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Tag: Money

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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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Hedge Funds Burn $6 Billion In a Month Shorting AMC (and Others)

Several hedge funds that lost a fortune shorting GameStop in January have sustained further losses betting against meme stocks like AMC: Melvin Capital and Light Street Capital, two US hedge funds hard hit by the January rally in stocks popular with retail investors, suffered further losses in May. Hedge fund losses from betting against five popular meme stocks — GameStop, […]

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AMC Shorts Lose $500 Million in 1 Day

Despite losses of over $1 billion last month, short sellers remain attracted to AMC like moths to a flame: Investors shorting “meme stock” AMC Entertainment Holdings (AMC.N) are estimated to have lost about $512 million on Monday after a rally that sent the cinema operator’s shares up more than 15%, data from financial analytics firm Ortex showed. They are up […]

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Hedge Fund Torched By AMC

On glamorous Madison Avenue in midtown Manhattan, as most people were heading home for the day, the top executives of a powerful hedge fund filed into a conference room. The fate of this multibillion dollar institution could be at stake. This is Mudrick Capital Mangement, L.P. With offices in New York City and London, it manages approximately $3.8 billion. Or […]

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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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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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Can Bitcoin Protect You From Inflation?

Bitcoin is often referred to as digital gold. Unlike fiat money such as the US dollar, its supply expands at a slow, steady rate. The Federal Reserve has printed so much money during the COVID crisis that money supply is up over 25%. This has led to fears of inflation. The consumer price index (CPI) jumped by 4.2% in the […]

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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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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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The Unstoppable Wave Behind Stocks

In the last year, a torrent of money has flooded into Exchange Traded Funds (ETF’s) that track the stock market: Over the last 12 months, about $650 billion has flowed into stock and bond ETF’s, a flow that’s unusually large versus history and may help explain why markets have been so strong. Despite the attention to volatile stocks like GameStop, […]

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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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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 […]