Research Notes · Theme

Equities

Kresmion Research notes on equities. Independent, source-attributed, information-only.

6 notesAll research notes
EquitiesInstitutionalPositioning

GameStop's CEO Bought 97 Million Dollars of Stock in Five Weeks, Paying More Each Time

Ryan Cohen, GameStop's CEO, bought 4,144,810 shares for $97,192,416 in open-market purchases between September 10 and October 13, 2026, none on a 10b5-1 plan. His weighted price rose on every buy date, from 20.38 to 26.98. The spend equals 91% of what his directly held shares had cost through January 6, according to his own Schedule 13D/A filings. His stake, counting warrants, went from 8.3% on September 3, after a share issuance, up to 9.1%, against 9.3% after his last January purchase. The volume and short interest data show other flows were far larger than his. A block of 59,088,333 warrants with a $32 exercise price expires on October 30. This note describes the trades. It does not forecast the price.…

13 min readGMEMSFTNVDA
Equitiesindustrialsai infrastructure

Caterpillar's Order Book Grew 2.4 Times in Three Years.

The Part It Cannot Deliver Within a Year Grew 5.2 Times.

14 min readCAT
EquitiesPositioning

The Three Big Index ETFs Are All in Negative Dealer Gamma.

The Mega-Cap Stocks That Dominate Them Are Not.

8 min readSPYQQQIWM
EquitiesInsidersEnergy

PBF's Top Holder Sold $49.5 Million in a Week, Across Three Form 4s

12 min readPBF

July 2026

2 notes
EquitiesInsiderssemiconductors

Five Chip Companies Show Concurrent Insider Sell Clusters, Every One Including the CEO or CFO.

The Sector Has Not Shown a Single Buy Cluster Since May.

Executives at five US-listed chip companies are selling stock in concurrent insider clusters worth 119 million dollars, each including the CEO or the CFO. On the other side of the ledger, insider buy clusters across the entire US market Kresmion tracks add up…

8 min readAMATNVDAKLIC
EquitiesvolatilityPositioning

Options Dealers Are Positioned to Dampen the S&P and the Nasdaq.

The Russell 2000 Is the One Index They Are Still Positioned to Amplify.

As the second quarter closed, options dealers were positioned to dampen moves in the S&P 500 and the Nasdaq 100, but to amplify them in the Russell 2000. That split is the story. This note describes what Kresmion's dealer gamma model reads across the major US…

9 min readIWMSPYQQQ