morning all
Large GameStop shareholder MUST Asset Management sold off its stake
GameStop Corp. GME, +9.42% disclosed Thursday that South-Korea-based MUST Asset Management Inc., a former large shareholder, no longer holds any shares of the videogame and consumer electronics retailer. The stock sale comes after GameStop's stock soared 788% amid a five-day win streak through Wednesday, as it became a poster child for the recent trading frenzy in which individual investors targeting heavily shorted shares. MUST was GameStop's ninth largest shareholder, according to FactSet data, as it held 3.3 million shares, or about 4.7% of the shares outstanding. MUST's 3.3 million-share holding was disclosed before the March 20, 2020 open; at the time it represented 5.0% of the shares outstanding. The stock closed March 19, 2020 at $4.19, which would value the stake at about $13.8 million. With GameStop's stock closing at $347.51 on Wednesday, the value of MUST's stake could have increased by more than $1.1 billion. GameStop's stock, which rose 1.2% in morning trading Thursday, prior to a trading halt for volatility, has soared 2,876.5% over the past three months, while the S&P 500 SPX, +0.99% has gained 16.1%.
https://www.marketwatch.com/story/large-gamestop-shareholder-must-asset-management-sold-off-its-stake-2021-01-28
https://finance.yahoo.com/quote/GME
Losses top $70 bln on short positions in U.S. firms
Wall Street investors are sitting on estimated year-to-date losses of $70.87 billion on their bets against U.S. companies following massive surges in some of the heavily shorted shares, data from analytics firm Ortex showed on Thursday. Some shares such as in video game retailer GameStop have jumped more than 1,000% in the past week, driven primarily by retail investors trading on online apps and sharing tips on social media messaging boards
Such gains have forced short-sellers to buy back stock to cover potential losses in what is dubbed a short-squeeze. Moves were exacerbated by more retail investors piling into the stock. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.
Shorting GameStop may have cost $1.03 billion year-to-date, Ortex estimates, while those shorting Bed, Bath & Beyond were looking at a $600 million loss. Its short interest data, sourced from submissions by agent lenders, prime brokers, and broker-dealers, showed that around 62 million GameStop shares with a value of $2.2 billion were out on loan as of Wednesday.
Tesla topped the list of most shorted names with $47 billion worth of bearish positions, followed by fuel cell maker Plug Power. The trend of retail traders duelling with hedge funds has rippled out into Europe and Asia. Heavily shorted Australian shares Webjet and Tassal Group rose more than 5% on Thursday, bucking falls in the broader index.
Retail traders have targeted the most shorted European names including Pearson and Cineworld, although losses are much smaller than in the United States. Ortex data showed Pearson shorts had estimated losses of $208 million this year, followed by Nokia at $205 million.
The European estimates are based on securities lending data, and the profit or loss per day which is then summed up. The share trading mania appears to be by no means over, with Credit Suisse analysts attributing it to the liquidity triggered by waves of monetary and fiscal stimulus “which dwarfs anything seen in past recessions”
“This liquidity will increase further after the next round of government stimulus,” they told clients.
https://www.reuters.com/article/retail-trading-shortbets/update-1-losses-top-70-bln-on-short-positions-in-u-s-firms-ortex-data-idUSL8N2K35FV
Retail Brokerages Suffer Another 'Coordinated' Outage As Short-Squeeze Surge Spreads
As retail panic trades most shorted stocks, a widespread outage of popular brokerage houses is being reported as the cash session begins. This seems to be the norm in the last couple of sessions, preventing some retail traders from participating in massive squeezes of Gamestop and AMC. Downdetector reports Thursday morning that users of Robinhood, TD Ameritrade, E-Trade, Charles Schwab, Fidelity, and Webull are reporting issues and outages. On a geographic level, users of Robinhood are experiencing problems and outages across the East Coast.
Robinhood confirmed Thursday morning, about thirty minutes after the cash session began, that users are experiencing issues with"equities, options, and crypto trading." The popular online brokerage app said disruption is with the IOS, Android, and web app…. volumes are not extraordinary… so why are retail brokerages all down simultaneously for the umpteenth day?
https://www.zerohedge.com/markets/retail-brokerages-suffer-another-coordinated-outage-short-squeeze-surge-spreads
doing good.
Are you settled yet or still transit?
Sum cofveve (not usual mostly green tea)
Just keepin muh nose clean and staying out of the rhetoric of all dat.
Gonna be some bagholders in that soon
Already in Nokia, AMC
smart to do that.
why buy at same value level cause that wut you end up doing.
>robinhood
Don't know how that would manifest really…it's money so the second they don't habs access or lose some they will tow the line right quick.
Unless thousands march to Broad St and drag them out I see stand-offs.
As it is pretty quiet upstairs (for the moment) here is some pf house-keeping
Caught this last night before shutting down
BLKWF14 USAF E-11 BACN that departed Edwards AFB after an extended stay on approach for Al Dhafra AB Abu Dhabi
P-8 Poseiden east from Sigonella (the traces show them from Malta and coverage is spotty at best here)
they can habs all the "independent" platty's they want but still gotta deal with the mkt nakers.
Until that issue solved biz as usual.
The soc media pumping of AMCand Nokia was always gonna end poorly
Remember softy man bought Nok to get rid of the self-charging phone some years ago
Some leakage into here.
https://www.kitco.com/charts/livesilver.html
morning B
nice and sunny
Enjoy watching the carnage with all the "experts" chiming in from next door.
HODL!!!!
wakes don't sweat the work mang.