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Tag: Meme stocks

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Why AMC May Be Even Hotter Than You Think

It’s no secret that AMC is going vertical lately: But this and other meme stocks may be even hotter than they appear based on prices in public markets like the New York Stock Exchange. The reason is a quirk in how retail orders are handled: The prices of so-called meme stocks may be distorted because the majority of trades in […]

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AMC Share Sales: A Wise Move for the Company’s Future

March 25, 2020: COVID is sweeping the globe, causing shutdowns worldwide. One casualty: all 1,000 theaters of 100 year old AMC Entertainment Holdings, Inc. Like many businesses, its ability to remain solvent was in serious doubt. Under these cirumstances, a lot of CEOs arrange a golden parachute for themselves and a few golf buddies in the C-suite and throw the […]

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Wendy’s: a Deliciously Different Meme Stock

Shares of Wendy’s exploded today as Reddit’s merry band of traders piled in: Beloved burger and Frosty chain Wendy’s (WEN) has won the honor of being the first fast-food stock to get roped into the red-hot meme stock trade. Shares of Wendy’s spiked 16% in early afternoon trading on Tuesday after a favorable mention by traders on Reddit. Shares closed […]

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Short Sellers Lose $1 Billion on AMC

AMC stock has doubled in just ten days, extending a 13-fold rally this year: Investors shorting the meme stock AMC Entertainment are estimated to have lost $1.23 billion over the last week as the shares rallied more than 116% since Monday, according to data from S3 Partners. AMC was the most active stock on the New York Stock Exchange by […]

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How the Mormon Church Made Millions on GameStop

There have been a lot of winners in GameStop’s dizzying, over tenfold rise in the last year. An unlikely one is the Mormon Church, which made over $8 million on GameStop shares through its investment arm: The Church of Jesus Christ of Latter-day Saints’ play for stock in GameStop paid off big-time as the Utah-based faith saw its shares in […]

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GameStop Pays Off $216 Million in Debt

It’s no secret that GameStop shares have gone vertical, up more than ten fold this year. Besides making millionaires of a lot of Redditors, this also lets GameStop sell more shares at high prices, enabling them to raise capital with ease. And raise they did, to the tune of $550 million in April. They recently used that money to completely […]

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Palantir’s $100 Million Loss

Palantir released its earnings for the first quarter of 2021 today, and it’s not looking good. This 18 year old company that has never made a profit turned in a net loss of $123 million, versus $54 million in the first quarter of 2020. This is actually a little better than the full year results in 2020, where losses reached […]

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Palantir CEO Paid $1 Billion to Lose Money

Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public. More here. This company is losing $100 million a month and has never turned a profit in 18 years of existence. I know, I know, Amazon. But Amazon and Google turned a profit in 3-7 years. […]

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Departing GameStop CEO Gets $179 Million Payout

GameStop CEO George Sherman will be leaving the company soon, but not empty handed: As a condition of his exit, GameStop is speeding up the time frame for Sherman to receive the shares, generating the award. Sherman, who has been CEO since April 2019, forfeited $98 million worth of stock this month because he did not meet performance targets, GameStop […]

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Palantir Is Growing at a Snail’s Pace

Despite its lofty valuation, Palantir Technologies Inc. is barely growing: In the fourth quarter, he points out, Palantir signed 21 deals worth more than $5 million, and 12 of more than $10 million. But he adds that it isn’t clear how many of those are actually new customers, as opposed to new projects with existing customers. He notes that given […]

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In GameStop, An Unlikely Community

I spent some time browsing the GME sub* on Reddit yesterday, curious what some of the stock’s most fervent supporters are saying. What I found surprised me. The most striking discussions were intensely personal. One poster described saving up his GameStop winnings for sex reassignment surgery, a lifelong dream (usernames redacted): Other posters, who call themselves “apes” in a reference […]

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Hedge Fund Loses Half Its Value on GameStop Trades

Melvin Capital, the hedge fund that dug itself into a hole during the GameStop saga, extended its first-quarter losses to 49%. The firm, founded by portfolio manager Gabe Plotkin, saw a 53% decline in January, reversed some of that loss by gaining 22% in February, but slid another 7% in March, Insider’s Bradley Saacks reported on Friday. More here. The […]

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GameStop To Dump CEO

GameStop plans to fire its CEO, Reuters reports: GameStop Corp is looking for a new chief executive to replace George Sherman as it pivots from a brick-and-mortar video game retailer to an e-commerce firm, three people familiar with the matter said on Monday. It would be the biggest shakeup at GameStop since Ryan Cohen, the co-founder and former chief executive […]

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Reddit Up, Michael Jordan Down as GameStop Soars

Social-media trading star Keith Gill, known by his social-media nickname Roaring Kitty posted what is believed to be a screenshot of his trading portfolio to Reddit Wednesday afternoon that may show a massive position in videogame retailer GameStop Inc. made up of almost $19 million in equity and $8.9 million in options. If Gill’s screenshots can be taken at face […]

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Could the Government Sue Wallstreetbets Over GameStop?

Traders on Reddit’s Wallstreetbets who are pumping GameStop stock could get in trouble with the law. From Lawyer Monthly: There’s no clear indicator that what occurred is illegal, but it certainly falls within a shady area. A large number of the investors who joined in, certainly in the later stages, were just jumping on a trend that could earn them […]

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Palantir Stung By Slow Government Contracting Business

Palantir Technologies’ business is largely driven by government contracts. So far in 2021, despite a new Department of Energy contract, the overall picture is not looking good: The Department of Energy win could potentially add $18 million in incremental revenue per year, but Mielczarek says that, otherwise, the investment firm’s Dotted Line tracker shows that Palantir “had a fairly quiet […]