AMC share price quadruples as retail traders raid hedge-fund short targets

[catfish1957]

https://www.cnbc.com/2021/01/27/amc-shares-triple-as-retail-investor-raid-of-hedge-fund-short-targets-spreads-from-gamestop.html

Shares of embattled movie theater giant AMC Entertainment more than quadrupled on Wednesday amid a flurry of trading activity in some of Wall Street’s most shorted stocks.

The frenzy started right out of the gate. About 10 minutes into the session, trading in the stock was halted for the first time due to volatility. Shares were halted several additional times during the first hour of trading amid heavy activity.

The stock finished the day with a 301.21% gain to close at $19.90. That was slightly below the stock’s high of the day — $20.36 — from just after the opening bell. During premarket trading shares had been up as much as 360%.
Roughly one hour into trading more than 500 million shares had already changed hands — significantly above the stock’s 30-day average volume of 86.8 million shares a day. By 4pmET more than 1.1 billion shares had been traded.

Individual investors are creating short squeezes by piling into these names, while hedge funds that are short on the other side are rushing to cover their losses. They are promoting their activity on the wallstreetbets Reddit board, which has 2.8 million members. AMC appeared to be a growing topic of interest on the board.

===================================================================================

Rather that discuss this actual event (social media manipulation of equity price, in a war of shorts vs. reddit nuts), I would rather talk about the symptoms of what appears to be a hurricane of a market in the not too distant future.  10,000 flashing red lights should be blinding investors when there is a 31K DJIA in the shadow of a Biden presidency, where business will be facing those head winds of that hurricane. There will be a tipping point when speculation finally collapses under the weight of consitent poor EPS reporting,

There is a legend that either Joe Kennedy or J.D Rockerfeller got out of the market in the summer of 1929, when he started getting stop tips from shoe shine boys who were shining their shoes for a penny a pop. I see these fun and games at Reddit, as a similar event.  And honestly, IMO .....  ANY speculative play right now is risky as hell. 

OTOH, I do see one bit of brightness in this mess.  I have always abhored Shortys, who amount to be the vultures of the business world.  Seeing these buzzards getting their wings clipped a bit, does give me a few chuckles.

[Weird Tolkienish Figure]

https://www.cnbc.com/2021/01/27/amc-shares-triple-as-retail-investor-raid-of-hedge-fund-short-targets-spreads-from-gamestop.html

Shares of embattled movie theater giant AMC Entertainment more than quadrupled on Wednesday amid a flurry of trading activity in some of Wall Street’s most shorted stocks.

The frenzy started right out of the gate. About 10 minutes into the session, trading in the stock was halted for the first time due to volatility. Shares were halted several additional times during the first hour of trading amid heavy activity.

The stock finished the day with a 301.21% gain to close at $19.90. That was slightly below the stock’s high of the day — $20.36 — from just after the opening bell. During premarket trading shares had been up as much as 360%.
Roughly one hour into trading more than 500 million shares had already changed hands — significantly above the stock’s 30-day average volume of 86.8 million shares a day. By 4pmET more than 1.1 billion shares had been traded.

Individual investors are creating short squeezes by piling into these names, while hedge funds that are short on the other side are rushing to cover their losses. They are promoting their activity on the wallstreetbets Reddit board, which has 2.8 million members. AMC appeared to be a growing topic of interest on the board.

===================================================================================

Rather that discuss this actual event (social media manipulation of equity price, in a war of shorts vs. reddit nuts), I would rather talk about the symptoms of what appears to be a hurricane of a market in the not too distant future.  10,000 flashing red lights should be blinding investors when there is a 31K DJIA in the shadow of a Biden presidency, where business will be facing those head winds of that hurricane. There will be a tipping point when speculation finally collapses under the weight of consitent poor EPS reporting,

There is a legend that either Joe Kennedy or J.D Rockerfeller got out of the market in the summer of 1929, when he started getting stop tips from shoe shine boys who were shining their shoes for a penny a pop. I see these fun and games at Reddit, as a similar event.  And honestly, IMO .....  ANY speculative play right now is risky as hell. 

OTOH, I do see one bit of brightness in this mess.  I have always abhored Shortys, who amount to be the vultures of the business world.  Seeing these buzzards getting their wings clipped a bit, does give me a few chuckles.

I think the Reddit baby boys are trying to hurt the hedge funds but bidding up short sales. While I hate reddit with all of my being, I bid them good luck on this endeavor.

[catfish1957]

I think the Reddit baby boys are trying to hurt the hedge funds but bidding up short sales. While I hate reddit with all of my being, I bid them good luck on this endeavor.

The deep dark secret is that there has likely lot of collusion among these large fund managers that is so stealth that SEC would have no chance of intervening in equtiy price manipulation.  I have always considered the underbelly of the investment world, but with little or few solutions to fix. 

But I agree with you, I do get a warm feeling seeing some payback unleashed on  these guys.   But in this kind of game of high stakes chicken, they stand to loose a wad in the process.  Hope it was fun money.

[Hoodat]

Look who Biden chose to run the SEC's Enforcement Division:


Melissa Hodgman Named Acting Director of Division of Enforcement
FOR IMMEDIATE RELEASE   |   2021-15

Washington D.C., Jan. 22, 2021 —
The Securities and Exchange Commission today announced Melissa R. Hodgman, currently an Associate Director in the Commission's Division of Enforcement, has been named Acting Director of the Division of Enforcement.

https://www.sec.gov/news/press-release/2021-15


Melissa Hodgman is the wife of Peter Strzok.

[XenaLee]

Rush is talking about this right now...

[Bigun]

Look who Biden chose to run the SEC's Enforcement Division:


Melissa Hodgman Named Acting Director of Division of Enforcement
FOR IMMEDIATE RELEASE   |   2021-15

Washington D.C., Jan. 22, 2021 —
The Securities and Exchange Commission today announced Melissa R. Hodgman, currently an Associate Director in the Commission's Division of Enforcement, has been named Acting Director of the Division of Enforcement.

https://www.sec.gov/news/press-release/2021-15


Melissa Hodgman is the wife of Peter Strzok.

The swamp is incestuous to the max!

[catfish1957]

The swamp is incestuous to the max!

This appointment is akin to allowing this outfit running an animal shelter.....

[Bigun]

This appointment is akin to allowing this outfit running an animal shelter.....

  Pretty much!

[GrouchoTex]

Wall Street can't stand it because they didn't get their cut.
Especially with this administration, watch them now regulate the heck out non-licensed brokers, day traders, etc.
The outsiders can't be allowed in, in their eyes.

It is a lot like what the swamp is trying to do to Trump and his supporters.
Discourage any person who is not from the swamp from trying to crash their party.

[XenaLee]

Wall Street can't stand it because they didn't get their cut.
Especially with this administration, watch them now regulate the heck out non-licensed brokers, day traders, etc.
The outsiders can't be allowed in, in their eyes.

It is a lot like what the swamp is trying to do to Trump and his supporters.
Discourage any person who is not from the swamp from trying to crash their party.

As usual, with the RL, it's all about control of the 'little people' (the people whose sweat and hard work pays their salaries) re: every aspect of their/our lives.  Only the elitist leftists are allowed to become rich, after all.

[catfish1957]

As usual, with the RL, it's all about control of the 'little people' (the people whose sweat and hard work pays their salaries) re: every aspect of their/our lives.  Only the elitist leftists are allowed to become rich, after all.

There are a lot of new little startups like Robinhood, Webull, and MooMoo that are allowing a lot of flexibility for young small investers.  They are scaring the hell out of the institutional goons. I've dealt with enough of them and their eliteism is starting to crash around their deminishing brokerage fees and commissions.  The "That's too bad" Seinfeld meme couldn't be more apt.

[Ghost Bear]

Robinhood Halts Trading Of GameStop, AMC As Wall Street Backlash Continues

Popular investing app Robinhood blocked users from purchasing shares of GameStop, AMC, and several other companies Thursday morning due to “volatility.”

Shares of GameStop rose to over $500 in pre-market trading Thursday morning as retail investors continued to drive the price up against the wishes of many hedge funds and other institutional investors. The full list of stocks Robinhood halted purchasing of includes GameStop, AMC, Blackberry, Nokia, Bed Bath & Beyond, Express Inc., KOSS Corp, and Naked Brand, according to CNBC.

Excerpted, more at the link: https://dailycaller.com/2021/01/28/robinhood-stops-trading-gamestop-amc-wallstreetbets-reddit-nokia-amc/

My comment: they've really kicked the hornet's nest now. This ain't over by a long shot.

[XenaLee]

There are a lot of new little startups like Robinhood, Webull, and MooMoo that are allowing a lot of flexibility for young small investers.  They are scaring the hell out of the institutional goons. I've dealt with enough of them and their eliteism is starting to crash around their deminishing brokerage fees and commissions.  The "That's too bad" Seinfeld meme couldn't be more apt.

Lol....(love Seinfeld)....

[catfish1957]

Robinhood Halts Trading Of GameStop, AMC As Wall Street Backlash Continues

Popular investing app Robinhood blocked users from purchasing shares of GameStop, AMC, and several other companies Thursday morning due to “volatility.”

Shares of GameStop rose to over $500 in pre-market trading Thursday morning as retail investors continued to drive the price up against the wishes of many hedge funds and other institutional investors. The full list of stocks Robinhood halted purchasing of includes GameStop, AMC, Blackberry, Nokia, Bed Bath & Beyond, Express Inc., KOSS Corp, and Naked Brand, according to CNBC.

Excerpted, more at the link: https://dailycaller.com/2021/01/28/robinhood-stops-trading-gamestop-amc-wallstreetbets-reddit-nokia-amc/

My comment: they've really kicked the hornet's nest now. This ain't over by a long shot.

Fascinating.  I have been a serious investor my entire adult life, and have never heard of a brokerage firm imposing their own "circuit breakers"  This stinks to high heaven, and needs to be fully investigated.   I don't have proof, but I would bet good money that there are some panicking Hedge Fund Shorters calling in some favors.

OTOH, this may be raising some quandaries.....    Who investigates the investigators?

[Weird Tolkienish Figure]

Robinhood Halts Trading Of GameStop, AMC As Wall Street Backlash Continues

Popular investing app Robinhood blocked users from purchasing shares of GameStop, AMC, and several other companies Thursday morning due to “volatility.”

Shares of GameStop rose to over $500 in pre-market trading Thursday morning as retail investors continued to drive the price up against the wishes of many hedge funds and other institutional investors. The full list of stocks Robinhood halted purchasing of includes GameStop, AMC, Blackberry, Nokia, Bed Bath & Beyond, Express Inc., KOSS Corp, and Naked Brand, according to CNBC.

Excerpted, more at the link: https://dailycaller.com/2021/01/28/robinhood-stops-trading-gamestop-amc-wallstreetbets-reddit-nokia-amc/

My comment: they've really kicked the hornet's nest now. This ain't over by a long shot.

Basically they're following bigtech's lead with free speech.

[mountaineer]

Eric Matheny   @EricMMatheny
There is blatant stock market manipulation occurring right before our eyes and the DOJ is pouring their resources into prosecuting a 5-year old Hillary meme.
1:11 PM · Jan 28, 2021·

[Hoodat]

Fascinating.  I have been a serious investor my entire adult life, and have never heard of a brokerage firm imposing their own "circuit breakers" 

You are an investor.  Those involved here are gamblers.  Short-selling stock is no different than betting the 'Don'ts' are rge Craps table.

[catfish1957]

You are an investor.  Those involved here are gamblers.  Short-selling stock is no different than betting the 'Don'ts' are rge Craps table.

I am well versed in the concept of shorting, but we are now getting into some brand new territory, where the population is fighting back against a corrupt insider industry that has fleeced Trillions over the years through equity price manipulation. 

I don't condone either side's tactics, but what is happening right now gives me kind of the same feeling I get when I hear an Antifa member has been shot dead.

[Hoodat]

I don't condone either side's tactics, but what is happening right now gives me kind of the same feeling I get when I hear an Antifa member has been shot dead.

I share your sentiments wholeheartedly.  It's why I root against Tom Brady.

[catfish1957]

I share your sentiments wholeheartedly.  It's why I root against Tom Brady.

IF I didn't have any ethics this would be me yesterday  with Gamestop at $450/sh on a short play.



Based on the past few days of trading GME's  market capitalzation has changed hands 4 TIMES!!!!!  I really feel sorry for the serious investor who is seeing his investment vehicle being used as a battlefield.

Honestly, the entire futures market needs the "Cleanup on Aisle 6" treatment.

[Ghost Bear]

Combining two recent crazes, sea chanties and buying Gamestop, there is this:


Error 404 (Not Found)!!1

[mountaineer]

I really feel sorry for the serious investor who is seeing his investment vehicle being used as a battlefield.

I do, too. Just keep this nonsense away from the particular stocks in which I invest!

[Hoodat]

Fascinating.  I have been a serious investor my entire adult life, and have never heard of a brokerage firm imposing their own "circuit breakers"  This stinks to high heaven, and needs to be fully investigated.   I don't have proof, but I would bet good money that there are some panicking Hedge Fund Shorters calling in some favors.

Today, Robin Hood suspended the purchase of these stocks, but not the selling.  Someone has already filed a lawsuit against them for violating their own EULA.  The effect of their purchase suspension was to drive down the price.  As @catfish1957 called it, someone called in some favors.

But this violates equal protection.  The pajama investors should have the same access to the market as the hedge fund folks.  The hedge funders are the ones who have driven up the price through their demand to cover their short sells.  They wanted less competition for those shares, hence they limited other peoples' ability to buy.  Yet it is the pajama investors who are being accused of manipulating the market?  Please.

Another item that made this all possible is that the quantity of stocks that these hedge funds shorted exceeded the total number of outstanding shares.  Let's say there are 12 million shares outstanding and there are three hedge funds.  The first hedge fund goes to Brokerage House A and borrows 5 million shares to be paid back in two weeks.  That hedge fund then sells those shares at $5/share to Brokerage House B.  The second hedge fund then goes to Brokerage House B and borrows those same 5 million shares to be paid back in 2 weeks and sells them to Brokerage House C at $5/share.  The third hedge fund approaches Brokerage House C and borrows the same 5 million shares, and sells them to Brokerage House A.  As far as the brokerage houses go, the actual stock is back where it started.  Each brokerage house has paid out $25 million a piece.  And each is owed 5 million shares of stock two weeks from now.  That's 15 million shares total.  But there are only 12 million shares outstanding.  See why these guys are panicking?

They gambled.  They lost.  They each need to face the bookie.

[berdie]

IF I didn't have any ethics this would be me yesterday  with Gamestop at $450/sh on a short play.



Based on the past few days of trading GME's  market capitalzation has changed hands 4 TIMES!!!!!  I really feel sorry for the serious investor who is seeing his investment vehicle being used as a battlefield.




I am no investment guru. I don't even have a good concept of "shorting". But from what I have read and kind of understand....it sounds border line illegal. Allowed, but should it be?

]

[Hoodat]

I am no investment guru. I don't even have a good concept of "shorting". But from what I have read and kind of understand....it sounds border line illegal. Allowed, but should it be?

Which part?  The hedge fund investors shorting more stock shares than there were in existence?  Or some 23-year-old (who spends his time playing video games in his basement) figuring it out?

[Bigun]

Today, Robin Hood suspended the purchase of these stocks, but not the selling.  Someone has already filed a lawsuit against them for violating their own EULA.  The effect of their purchase suspension was to drive down the price.  As @catfish1957 called it, someone called in some favors.

But this violates equal protection.  The pajama investors should have the same access to the market as the hedge fund folks.  The hedge funders are the ones who have driven up the price through their demand to cover their short sells.  They wanted less competition for those shares, hence they limited other peoples' ability to buy.  Yet it is the pajama investors who are being accused of manipulating the market?  Please.

Another item that made this all possible is that the quantity of stocks that these hedge funds shorted exceeded the total number of outstanding shares.  Let's say there are 12 million shares outstanding and there are three hedge funds.  The first hedge fund goes to Brokerage House A and borrows 5 million shares to be paid back in two weeks.  That hedge fund then sells those shares at $5/share to Brokerage House B.  The second hedge fund then goes to Brokerage House B and borrows those same 5 million shares to be paid back in 2 weeks and sells them to Brokerage House C at $5/share.  The third hedge fund approaches Brokerage House C and borrows the same 5 million shares, and sells them to Brokerage House A.  As far as the brokerage houses go, the actual stock is back where it started.  Each brokerage house has paid out $25 million a piece.  And each is owed 5 million shares of stock two weeks from now.  That's 15 million shares total.  But there are only 12 million shares outstanding.  See why these guys are panicking?

They gambled.  They lost.  They each need to face the bookie.

  

[Hoodat]

Swing and a Miss: CNN’s Chris Cillizza Tried Blaming ‘Trumpism’ for GameStop Stock Surge

Joseph Vazquez   |   January 28th, 2021 4:46 PM

CNN’s Editor-at-Large Chris Cillizza was so obsessed with former President Donald Trump that he tried to blame him for an unrelated GameStop stock short squeeze caused by Reddit users.

CNN’s never-ending fixation on Trump actually made him look good this time.

GameStop stock surged with individual investors on Reddit taking advantage of Wall Street bigwigs selling the gaming company’s shares short by buying up the stock, which sent the stock price to the moon. This caused the short-sellers on Wall Street to lose billions. It also led to Wall Street and the liberal media whining about stock “manipulation” and “nazis.” Cillizza published an absurd story headlined, “How Trumpism explains the GameStop stock surge.” Cillizza bleated: “At the core of Donald Trump's angry populist appeal was -- and is -- this sentiment: The elites think they know better than you. They think they can tell you how to live and what to believe. But guess what? We the people are smarter than the elites!”

Cillizza appears to suggest that “we the people” are not smarter than the elites. Instead, he wrote, “That strategy -- if that is even a word that can be associated with what this is -- has massive limits.  .  .  .

https://www.newsbusters.org/blogs/business/joseph-vazquez/2021/01/28/swing-and-miss-cnns-chris-cillizza-tried-blaming-trumpism


In a conflict between the elitists and the common man, Cillizza sides with the elitists, and blames Trump for it.

[catfish1957]

Today, Robin Hood suspended the purchase of these stocks, but not the selling.  Someone has already filed a lawsuit against them for violating their own EULA.  The effect of their purchase suspension was to drive down the price.  As @catfish1957 called it, someone called in some favors.

But this violates equal protection.  The pajama investors should have the same access to the market as the hedge fund folks.  The hedge funders are the ones who have driven up the price through their demand to cover their short sells.  They wanted less competition for those shares, hence they limited other peoples' ability to buy.  Yet it is the pajama investors who are being accused of manipulating the market?  Please.

Another item that made this all possible is that the quantity of stocks that these hedge funds shorted exceeded the total number of outstanding shares.  Let's say there are 12 million shares outstanding and there are three hedge funds.  The first hedge fund goes to Brokerage House A and borrows 5 million shares to be paid back in two weeks.  That hedge fund then sells those shares at $5/share to Brokerage House B.  The second hedge fund then goes to Brokerage House B and borrows those same 5 million shares to be paid back in 2 weeks and sells them to Brokerage House C at $5/share.  The third hedge fund approaches Brokerage House C and borrows the same 5 million shares, and sells them to Brokerage House A.  As far as the brokerage houses go, the actual stock is back where it started.  Each brokerage house has paid out $25 million a piece.  And each is owed 5 million shares of stock two weeks from now.  That's 15 million shares total.  But there are only 12 million shares outstanding.  See why these guys are panicking?

They gambled.  They lost.  They each need to face the bookie.

Very well stated.  We have just witnessed a beautiful example of the masters of "gaming" the system, getting gamed.  Ironic the equity is known as Gamestop.

[catfish1957]

Just as an fyi, here are few of the Hedge Fund players in this drama.....

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

1. Gebe Plotkin's Melvin Captial- Citadel, it's parent company has sank $3B to cover options, and by the way, their short position has been closed.
2 Andrew Left of Citron, has covered his short position, and commented that the (sic. Reddit) stock owners were an angry mob. 
3. Michael Burry's comments really took the cake.  Here is his subsequently deleted Twitter comment...  "trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.” Burry shot to fame by betting against the housing bubble and was featured in Michael Lewis’ book “The Big Short.”".  LMAO....Mikey?  Investigate?  Do you really want to do that?

Guess what...  no comment from the SEC ....   Imagine that.

[jmyrlefuller]

Very well stated.  We have just witnessed a beautiful example of the masters of "gaming" the system, getting gamed.  Ironic the equity is known as Gamestop.

A little joke I saw on Facebook from one of my friends following this:

A hedge fund trader loses his shirt over getting squeezed on the Gamestop short. Penniless, he returns home and collects all of his son's video games. He takes them to the only place that will buy them... Gamestop. He is greeted with:

"Best I can do is $5."

[jmyrlefuller]

Just as an fyi, here are few of the Hedge Fund players in this drama.....

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

1. Gebe Plotkin's Melvin Captial- Citadel, it's parent company has sank $3B to cover options, and by the way, their short position has been closed.
2 Andrew Left of Citron, has covered his short position, and commented that the (sic. Reddit) stock owners were an angry mob. 
3. Michael Burry's comments really took the cake.  Here is his subsequently deleted Twitter comment...  "trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.” Burry shot to fame by betting against the housing bubble and was featured in Michael Lewis’ book “The Big Short.”".  LMAO....Mikey?  Investigate?  Do you really want to do that?

Guess what...  no comment from the SEC ....   Imagine that.

Melvin Capital is also allegedly the owner of Robinhood, or at least a major investor.

[Hoodat]

Melvin Capital is also allegedly the owner of Robinhood, or at least a major investor.

Gee, no conflict of interest there.  Once again, greed is never satisfied.

[Hoodat]

Charles Payne goes off.  He is 100% correct.

[Hoodat]

Inside employee at Robinhood posted this today:



If the White House was involved in making these firms cease trading, then we have a scandal that could bring this administration down.

[Ghost Bear]

AMC Entertainment Investor Silver Lake Rides Cinema Chain’s Stock Surge To Swap Debt For Equity

AMC Entertainment said Silver Lake Group is converting $600 million worth of the theater chain’s debt that it holds into stock at a conversion price of $13.51 a share, a surprise all around considering the exhibitor’s shares were languishing below two bucks earlier this month.

...

This week it became part of an historic market phenomenon where day traders on Reddit chats and other social media platforms convulsed the market by pouring into shares of several companies from GameStop to AMC resulting in astronomical price gains, hysteria among the usual experts. AMC surged 300% yesterday to $20.36, exceeding the trigger price on Silver Lake’s convertible bonds.

Excerpted, more at the link: https://deadline.com/2021/01/amc-entertainment-silver-lake-swaps-debt-for-equity-as-cinema-chains-stock-surged-1234682417/

[Weird Tolkienish Figure]

Inside employee at Robinhood posted this today:



If the White House was involved in making these firms cease trading, then we have a scandal that could bring this administration down.

Dunno about that but it might shatter the illusion of a few people out there.

[catfish1957]

Dunno about that but it might shatter the illusion of a few people out there.

@Hoodat

What's the platform of this post?  Not discounting its accurary yet, but it's content should give the author more concern than his job.  He's basically implicated the White House and VC behemoth with a Trillion and half $ portfolio into a Securites Manipulation  Charge.

You better watch your back Odin.  You are messing with the "Big Guy"

[Hoodat]

GameStop up $160, but trading has been suspended, possibly by the SEC.  The SEC also made an announcement about stock volatility which is now causing the DOW to fall.

The SEC is a regulator - not a referee.  They need to butt out and allow these hedge funders to lose their first battle since 2008.  And no matter what, the federal government should NOT bail them out.

[Hoodat]

FINRA is the most evil agency in all of government.  Their job is to shake down every financial and investment firm operating in the US.  They already did that to Robinhood, receiving a payout of close to $2 million.  But they never address actual corruption and wrongdoing.

[catfish1957]

FINRA is the most evil agency in all of government.  Their job is to shake down every financial and investment firm operating in the US.  They already did that to Robinhood, receiving a payout of close to $2 million.  But they never address actual corruption and wrongdoing.

IMO, add the entire Hedge Fund industry too.  They've skimmed trillions of dollars off the top from conventional investors through the years. The whole futures market is a rotten onion, and has about 50 layers of rot.  Outside massive reform, it will be near impossible  that  anything remotely could be done about it.

[Hoodat]

Robinhood policy team is entrenched with Washington Insiders:

Chief Legal Officer - Daniel Gallagher : Former SEC Chairman
Deputy General Counsel - Lucas Moskowitz : Former SEC Chief of Staff
Associate General Counsel - Beth Zorc : Former Senate Counsel for Senate Banking Committee

And then there are the lobbyists - all with Washington experience.

You know damn well that someone in government picked up the phone and called these people directly, telling them to suspend purchases of GameStop in order to allow the hedge funders to close out their shorts.

[Hoodat]

GameStop trading has resumed.

[Hoodat]

It's All Connected: Thousands Give Robinhood Negative Reviews, Google Then Strikes Back Against Them

Nick Arama | Jan 28, 2021 10:00 PM ET

After Robinhood restricted trading and cost many of their retail investors any gains they might have made as they tried to save GameStop from a prospective short, the investors were furious that the company stopped their free market trading.

The investors have now filed multiple lawsuits against Robinhood, as we reported, claiming Robinhood was trying to manipulate the market and protect the hedge funds.

But they tried to strike back at Robinhood in another way, with giving them a slew of one star reviews in the Google Play Store. More than 100,000 such reviews flooded in an hour, driving its average ratings down to 1.1 stars out of 5. On Apple it’s still at 4.8. It had been one of the most popular apps on Apple because of everything going on with GameStop, until Robinhood restricted trading.

That reduced rating can drive the app down and cost them big time.

But then, Big Tech struck, and Google swept in, removing all the 100,000 negative reviews that had come in for the app. That brought their rating back up into the 4 range where it had been before all the furor hit.

So basically the effort to register the investor’s displeasure was wiped out.  .  .  .

https://redstate.com/nick-arama/2021/01/28/its-all-connected-thousands-give-robinhood-negative-reviews-google-then-strikes-back-against-them-n318382

[Hoodat]

Steve Cohen and Dave Portnoy feud over GameStop on Twitter

Thornton McEnery   |   January 28, 2021 | 2:58pm

A real life rumble over GameStop between Wall Street and Main Street broke out Thursday between hedge fund billionaire Steve Cohen and day-trading poster boy Dave Portnoy.

The back-and-forth kicked off when Portnoy, founder of blogging site Barstool Sports, blasted Cohen, the billionaire owner of the Mets, for restrictions on trading apps like Robinhood that have hurt novice investors behind the spectacular rally in small stocks like Gamestop.

“PRISON TIME,” Portnoy said in a tweet that linked to Cohen, founder of Point72 Capital, as well as Citadel, a hedge fund run by billionaire Ken Griffin.

“Dems and Republicans haven’t agreed on 1 issue till this. That’s how blatant, illegal, unfathomable today’s events are. It also shows how untouchable @RobinhoodApp @StevenACohen2C Citadel Point72 all think they are. Fines aren’t enough. Prison or bust.”

Portnoy made the comment while linking to a news article reporting anger from legislators over Robinhood trading restrictions forbidding users from buying certain stocks, including GameStop.

Cohen snapped back: “Hey Dave , What’s your beef with me. I’m just trying to make a living just like you.Happy to take this offline.”

“I don’t do offline. That’s where shady s*** happens,” Portnoy said.  .  .

https://nypost.com/2021/01/28/steve-cohen-and-dave-portnoy-feud-over-gamestop-on-twitter/


Portnoy has spent the last year raising money for small businesses trying to survive Democrat Covid lockdowns.  A lot of the money he has gotten back from these hedge funders is going to good use.

[catfish1957]

A poster earlier wondered about the legality of Hedge Fund tactics. While legal, it is absolutely the sleaziest aspect of the financial world.  Back room whispers, info for money, moles in boardrooms....   Yep that is backbone of the system that skims peaks off equity prices and returns for the suckers like us who invest in a company for growth and income.

I'd make a call that Short Trading be eliminated from the markets, but then I realize these low lifes would figure out a different way to game the system.

[DCPatriot]

So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??

[catfish1957]

So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??

[Ghost Bear]

So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??

And all because a bunch of autists on Reddit decided to screw with hedge funds that were short-selling the stock. What a country indeed.

[catfish1957]

And all because a bunch of autists on Reddit decided to screw with hedge funds that were short-selling the stock. What a country indeed.

You really think the Reddit bunch are the villians in this saga?  We'll have to disagree on that one.

[Ghost Bear]

You really think the Reddit bunch are the villians in this saga?  We'll have to disagree on that one.

Sorry, but where did I say they are villains?  For what it's worth, I've been cheering them on (in my home, if not making that clear in my posts.) I think this whole thing is hilarious and very telling, in how the system is stacked against ordinary people.