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GameStop swings between gains and losses, capping volatile week

“Meme” stock-in-chief GameStop swung between gains and losses on Friday, with the shares reversing course after rising 19% earlier in the session.

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(Reuters) -“Meme” stock-in-chief GameStop swung between gains and losses on Friday, with the shares reversing course after rising 19% earlier in the session.

FILE PHOTO: GameStop logo is seen near displayed stock graph in this illustration taken February 2, 2021. REUTERS/Dado Ruvic/Illustration

Shares of the video game retailer were last down 4.1% at $176.18 in late afternoon trading. The stock, which had hit a record high of $483 in January, tumbled 34% the day after the company’s Tuesday earnings report only to roar back more than 50% on Thursday. The shares are on track for a 10.9% weekly loss.

Retail investors on forums such as Reddit’s WallStreetBets have helped send the company’s shares, which are up 849% year-to-date, on a wild ride in 2021.

The stock’s gyrations have also attracted traders seeking to benefit from its outsize price moves.

“I have no problem whatsoever … trading the volatility that is going on in GameStop right now,” said Jeff Tomasulo, CEO of Vespula Capital. “We’re not even looking at this fundamentally anymore because it’s just gotten so insane.”

Chewy Inc co-founder Ryan Cohen is seeking to transform the retailer into an e-commerce firm that can take on big-box store rivals such as Target Corp and Walmart Inc.

Chief Financial Officer Jim Bell has departed and the company said this week it had appointed former Amazon.com executive Jenna Owens as chief operating officer.

“It’s fascinating because it seems that the Reddit army is doubling down and believing that the company is going to be able to shift their business and pivot to e-commerce,” said Edward Moya, senior market analyst at OANDA.

Short interest in GameStop has fallen to about 15% of the stock’s float from a peak of 141% in the first week of 2021, according to data from financial analytics firm S3 Partners.

A swarm of buying in late January forced bearish investors to unwind their bets against the stock, resulting in a surge of more than 1,600% that month.

GameStop, which added three new directors including Cohen to its board in January as part of a settlement, said in its annual regulatory filing here on Tuesday it expects eight incumbent board members to retire at its 2021 annual meeting in June.

Reporting by Susan Mathew in Bengaluru; Additional reporting by Sinead Carew and Aleksandra Michalska; Editing by Saumyadeb Chakrabarty and Steve Orlofsky

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Source: https://www.reuters.com/article/us-usa-stocks-gamestop/gamestop-up-13-more-as-reddit-army-bets-on-sales-turnaround-idUSKBN2BI2HJ

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Reuters

Largest Boeing 737 MAX model set for maiden flight -source

Boeing Co (BA.N) was readying the largest member of its 737 MAX family for its maiden flight on Friday, a person familiar with the matter said, as the planemaker tries to close a sales gap with a competing Airbus (AIR.PA) jet.

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Grounded Boeing 737 MAX aircraft are seen parked in an aerial photo at Boeing Field in Seattle, Washington, U.S. July 1, 2019. REUTERS/Lindsey Wasson/File Photo

SEATTLE, June 17 (Reuters) – Boeing Co (BA.N) was readying the largest member of its 737 MAX family for its maiden flight on Friday, a person familiar with the matter said, as the planemaker tries to close a sales gap with a competing Airbus (AIR.PA) jet.

The first voyage of the 737 MAX 10, expected around 10 a.m. local time from the Seattle area, the person said, heralds months of testing and certification before it enters service in 2023.

In an unusual departure from the PR buzz surrounding first flights, the event was expected to be kept low-key as Boeing tries to recover from overlapping crises caused by the 20-month safety grounding of the MAX and the global pandemic.

Boeing’s 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and the 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.

However, the market opportunity for the 737 MAX 10 is constrained by the jet’s range of 3,300 nm (6,100 km), which falls short of the A321neo’s 4,000 nm.

Boeing must also complete safety certification of the plane under a tougher regulatory climate following two fatal crashes of a smaller 737 MAX version grounded the model for nearly two years – with a safety ban still in place in China.

Relatively slow sales of the 737 MAX 10 and slightly smaller MAX 9 have given Boeing a strategic headache, analysts say.

It once studied plans to tinker with the 737 MAX 10 to extend the range against the A321neo, but is now weighing a bolder plan to replace the single-aisle 757, which overlaps with the top end of the MAX family.

Even so, Boeing is stepping up efforts to sell the 737 MAX 10, with key targets including Ireland’s Ryanair (RYA.I).

On display on Friday will be a revamped landing gear system illustrating the battle between Boeing and Airbus to squeeze as much mileage out of the current generation of single-aisles. It raises the landing gear’s height during take-off and landing, a design needed to compensate for the MAX 10’s extra length and prevent the tail scraping the runway on take-off.

Reporting by Eric M. Johnson in Seattle; Editing by David Gregorio and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

Boeing’s 230-seat 737-10 is designed to close the gap between its 178-to-220-seat 737-9, and the 185-to-240-seat A321neo, which dominates the top end of the narrowbody jet market, worth some $3.5 trillion over 20 years.

Source: https://www.reuters.com/business/aerospace-defense/largest-boeing-737-max-model-set-maiden-flight-source-2021-06-18/

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Reuters

EXCLUSIVE Galp to hold off on LNG investment until Mozambique ensures security

Portugal’s Galp Energia (GALP.LS), a partner in an Exxon Mobil-led gas consortium in Mozambique, will not invest in onshore plants there until authorities guarantee security and social stability, which may take time, CEO Andy Brown told Reuters.

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The logo of GALP is seen next to a petrol station of GALP company near Lisbon, Portugal July 30, 2018. REUTERS/Rafael Marchante/Files

Portugal’s Galp Energia (GALP.LS), a partner in an Exxon Mobil-led gas consortium in Mozambique, will not invest in onshore plants there until authorities guarantee security and social stability, which may take time, CEO Andy Brown told Reuters.

This marks a second setback to Mozambique’s hopes to develop a major liquefied nature gas (LNG) hub in the coming years after TotalEnergies (TOTF.PA) suspended its own, separate LNG project in the country.

Attacks by militants in northern Mozambique’s Cabo Delgado region, near the $30 billion Rovuma liquefied natural gas project, have forced hundreds of thousands of people to flee the area. read more

The Mozambican government has said it expects the consortium to take the final investment decision, already postponed from 2020 due to the coronavirus pandemic, this year.

But the CEO of Galp, which has a 10% stake in the consortium, told Reuters on Monday his company did not include investments in Rovuma’s onshore facilities in its net capital expenditure plan for the next five years.

“It means that at the moment it’s very hard for us to predict when the time to invest will be,” Brown said.

“Last year we were really planning to have built Rovuma by 2025 and I don’t want to make a promise on Rovuma and then disappoint the market again,” he said.

“We continue to monitor security developments in the region,” said Exxon (XOM.N) spokesperson Todd Spitler, adding that the company is working with the government of Mozambique “to enable development of this world class resource.”

The other major partner, Italy’s Eni (ENI.MI), declined to comment.

“Before Galp starts investing in the project, the government needs to work with the local population to create the right kind of stability and social cohesion, as well as security, on the ground … That may take a while,” Brown said.

Brown said that once France’s TotalEnergies, which stopped construction of a separate LNG project near Rovuma due to the latest attacks in March and is working with Mozambique to ensure stability in the area, has reliably resumed the work, “we will be in a position to consider our own project”.

Despite the setbacks, Mozambique with its attractive gas projects is “a really important country for Galp”, Brown said, and the consortium is “working to get the cost to a level where this project is really competitive”.

Brown said that over the next five years, Brazil will absorb “the vast majority” of the 320 million to 400 million euros ($388 million to $485 million) of net capex which Galp has allocated to upstream annually, while there will be “some investment in floating LNG in Mozambique and some small investments in Angola”.

The investments in Brazil will be “mostly allocated to already sanctioned developments, including the Bacalhau I,” he said.

($1 = 0.8252 euros)

Our Standards: The Thomson Reuters Trust Principles.

The Mozambican government has said it expects the consortium to take the final investment decision, already postponed from 2020 due to the coronavirus pandemic, this year.

Source: https://www.reuters.com/business/exclusive-galp-says-it-wont-invest-rovuma-until-mozambique-ensures-security-2021-06-14/

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Reuters

Google dangles paid upgrade to businesses using Gmail addresses

Alphabet Inc’s Google on Monday unveiled an option for small businesses to upgrade their Gmail accounts for greater calendaring, video chat and email newsletter functionalities.

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FILE PHOTO: The logo of Google is seen on a building at La Defense business and financial district in Courbevoie near Paris, France, September 1, 2020. REUTERS/Charles Platiau/File Photo

(Reuters) – Alphabet Inc’s Google on Monday unveiled an option for small businesses to upgrade their Gmail accounts for greater calendaring, video chat and email newsletter functionalities.

Google Workspace Individual, which starts at $7.99 monthly including a temporary $2 discount, adds to the company’s expanding efforts to have users subscribe to some of its services such as YouTube and Google Photos in exchange for more support and features than are available for free. Subscription sales could help Google grow revenue beyond advertising.

The small-business offering compares with existing plans aimed at larger organizations that have their own websites to use in email addresses.

Javier Soltero, vice president for Google Workspace, told reporters that his unit had been informally saving photos of business cards or work vehicles mentioning an “@Gmail.com” address to “remind ourselves of the sheer number of people using our consumer products to run their businesses.”

Those that upgrade for appointment booking, newsletter production and other tools should be able to provide a more professional experience to clients, he said.

Workspace Individual will launch soon in the United States, Canada, Mexico, Brazil, Australia and Japan.

Google announced other changes to Workspace on Monday. Big businesses will be able to control encryption of their files on Google Drive for the first time and prevent Google from unlocking them. Airbus SE is an early customer.

All users now have access to Google Chat, the company’s successor to instant-message program Google Hangouts.

Now for the first time in years, free and paid users alike will have the same set of chat and email services, providing a common foundation that makes it simpler to develop new features, Soltero said.

Reporting by Paresh Dave; Editing by Marguerita Choy

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Source: https://www.reuters.com/article/alphabet-google-workspace/google-dangles-paid-upgrade-to-businesses-using-gmail-addresses-idUSL2N2NT21G

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