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GameStop shares are jumping again, but short sellers aren’t backing down


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2021 Jan 26, 6:54am   13,432 views  214 comments

by zzyzzx   ➕follow (5)   💰tip   ignore  

https://www.cnbc.com/2021/01/26/gamestop-shares-are-jumping-again-but-short-sellers-arent-backing-down.html

GameStop’s short interest stands steadily at 139%, unchanged from a week

Interesting read on how a messageboard found a stock shorted at > 100% of the stock, so they decided to collectively buy the stock, hoping to make money off a short squeeze.

IMO, gambling, not investing, but I should add it to my watch list to see what happens.

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1   RC2006   2021 Jan 26, 7:08am  

Also watching.
3   zzyzzx   2021 Jan 27, 10:19am  

$334.29/sh + $186.31 (+125.90%) As of 1:18PM EST. Market open.
5   Cash   2021 Jan 27, 11:03am  

GameStop-Style Revolts Spread, Prompting Halt by TD Ameritrade, Nasdaq Monitoring
https://www.coindesk.com/gamestop-equity-markets-trading-halted-nasdaq
I like how the MMs totally cater to the hedge funds w/naked shorts and who knows all
but when the tide turns they turn into whinny little bitches.
7   EBGuy   2021 Jan 27, 1:17pm  

I was somewhat oblivious to GameStopGate until I saw this segment on Rising this morning. Hilarious, especially the rant by Jim "man of the people" Cramer. (see 4:50 below).
https://www.youtube.com/watch?v=9ToOGrUQ7ME
8   EBGuy   2021 Jan 27, 1:34pm  

And this guy could be the next Governor of California if total recall happens.
Chamath Palihapitiya closes GameStop position, but defends investors’ right to sway stocks like pros
Wednesday on CNBC’s “Fast Money: Halftime Report,” Palihapitiya said, “I ended up closing out my position this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position — I’m going to take $500,000 and I’m going to donate it.
Palihapitiya dismissed Wall Street criticism about how individual investors are banding together on social media — particularly the wallstreetbets Reddit message board, and short-squeezing GameStop and a handful of other stocks like pros — as hypocritical. He said hedge funds try to push stocks around all the time.
9   richwicks   2021 Jan 27, 2:05pm  

EBGuy says
He said hedge funds try to push stocks around all the time.


Well, this is true.

It's illegal - but it's true.

SEC are about as useful as tits on a bull. I've not seen enforcement in years in commodity markets, even when proof of malfeasance.
10   EBGuy   2021 Jan 27, 3:31pm  

This is an epic rant...

.@cvpayne On GameStop Stock Market Drama

"All of this whining by Wall Street it's making me sick."

"I didn't hear one person on tv complaining about Wall Street trying to crush GameStop." pic.twitter.com/wz5ou75Pgm

— The Columbia Bugle 🇺🇸 (@ColumbiaBugle) January 27, 2021
11   NuttBoxer   2021 Jan 27, 4:43pm  

Markets are reeling. And here's why. ALL stocks are rigged, and now the globalist manipulators know that we know. If this thing spreads, we aren't talking a small drop, we aren't even talking just a market crash. We are talking central bank OBLITERATION!

Revolution just got fucking real.
12   Booger   2021 Jan 27, 6:07pm  

Multiple people mentioning that they are unable to log into their brokerage account or only able to close positions in GameStop.
13   Booger   2021 Jan 27, 6:14pm  

https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server

Discord bans the r/WallStreetBets server
It was banned following repeated warnings for allowing hate speech
14   Patrick   2021 Jan 27, 6:16pm  

Cash says
https://twitter.com/i/status/1354204713605099521


Please use twitter.com instead of twitter.com in urls. Works the same, but helps deprive Twitter of some power. Or I could automate this.

KFC
@KFCBarstool
Jan 26
If you’re dumb like I am, here’s a quick 5 minute explanation of what’s happening with GameStop and Wall Street $GME. The Robinhood Reddit bros are making millions and essentially took out an entire hedge fund. David vs Goliath. POWER OF THE INTERNET


OK, so now I understand.
15   Patrick   2021 Jan 27, 6:18pm  

Cash says
https://twitter.com/i/status/1354204713605099521


https://twitter.com/i/status/1354204713605099521 is better.
16   EBGuy   2021 Jan 27, 6:24pm  

I'm kinda worried that they're going to jackma Elon...
17   BayArea   2021 Jan 27, 9:52pm  

Excited to see how this plays out. Wildly entertaining to say the least.
18   BoomAndBustCycle   2021 Jan 27, 11:47pm  

AMC stock is next🚀🚀🚀🚀
19   Booger   2021 Jan 28, 3:49am  

Pre-market
$444.00 +96.49 (+27.77%)
20   Booger   2021 Jan 28, 4:03am  

AMC Pre-market about where it closed.
21   Cash   2021 Jan 28, 4:05am  

WallStreetBets Telegram Group Gets 40,000 Members in 24 Hours
https://decrypt.co/55804/wallstreetbets-telegram-group-gets-40000-members-in-24-hours
An unofficial WallStreetBets Telegram channel has been set up in case its Reddit and Discord channels get censored. And it’s growing fast.
22   Cash   2021 Jan 28, 4:41am  

My tgt for $GME is $650 smackers on a break of $375
23   Cash   2021 Jan 28, 4:47am  

Pre-market
https://finance.yahoo.com/quote/GME/options/
478.00 +130.49 (37.55%)
Before hours: 7:46AM EST
24   zzyzzx   2021 Jan 28, 5:17am  

Cash says
WallStreetBets Telegram Group Gets 40,000 Members in 24 Hours
https://decrypt.co/55804/wallstreetbets-telegram-group-gets-40000-members-in-24-hours
An unofficial WallStreetBets Telegram channel has been set up in case its Reddit and Discord channels get censored. And it’s growing fast.


I expect to see one on the .win area as well.
25   zzyzzx   2021 Jan 28, 5:22am  

https://finance.yahoo.com/news/american-air-surges-most-two-192239009.html

American Airlines Surges After Mention in Reddit Stock Forum

American Airlines Group Inc., the most shorted major U.S. carrier, surged after a mention on Reddit’s Wall Street Bets forum.

“AAL the next GME?” said Reddit user u/cardiffgiantthe1st in an online discussion Wednesday, referring to the stock tickers of American and GameStop Corp., the video-game retailer that has quintupled in value this week alone.

American’s stock gain adds to a flurry of share increases this week as Reddit-fueled retail traders take on short sellers and drive up prices. With stock after stock, legions of day traders have identified companies with high levels of short interest and piled in. In the case of GameStop, the soaring price has forced many short sellers to give up their positions.

American rose 6.6% to $16.56 at the close in New York, the most since Dec. 3, after paring gains from an intraday surge of as much as 15%. Other companies on a Standard & Poor’s index of big U.S. airlines fell.

The Fort Worth, Texas-based carrier declined to comment.

The gain isn’t “justified by anything fundamental,” Darryl Genovesi, an analyst at Vertical Research Partners, said in an email. He expressed the same view about the stock surge during the session of another company he covers, Virgin Galactic Holdings Inc.

Short-Squeeze Risk

Short interest as a percentage of American’s free float is about 29%, according to data from S3 Partners. No other major U.S. airline has short interest of more than 5%.

American is scheduled to report fourth-quarter earnings on Thursday. Like its rivals, the airline has been contending with the unprecedented collapse of air travel because of the coronavirus pandemic.

Following American’s advance, CFRA Research changed its recommendation on the shares to hold from strong sell and lifted its price target to $19 from $8.

“We think the stock is a high risk for one of the recent retail-investor-driven short squeezes we’ve seen play out,” CFRA analyst Colin Scarola wrote in a client note.

The firm also elevated Spirit Airlines Inc. from sell to hold for the same reason. Short interest is about 16% of Spirit’s free float, according to Vertical Research.
26   zzyzzx   2021 Jan 28, 5:27am  

https://finance.yahoo.com/news/game-stop-amc-saga-make-it-a-day-for-the-history-books-morning-brief-110758771.html

Some of those betting against GameStop did start to cut their losses.

Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon.

"We have closed out our position in GME," a company spokesperson told Yahoo Finance. "The social media posts about Melvin Capital going bankrupt are categorically false."

And yes, we're at the point in the cycle when hedge funds have to squelch rumors they are going out of business.

Andrew Left of Citron Research also announced Wednesday morning he had covered a "majority" of his short on GameStop — for a loss of 100%.


I would take those comments with the proverbial grain of salt, since the stock went way up overnight.
28   zzyzzx   2021 Jan 28, 5:40am  

https://finance.yahoo.com/m/a458624b-2b0f-34c7-bc1c-e417654ec9c3/amc-entertainment-to-issue.html

AMC Entertainment to issue 44.4 million shares as investors opt to convert $600 million of convertible debt
29   zzyzzx   2021 Jan 28, 6:21am  

zzyzzx says
https://finance.yahoo.com/news/game-stop-amc-saga-make-it-a-day-for-the-history-books-morning-brief-110758771.html

Some of those betting against GameStop did start to cut their losses.

Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon.

"We have closed out our position in GME," a company spokesperson told Yahoo Finance. "The social media posts about Melvin Capital going bankrupt are categorically false."

And yes, we're at the point in the cycle when hedge funds have to squelch rumors they are going out of business.

Andrew Left of Citron Research also announced Wednesday morning he had covered a "majority" of his short on GameStop — for a loss of 100%.


Even Louis Rossman thinks that they are lying:
https://lbry.tv/@rossmanngroup:a/gamestop-shorts-are-full-of-about:3
Gamestop shorts are FULL OF 💩 about closing their short position (in my opinion)
31   zzyzzx   2021 Jan 28, 6:41am  

https://www.cnbc.com/2021/01/28/gamestop-reverses-losses-and-surges-another-30percent-in-the-premarket-to-450-as-mania-continues.html

GameStop turns lower rapidly, down 20% as brokers move to limit trading

GameStop shares rapidly gave up their premarket gains, turning negative and dropping as brokers restricted trading on the stock.

The stock was down 14% shortly after the opening bell. Minutes earlier it was soaring, topping $500 apiece briefly in premarket at one point. The stock started to fall as word spread that Robinhood and Interactive Brokers were restricting trading.

The wild moves a more than 130% rally on Wednesday in heavy volume, pushing its week-to-date gains to 466%. The stock was worth about $40 just a week ago.
32   Cash   2021 Jan 28, 6:48am  

I think Melvin Capital Management and Citron are still knee deep in shorts $375+ and watch it fly... ;)
Price just broke 375 ;)
33   zzyzzx   2021 Jan 28, 6:54am  

Commentary on Yahoo Finance not working right now:
https://finance.yahoo.com/quote/GME/community?p=GME
34   clambo   2021 Jan 28, 6:56am  

Makes me want to buy some GME just for the hell of it.
35   RC2006   2021 Jan 28, 7:02am  

Can't believe it's still going up, some people are really going to catch the knife at some point.
36   RC2006   2021 Jan 28, 7:05am  

Gamestop is bitcoin 2.0
37   Cash   2021 Jan 28, 7:07am  

RC2006 says
Can't believe it's still going up, some people are really going to catch the knife at some point.
Watch the retest of the open +/- it will be pretty much over if price breaks below 260+/-
38   GNL   2021 Jan 28, 7:13am  

Patrick says
Please use twitter.com instead of twitter.com in urls.

Please explain this for we non techers.
39   GNL   2021 Jan 28, 7:16am  

Patrick says
Cash says
https://twitter.com/i/status/1354204713605099521


Please use twitter.com instead of twitter.com in urls. Works the same, but helps deprive Twitter of some power. Or I could automate this.

KFC
@KFCBarstool
Jan 26
If you’re dumb like I am, here’s a quick 5 minute explanation of what’s happening with GameStop and Wall Street $GME. The Robinhood Reddit bros are making millions and essentially took out an entire hedge fund. David vs Goliath. POWER OF THE INTERNET


OK, so now I understand.

Eventually someone is left holding the bag, no? If the stock is manipulated up and destroys the hedges, the people who bought dont realize a gain unless they sell. So who is left with the overpriced stock?
40   zzyzzx   2021 Jan 28, 7:18am  

There isn't a Hitler rant about this yet, but there is a pretty good older one about GameStop that's really creative:
https://www.youtube.com/watch?v=4SMUh9H-8lo

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