospace company by revenues.

Is GameStop Saying It’s Game Over With This Buyback?

GameStop Corp. (NYSE: GME) shares jumped early on Monday after the video game retailer announced its intention to launch a modified Dutch auction tender offer.

Essentially GameStop wants to purchase up to 12 million shares of common stock at a price of not greater than $6.00 and not less than $5.20 per share. The tender offer is expected to commence tomorrow, June 11.

This all comes after GameStop had a very disappointing first quarter. In fact, the stock is down about 60% year to date. In the past 52 weeks, the stock is down 65%.

George Sherman, GameStop’s CEO commented on the buyback:

While improving our operations and capturing efficiencies in our business to drive returns for our shareholders continues to be the top priority for the new leadership team, we view the purchase of our shares to be financially compelling at this time.  We are committed to leveraging the core strengths of our business, implementing longer-term growth initiatives and continuing our disciplined approach to capital allocation.

Shares of GameStop were last seen up about 7% at $5.35, in a 52-week range of $4.71 to $17.27. The consensus price target is $10.09.