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Tag: Personal finance

Business 0

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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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 […]

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Beware the SPAC Cliff

Special Purpose Acquisition Companies, or SPACs, have become all the rage in the last year. These “blank check” companies raise money from investors and then look for a company to acquire. They’re multiplying like rabbits: More than 300 such blind pools have come public so far this year according to SPACInsider, raising an aggregate $99 billion. That blows past the […]

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Americans Are Using Their Stimulus Checks to Get Out of Debt

Stimulus checks for $1,400 went out this month to most Americans. I found myself wondering today, did they save it, invest it, or just blow it? Data indicates that the biggest use of stimulus funds has been to pay down debt. A Census Bureau survey found 52% of people mostly used their checks to pay off debt, while only 28% mostly spent them. Repeated rounds of stimulus have left households with the lowest debt levels on record: Households finished 2020 with $14.1 trillion combined in checking and savings accounts, compared with $11.4 trillion in 2019, according to Federal Reserve data. Their debt-service burden—the percentage of after-tax income used to pay off debt—fell to its lowest level in records going back […]

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You Can Get the Same Bank Account as a Professional Investor. Here’s How.

Shortly after giving blood a week ago, I availed myself of the blood center’s free cookies and magazines. I flipped to an article about banking in poor, mostly black areas of the rural south: …the national banks discourage poorer—and less profitable—clients through minimum-balance requirements and fees. And in many small towns around the Delta, good luck even finding a big […]