Tag Archives: Stonks

Over 43 Million APE Shares Fail to Deliver — Market in Chaos

The market in AMC Entertainment Holdings Preferred Equity (APE) shares is a mess. Fails to deliver (FTDs) peaked at over 43 million shares last month, according to a report just out from the SEC.


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These new shares were issued last month by AMC and began trading on August 22. FTDs peaked at 43,438,257 shares two days later.

This represents over 8% of all shares outstanding. And it all happened in 3 days!

FTDs like this is beyond a mix-up. It’s a total market meltdown.

FTDs remained elevated through the end of the August reporting period. They settled at 5,635,854 on August 31, the last data available.

Let’s compare the FTDs on August 24th in APE shares with those of some of the biggest stocks in the market:

Amazon: 0

Apple: 395,929

Google: 113

Microsoft: 0

Tesla: 530

APE: 43,438,257

APE shares have dramatically more FTD’s than other, much larger stocks.

FTDs can sometimes happen for benign reasons, like clerical errors. But when there’s a sustained pattern of massive trade failures, it often indicates naked short selling.

This generally illegal practice involves selling short shares without borrowing them first. It’s a powerful way to push down a stock’s price.

If you don’t have to find shares to borrow or pay interest, you can sell short as many shares as you like! All that selling makes a stock’s price crater.

If naked short sellers are targeting APE, so far they seem to be winning. The stock is down 43% since its debut.

The NYSE and SEC must look into this market breakdown immediately. One in three trades failing is not a functional market.

What do you think of the huge FTD numbers in APE shares? Leave a comment at the bottom and let me know!

Have a great weekend everyone!

More on markets:

AMC Fails to Deliver Pass 700,000 in New Report

Hedge Fund Manager’s Arrest Shows How Market Manipulation Works

Morgan Stanley Investigation Spreads to Multiple Countries

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New Index Will Drive Demand for AMC, Other Meme Stocks

Note: This is not financial advice.

Robinhood Markets is launching a new index fund to track meme stocks. From a report that broke this morning in The Wall Street Journal:


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Robinhood Markets is launching an index to track the favorite stocks of its millions of predominantly young, social-media-savvy customers.

The brokerage firm’s new “Robinhood Investor Index” will track the performance of the 100 investments most popular among its user base. Initially, the top five stocks in the index will be Tesla , Apple, Amazon.com, Ford Motor and meme-stock favorite AMC Entertainment Holdings. Robinhood said it would update the composition of the index monthly, offering a view into its customers’ changing tastes.

In an unusual approach to constructing an index, Robinhood said it would weight stocks in the index by the “conviction” customers have in them, defined as the percentage of assets in a customer’s portfolio devoted to a particular stock.

The new index will increase demand for meme stocks, especially those weighted heavily like AMC and Tesla.

When a stock is included in an index like the S&P 500 for the first time, the price generally jumps. This is because so many index funds track the S&P 500.

When a stock is added to it, those funds must buy the stock. Similarly, when investors buy shares of the new Robinhood index, Robinhood must buy stocks like Tesla, AMC, etc.

This increases demand for those stocks.

Indeed, a McKinsey study found that stocks added to the S&P 500 jumped a median of 5%. But the increase was short-lived, disappearing in just 20 days on average.

The effect of inclusion in the Robinhood index is likely to be more modest, given that $5.4 trillion tracks the S&P and the Robinhood index is just getting off the ground. Still, I expect a modest tailwind for meme stocks from this change.

The Robinhood index is an interesting approach. It allows investors to profit from the “wisdom of the crowd,” following investors who have strong conviction about particular stocks.

If an investor is confident enough to put their entire portfolio into a single stock, maybe they know something I don’t.

I’ll be curious to see how the Robinhood index does against other index funds. And you can bet every broker is rushing to create a meme index as we speak.

What do you think of Robinhood’s new meme stock index fund? Leave a comment at the bottom and let me know!

Have a great weekend everybody! 👋

More on markets:

AMC Fails to Deliver Pass 700,000 in New Report

Morgan Stanley Investigation Spreads to Multiple Countries

Hedge Fund Manager’s Arrest Shows How Market Manipulation Works

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AMC Fails to Deliver Pass 2.6 Million in New Report

I did a double-take when I saw the number.

Fails to deliver in shares of AMC Entertainment Holdings Inc. passed 2.6 million in June. The report, released today by the Securities and Exchange Commission, covers the first half of the month.

Fails to deliver hit 2,653,787 on June 3 before settling at 1,231,742 at the end of the reporting period. Fails to deliver topped 1 million numerous times.


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I’ve been writing about this topic for about a year, and I can’t recall ever seeing a figure so massive. This despite a long history of large fails to deliver in this stock.

AMC’s fails to deliver are way out of line with other stocks. Here are the numbers on the same day for several companies dramatically larger than AMC:

Amazon: 0
Microsoft: 0
Tesla: 24,983

But let’s back up a second: what is a fail to deliver? A fail to deliver occurs when a trade is made but is never finalized.

Now why might a stock like AMC have a pattern of large and persistent fails to deliver? A common reason is naked short selling.

To sell a stock short, you must borrow shares and sell them. Naked shorting is the generally illegal practice of selling short shares you never borrowed.

This is a powerful way to push down a stock’s price.

If you naked short, there’s no limit to the number of shares you can short. After all, you never had to find any to borrow!

Huge numbers of trades have failed in this stock for at least a year. Despite this, the SEC has not investigated these irregularities.

I keep coming back to this topic because I’m amazed at the inaction. Why not find out why the market in this stock is functioning so poorly?

I hope exchanges and regulators dive into this topic right away. We need orderly and fair capital markets for our country to thrive.

What do you think is causing these failed trades? Leave a comment at the bottom and let me know.

More on markets:

Hedge Fund Giant Tiger Global Losing $28 Million an Hour

$6B Hedge Fund Cut Off from Trading As Investigation Looms

Hedge Funds Could Lose Nearly Half of Assets Under Proposed SEC Rule

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AMC Fails to Deliver Surge Past 500,000

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Fails to deliver in shares of AMC Entertainment Holdings, Inc. surged in February, reaching over 500,000 in the latest data released yesterday by the SEC.

This compares to nearly 200,000 shares that failed to clear in the last report two weeks ago, itself a very high number.

AMC’s fails to deliver are completely out of line when compared with other stocks. Let’s look at the fails to deliver for some of the biggest stocks in the market at the end of the latest report:

Alphabet Inc: 0

Apple Inc: 21,410

Amazon.com Inc: 4,000

Microsoft Corp: 328,810

Tesla Inc: 143

Keep in mind that these stocks have market caps orders of magnitude larger than AMC’s.

And yet, this little theater company has more failed trades than all of them. Combined.

Why are so many trades failing? Sometimes trades fail for benign reasons, like clerical errors.

But when a stock has a prolonged pattern of huge fails to deliver, it often indicates naked short selling. This mostly illegal practice involves selling short shares you never borrowed.

The trade can’t clear because the shares never existed in the first place. And you can short an unlimited amount because you need not find shares to borrow.

This is a powerful way to push down a stock’s price.

I strongly suspect illegal naked shorting by hedge funds in AMC. But with the FBI and SEC circling, they’d better be careful.

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More on markets:

FBI Raids Short Sellers

Melvin Capital Under Federal Investigation

How Solana Could Wipe Out Visa and MasterCard

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This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

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AMC Fails to Deliver Skyrocket 9X

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Fails to deliver in shares of AMC Entertainment Holdings, Inc. skyrocketed more than nine-fold, per data released today by the SEC.

Shares failing to clear numbered nearly 190,000 at the end of January, the most recent reporting period. Fails to deliver even neared 400,000 at one point in the data set, a staggering number.

This is a massive increase from 20,000 just two weeks prior.

Huge fails to deliver are nothing new for AMC. For some mysterious reason, this little stock has huge numbers of failed trades, month after month.

Here are the fails to deliver from the end of January for some of the largest stocks in the market. All are far below AMC’s, despite being much larger companies:

Alphabet Inc. Class A Shares: 27,991
Amazon.com Inc: 0
Apple Inc: 0
Microsoft Corp.: 0
Tesla Inc: 48,826

Sometimes, fails to deliver don’t point to anything nefarious. They can be the result of clerical errors and other honest mistakes.

But when a stock has a persistent pattern of huge fails to deliver, it can be a sign of naked short selling. This generally illegal practice involves selling short shares you don’t own.

Naked shorting is a powerful way to push down a stock’s price. If you don’t even need to own the stock, you can short an unlimited number of shares.

Indeed, the Department of Justice is currently investigating short sellers for illegal tactics. Federal agents have raided offices and seized hardware and trading records.

So we have a long term pattern of suspiciously high fails to deliver and a federal investigation. Is it really so hard to believe short sellers are breaking the law?


What do you think is really going on in shares of AMC? Leave a comment at the bottom and let me know.

See you tomorrow, everyone! 🙂

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More on markets:

AMC Fails to Deliver Skyrocket 1940% to Start Year

Melvin Capital Under Federal Investigation

How Giant Hedge Fund Tiger Global Blows Up

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This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

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If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Fails to Deliver Skyrocket 1940% to Start Year

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Well, I hate to say I told you so.

Fails to deliver in shares of AMC Entertainment Holdings, Inc. skyrocketed to begin 2022, after falling to low levels at the end of last year. 20,071 shares failed to clear by January 14th, the latest day in the data set just released from the SEC.

This is a 1,940% increase from December 31st, 2021. As I predicted then, the failed trades quickly popped back up to high levels in the new year.

This is a common pattern in AMC stock. Fails to deliver drop at the end of a month, only to jump right back up to absurd levels shortly thereafter.

Let’s compare AMC’s fails to deliver on January 14th to some of the biggest stocks in the market:

Microsoft Corp: 0

Apple Inc: 100

Amazon.com Inc: 1,430

Berkshire Hathaway Inc. Class B Shares: 164

AMC Entertainment Holdings Inc: 20,071

Why does little old AMC have fails to deliver orders of magnitude greater than these much larger companies?

When there is a consistent pattern of large numbers of failed trades in a stock, it can be indicative of naked short selling. This involves selling short shares you don’t own.

It’s a powerful tool to push down the price. Naked shorting tends to cause fails to deliver because, since the shares never existed, the trade cannot settle.

I’ve written about this issue for months. Still, the SEC has done nothing.

I think only a major public outcry for an investigation will change things.

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More on markets:

Melvin Capital Loses $1 Billion in 3 Weeks to Start 2022

Engineering an AMC Short Squeeze in Dark Pools

How Did High Dividend Stocks Perform In the Last Crash?

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Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

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If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

Engineering an AMC Short Squeeze in Dark Pools

It’s no secret that investors in meme stocks like AMC Entertainment Holdings, Inc. yearn to engineer a short squeeze. This vertiginous ascent in the stock’s price crushes short sellers, who must buy the shares to close their position and stop the bleeding.

It’s easiest to engineer a squeeze in a heavily shorted stock. Then, many shorts have to cover all at once, providing heavy demand for the shares and pushing the price higher.

If you look at the short interest in AMC shares, it doesn’t look particularly high, at 18%. But there’s another metric that tells a very different story.

AMC’s dark pool short interest is a whopping 51%…a majority of shares outstanding. If that figure were repeated in public markets, it would make AMC the #5 most shorted stock in existence.

The short sales may not show up on the NYSE, but they’re there. And in massive numbers.

So it may be a lot easier than it appears for retail traders to squeeze AMC shares.

Most retail orders go to dark pools. Since brokers tend to process their orders in the dark pools, retail traders could squeeze the short sellers even on this private platform.

To be clear, this is a high risk, speculative trade. I wouldn’t attempt it because the high risk bucket of my investments goes into tech startups.

But it just might work.

More on markets:

Citadel Holding Nearly $500 Million in AMC Options

How Did High Dividend Stocks Perform In the Last Crash?

Citadel Can’t Beat the S&P 500, Despite High Fees

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Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

85% of Hedge Funds Are Monitoring Retail Traders

Retail traders were once an afterthought in the stock market. Those days are over.

Anxious to know retail’s next move, nearly all hedge funds are monitoring retail traders on social media:

Fund managers who might have once derided small-time day traders as “dumb money” are scouring social-media posts for clues about where the herd might veer next. Some 85% of hedge funds and 42% of asset managers are now tracking retail-trading message boards, according to a survey by Bloomberg Intelligence.

J.P. Morgan is offering a product to top clients that helps them predict retail traders’ next move. Those high dollar clients are likely hedge funds:

Data shared with clients include the size of retail flows, the most discussed stocks on social media and companies that are likely to face a retail ‘squeeze’ — when small investors rush to a stock that hedge funds are betting against. 

This comes as retail traders form an ever-larger part of the market. From the WSJ:

Individual traders in 2021 purchased a net $292 billion of U.S. stocks and exchange-traded funds, according to Vanda Research’s VandaTrack platform, which tracks and sells data on the purchases of U.S. equities by individual investors. That is more than seven times the amount in 2019. Individual investors so far appear poised to continue similar levels of buying activity in 2022.

But it will be hard for retail traders to outmaneuver hedge funds if they always know retail’s next move. The solution may be to adopt a tool long used by crypto traders: encrypted messaging.

Applications like Signal, Telegram or Whatsapp make it easy to form groups and send encrypted messages. This could be a good way for retail traders to organize and coordinate trades.

After all, it’s much easier to burn hedge funds in a short squeeze when they don’t know you’re about to start buying the stock.

I’m curious to see if retail stock traders will adopt secure messaging technology as a weapon against hedge funds. In the mean time, remember: Big Brother is watching you.

More on markets:

Citadel Holding Nearly $500 Million in AMC Options

Solana Is the Most Popular Crypto of 2022

Citadel Can’t Beat the S&P 500, Despite High Fees

Photo: “Big Brother is watching you” by duncan is licensed under CC BY-NC 2.0

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Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been great so far.

More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me.

Every fruit and vegetable is super fresh and packed with flavor.

I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy!

I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Fails to Deliver Are a Massive Outlier

Fails to deliver in shares of AMC Entertainment Holdings, Inc. passed 400,000 in data just released by the SEC yesterday. But what does that actually mean?

To put the number in perspective, I pulled the fails to deliver for the 10 largest US companies by market capitalization. As you can see, at the end of the reporting period (December 14), AMC’s fails to deliver dwarf them all.

Combined.

Am I the only one who finds this a little odd? Why would this comparatively tiny company, at a $13 billion market cap, have more shares failing to clear than companies valued in the trillions?

If this high level of fails to deliver were unprecedented, I’d think nothing of it. But massive numbers of AMC shares failing to clear has been common for many months (see this, this and this).

Sometimes fails to deliver have a benign explanation, like clerical errors. But why would there be a colossal number of mistakes in AMC shares and not in Apple?

And why would that be repeated for much of 2021?

I suspect a more nefarious explanation: naked short selling. In this usually illegal trade, a trader sells short shares he does not own.

The shares are never delivered because they never existed. Meanwhile, the trader can push down the share price without limitation.

When will the SEC act on its own data?

There will be no blog tomorrow. I have an acting gig in the city! See you Thursday!

More on markets:

AMC Fails to Deliver Soar Past 400,000

How Elrond Could Take Over Payments Worldwide

AMC Blows Up Hedge Fund with Sordid Past

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You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order. 

AMC Fails to Deliver Soar Past 400,000

They’re baaaack.

After bouncing around at mostly low levels in November, December saw AMC Entertainment Holdings, Inc. fails to deliver soar to over 400,000.

AMC registered 405,523 shares as failed to deliver as of December 14th, the last day in the data set just released by the SEC. This represents a nearly 70-fold increase from the last reporting period.

Shares fail to deliver when a trade is not closed out properly. This can happen for benign reasons, like administrative errors.

But when there is a persistent pattern of high fails to deliver, as we saw through much of 2021, they can be a sign of something more nefarious. Naked short selling, or selling short shares one does not own, can cause huge fails to deliver.

The shares are never delivered because they never existed in the first place! This illegal trade is a powerful way to push down a stock’s price.

Sure enough, as fails to deliver mounted in the first half of December, we see a steady decline in AMC’s share price. Shares fell 14% in less than 2 weeks.

AMC’s fails to deliver are completely out of line compared to other stocks. Much larger companies like Amazon (43), Apple (36,407) and Microsoft (0) had only a tiny fraction as many fails to deliver at the end of the reporting period.

Maybe nothing inappropriate is happening here. But I’d like to see the SEC investigate it and find out, rather than just releasing the same shocking data month after month with a shrug.

More on markets:

AMC, GameStop Volumes Plummet as Investors Move to Computershare

How Solana Could Wipe Out Visa and MasterCard

Citadel Holding Nearly $500 Million in AMC Options

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Save Money on Stuff I Use:

Amazon Business American Express Card

You already shop on Amazon. Why not save $100?

If you’re approved for this card, you get a $100 Amazon gift card. You also get up to 5% back on Amazon and Whole Foods purchases, 2% on restaurants/gas stations/cell phone bills, and 1% everywhere else.

Best of all: No fee!

Fundrise

This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 and returns have been good so far. More on Fundrise in this post.

If you decide to invest in Fundrise, you can use this link to get your management fees waived for 90 days. With their 1% management fee, this could save you $250 on a $100,000 account.

Misfits Market

My wife and I have gotten organic produce shipped to our house by Misfits for over a year. It’s never once disappointed me. Every fruit and vegetable is super fresh and packed with flavor. I thought radishes were cold, tasteless little lumps at salad bars until I tried theirs! They’re peppery, colorful and crunchy! I wrote a detailed review of Misfits here.

Use this link to sign up and you’ll save $10 on your first order.