Inside Trade Alert: Senator buys $OXY

Also is @RoaringKitty manipulating the markets?

GM. This is Boring Data and welcome back to another hectic start for the week.

Here’s what we got for you on this find Monday Evening:

Table of Contents

Roaring Kitty is Being Accused of Market Manipulation📈 📉 

We have two rules at Boring Data:

  1. Never play Monopoly with the in-laws

  2. Don’t manipulate the stock market

Here’s what we know so far:

  • Keith Gill revealed on social media platforms holding $115.7M in GameStop shares and $65.7M in call options.

  • Morgan Stanley’s E*Trade is considering banning Gill over allegations of meme stock manipulation.

  • Citron Research suggests someone is financially backing Roaring Kitty and questions the legitimacy of his trades.

E-Trade, a subsidiary of Morgan Stanley, is reportedly considering banning Roaring Kitty, also known as Keith Gill, from trading on their platform.

The concern? Possible "market manipulation" related to his significant trades in GameStop ($GME) stocks and options.

According to a Wall Street Journal report, Gill recently disclosed on social media that he holds over $115.7 million in GameStop shares and $65.7 million in call options. This announcement reignited interest in meme stocks, leading to a 23% increase in GameStop shares and a 9.7% rise in AMC Entertainment shares.

Inside E*Trade and Morgan Stanley, there are concerns about Gill's potential influence on stock prices. Some insiders argue his actions might constitute manipulation, while others are worried about the backlash from his substantial following if he is banned.

Adding to the controversy, Citron Research has weighed in, suggesting that Roaring Kitty's trades seem more like manipulation without a solid thesis. They also believe someone is financially backing him, as his reported finances don't appear to support the scale of these trades.

Gill returned to social media last month after a three-year absence, posting a picture that triggered significant volatility in meme stocks. Between May 13 and 14, GameStop shares surged nearly 180%, marking the biggest two-day jump since the initial meme stock rally in early 2021

Senator Thomas Carper’s Wife purchases $OXY 

On a more serious note.

May 9, 2024

Thomas R. Carper spouse bought Occidental Petroleum Stock $OXY

In the amount of 1,001 - 15,000

Normally this isn’t a big deal and would fly under the radar, except for the fact that Thomas Carper is the Chairman of the Senate Committee on Environment

Occidental recently bought a carbon capture startup for $1.1B, in order to sell carbon-removal credits.

  • Traded May 9, 2024

  • Disclosed to public Jun 3, 2024

He is currently down 7.18% on his position.

Also important to note that his wife is the main trader, he does not place any trades.

Thomas Carper’s wife is a very active trader with over $20 million in trade volume and 1,509 trades.

Jim Cramer Pic of the Day