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GameStop shares are jumping again, but short sellers aren’t backing down
invite response
2021 Jan 26, 6:54am 18,378 views 215 comments
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68
zzyzzx
2021 Jan 28, 10:42am
zzyzzx
2021 Jan 28, 10:42am
https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW
Losses on short positions in U.S. firms top $70 billion - Ortex data
LONDON (Reuters) - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.
Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.
Ortex said the figures are based on the change in trading prices between the start of January to Wednesday’s close, and the number of short positions. The company sources short interest data from submissions by agent lenders, prime brokers, and broker-dealers.
Losses on short positions in U.S. firms top $70 billion - Ortex data
LONDON (Reuters) - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.
The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.
Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.
Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.
Ortex said the figures are based on the change in trading prices between the start of January to Wednesday’s close, and the number of short positions. The company sources short interest data from submissions by agent lenders, prime brokers, and broker-dealers.
69
Eric Holder
2021 Jan 28, 10:44am
Eric Holder
2021 Jan 28, 10:44am
NuttBoxer says
Not getting this one. How can you sell when buying is not allowed? To whom?
If they're only allowing hold or sell, they will drop. I want to see what happens once they re-open buying.
Not getting this one. How can you sell when buying is not allowed? To whom?
71
zzyzzx
2021 Jan 28, 10:46am
zzyzzx
2021 Jan 28, 10:46am
Eric Holder says
First off, it's only some retail brokerages doing this (RobinHood in particular). Plus no restrictions on hedge funds, of course.
Not getting this one. How can you sell when buying is not allowed? To whom?
First off, it's only some retail brokerages doing this (RobinHood in particular). Plus no restrictions on hedge funds, of course.
73
Eric Holder
2021 Jan 28, 10:50am
Eric Holder
2021 Jan 28, 10:50am
zzyzzx says
Gotcha.
Eric Holder saysNot getting this one. How can you sell when buying is not allowed? To whom?
First off, it's only some retail brokerages doing this (RobinHood in particular). Plus no restrictions on hedge funds, of course.
Gotcha.
74
Eric Holder
2021 Jan 28, 10:54am
Eric Holder
2021 Jan 28, 10:54am
I have an acquaintance who works for a hedge fund. Busting his balls over this GME covfefe is going to be fun. =))
77
Misc
2021 Jan 28, 11:06am
The mainstream media is lining up hit pieces on GME. The amount of bad press is going to be enormous.
https://finance.yahoo.com/news/why-game-stop-is-destined-to-become-another-blockbuster-video-221243155.html
https://finance.yahoo.com/news/why-game-stop-is-destined-to-become-another-blockbuster-video-221243155.html
79
Misc
2021 Jan 28, 11:12am
The person in the above letter should just be thankful that it was not for a negative share price.
84
Robert Sproul
2021 Jan 28, 11:59am
Every move they make exposes their across-the-board corruption to more people.
85
MisdemeanorRebel
2021 Jan 28, 11:59am
MisdemeanorRebel
2021 Jan 28, 11:59am
Force Selling piddling amounts of stock? This doesn't happen in Argentina.
86
Misc
2021 Jan 28, 12:08pm
It's not piddling. GME is trading at about $255 per share now. Robinhood ain't gonna disclose what it received as it's take for "order flow". Let's see if they only took $20 per share that's $90k for Robinhood, not bad for allowing "Free Trades". Their Hedge fund buddy was probably ok with taking the trade too. This happened across thousands and thousands of accounts.
87
Misc
2021 Jan 28, 12:11pm
As for the Class Action lawsuit. It is meaningless. All Robinhood account holders signed an "Arbitration Agreement":. The court the lawsuit was filed in will simply state that the court has "NO STANDING" to hold a trial.
88
richwicks
2021 Jan 28, 12:25pm
richwicks
2021 Jan 28, 12:25pm
NoCoupForYou says
@NoCoupForYou - are you in Argentina? My cousin is an expat in Buenos Aires. He saw the shit hitting the fan 10 years ago.
Force Selling piddling amounts of stock? This doesn't happen in Argentina.
@NoCoupForYou - are you in Argentina? My cousin is an expat in Buenos Aires. He saw the shit hitting the fan 10 years ago.
89
richwicks
2021 Jan 28, 12:31pm
richwicks
2021 Jan 28, 12:31pm
Eric Holder says
HAHAHA - Biden could murder a baby, drink its blood, and swear allegiance to Lucifer on live television and it wouldn't be grounds for impeachment with this "government".
Stop believing in our "judicial system" - it doesn't exist.
Biden was obviously selling access to his office by having his cokehead son on the BOD of Burisma. There is literally no other possible reason to hire Hunter Biden for that position. Trump was impeached for allegedly demanding that Ukraine investigate corruption within their government as a condition for receiving "aid" - you know, doing his job before handing over a billion dollars to see that the aid was aid and not just a bribe.
Our government is systemically corrupt. I've said it many times, but our government is a criminal syndicate. I say this because our government is obviously a criminal syndicate - nothing more. It's a mafia.
Biden already was caught taking BRIBES, before he was nominated by the DNC. What kind of fucking people do you think run our intelligence agencies, DOJ, "news" media, and leadership of our parties? Al Capone and Whitey Bulger do. There is literally nothing that Biden could do to get him impeached.
If true wrt calls from WH that's a second Biden's impeachment right there.
HAHAHA - Biden could murder a baby, drink its blood, and swear allegiance to Lucifer on live television and it wouldn't be grounds for impeachment with this "government".
Stop believing in our "judicial system" - it doesn't exist.
Biden was obviously selling access to his office by having his cokehead son on the BOD of Burisma. There is literally no other possible reason to hire Hunter Biden for that position. Trump was impeached for allegedly demanding that Ukraine investigate corruption within their government as a condition for receiving "aid" - you know, doing his job before handing over a billion dollars to see that the aid was aid and not just a bribe.
Our government is systemically corrupt. I've said it many times, but our government is a criminal syndicate. I say this because our government is obviously a criminal syndicate - nothing more. It's a mafia.
Biden already was caught taking BRIBES, before he was nominated by the DNC. What kind of fucking people do you think run our intelligence agencies, DOJ, "news" media, and leadership of our parties? Al Capone and Whitey Bulger do. There is literally nothing that Biden could do to get him impeached.
90
Eric Holder
2021 Jan 28, 12:32pm
Eric Holder
2021 Jan 28, 12:32pm
richwicks says
We'll see in 2 years. If GOP re-captures the House it's gonna be impeachments galore. Biden is owed at least 3, reasons for the first 2 already known.
And, btw, who said anything about impeachment having anything to do with "judicial system"? These are two completely separate things. Impeachment is political and has always been.
HAHAHA - Biden could murder a baby on live television and it wouldn't be grounds for impeachment with this "government".
We'll see in 2 years. If GOP re-captures the House it's gonna be impeachments galore. Biden is owed at least 3, reasons for the first 2 already known.
And, btw, who said anything about impeachment having anything to do with "judicial system"? These are two completely separate things. Impeachment is political and has always been.
91
fdhfoiehfeoi
2021 Jan 28, 12:54pm
fdhfoiehfeoi
2021 Jan 28, 12:54pm
Eric Holder says
Brokerages aren't being hampered, just citizens.
Not getting this one. How can you sell when buying is not allowed? To whom?
Brokerages aren't being hampered, just citizens.
92
fdhfoiehfeoi
2021 Jan 28, 12:59pm
fdhfoiehfeoi
2021 Jan 28, 12:59pm
Robinhood is FORCEABLY CLOSING OUT POSITIONS!!!
Insider posted on the class actions sub saying Sequoia and Whitehouse put pressure on them to stop the trading.
AOC and Ted fucking Cruz agreeing on Twitter.
They close everyone out without consent, market confidence will be SHOT TO FUCK.
We may not need to buy anymore stock, globalists seem to be grabbing the shovels away and digging the graves themselves now.
Insider posted on the class actions sub saying Sequoia and Whitehouse put pressure on them to stop the trading.
AOC and Ted fucking Cruz agreeing on Twitter.
They close everyone out without consent, market confidence will be SHOT TO FUCK.
We may not need to buy anymore stock, globalists seem to be grabbing the shovels away and digging the graves themselves now.
93
Booger
2021 Jan 28, 1:03pm
Booger
2021 Jan 28, 1:03pm
The hedge fund Point72 has suffered a nearly 15 percent loss amid the GameStop frenzy on Wall Street.
Jan. 27, 2021, 8:23 p.m. ET
3 hours ago
By Kate Kelly
Point72, Steve Cohen’s hedge fund, has an investment in Melvin Capital, which maintained a big bet against GameStop.
As shares of GameStop, the video game retailer, have surged amid a wave of speculative investment by small investors, Point72, the hedge fund run by the Mets owner Steve Cohen, has lost nearly 15 percent this year, according to a person with knowledge of the matter.
GameStop’s sudden rally — the shares jumped 135 percent on Wednesday alone and are up more than 1,700 percent this year — has taken a toll on some large investors who had bet against the stock. The losses at Point72, which manages nearly $19 billion in assets, stem in part from the firm’s investment in Melvin Capital, a hedge fund that had a massive bet against GameStop.
As the shares rose, Melvin was saddled with sudden losses and had to accept $2.75 billion in rescue capital from two outside investors. One of the rescuers was Point72, which already had roughly $1 billion under management with Melvin, said two people with knowledge of the relationship, and added $750 million to help stabilize Melvin this week.
Jan. 27, 2021, 8:23 p.m. ET
3 hours ago
By Kate Kelly
Point72, Steve Cohen’s hedge fund, has an investment in Melvin Capital, which maintained a big bet against GameStop.
As shares of GameStop, the video game retailer, have surged amid a wave of speculative investment by small investors, Point72, the hedge fund run by the Mets owner Steve Cohen, has lost nearly 15 percent this year, according to a person with knowledge of the matter.
GameStop’s sudden rally — the shares jumped 135 percent on Wednesday alone and are up more than 1,700 percent this year — has taken a toll on some large investors who had bet against the stock. The losses at Point72, which manages nearly $19 billion in assets, stem in part from the firm’s investment in Melvin Capital, a hedge fund that had a massive bet against GameStop.
As the shares rose, Melvin was saddled with sudden losses and had to accept $2.75 billion in rescue capital from two outside investors. One of the rescuers was Point72, which already had roughly $1 billion under management with Melvin, said two people with knowledge of the relationship, and added $750 million to help stabilize Melvin this week.
94
Ceffer
2021 Jan 28, 1:16pm
Ceffer
2021 Jan 28, 1:16pm
Just wait until Rin's hedge fund buys naked shorts of the Real Doll stocks.
95
MisdemeanorRebel
2021 Jan 28, 1:18pm
MisdemeanorRebel
2021 Jan 28, 1:18pm
Ceffer says
Veritas will have a new Whistleblower, that's for sure!
Just wait until Rin's hedge fund buys naked shorts of the Real Doll stocks.
Veritas will have a new Whistleblower, that's for sure!
96
Booger
2021 Jan 28, 2:32pm
Booger
2021 Jan 28, 2:32pm
Ceffer says
I've been wondering if we can somehow direct him to this thread..
Just wait until Rin's hedge fund buys naked shorts of the Real Doll stocks.
I've been wondering if we can somehow direct him to this thread..
97
Booger
2021 Jan 28, 2:49pm
Booger
2021 Jan 28, 2:49pm
https://amp.dailycaller.com/2021/01/28/janet-yellen-gamestop-citadel
Janet Yellen Received $810K In Speaking Fees From Hedge Fund Embroiled In GameStop Saga
Janet Yellen Received $810K In Speaking Fees From Hedge Fund Embroiled In GameStop Saga
100
richwicks
2021 Jan 28, 3:07pm
richwicks
2021 Jan 28, 3:07pm
Booger says
hey @Rin - @Booger wants you to look at this thread.
Ceffer saysJust wait until Rin's hedge fund buys naked shorts of the Real Doll stocks.
I've been wondering if we can somehow direct him to this thread..
hey @Rin - @Booger wants you to look at this thread.
101
Booger
2021 Jan 28, 3:29pm
Booger
2021 Jan 28, 3:29pm
https://finance.yahoo.com/news/robinhood-bars-users-from-buying-game-stop-stock-infuriating-its-users-144007484.html
Robinhood and others halt buying of GameStop and other hot stocks, infuriating users
Robinhood and others halt buying of GameStop and other hot stocks, infuriating users
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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.