Such mayhem. lol GME released their earnings way earlier than expected, in pre-market, and are now selling an additional 75m shares At The Market like they did with the 45m a couple weeks ago. People are pissed saying that kills the short squeeze, but I think it comes nowhere near to killing it... it allows GME to cash in on the current frenzy. That would mean they would have almost $5b cash in the bank. Their earnings are showing their best quarter so far (revenue is down, but profit is up, debt is down). And we're seeing the most short volume it's ever seen. Shit is about to get spicier. I have a day off work today, which seems like a good day to make some popcorn. Oh... and the DFV live stream is in 15 mins... it's probably his 5 year anniversary party, despite people wanting it to be some big kickoff to MOASS.
Compushare order went through. More GME at $31/share. I now have 46 shares, and feel a lot more comfortable with that position. My wife is meeting with a financial advisor in regard to an inheritance she's receiving from her late grandmother, so that will essentially be our "good for life, just don't touch it" money, which now makes $GME the "fuck around and find out" money.
Roaring Kitty is doing his live stream now... and is wanting to do a live portfolio review, but only while the stock is not halted. It's been halted 14 times so far, and has been constantly halted for the last 20 minutes.
I've still got 3 shares in a Fidelity account. WTF do I do with them? IIRC correctly, they aren't "mine" and can't be part of the MOASS? Christ this is absurd.
listening to the stream right now. I don't know what I was expecting, but this dude has the exact same speech cadence and jumbled thought/talking pattern as me. It's creepy as fuck. someone check his ass for a brain tumor.
DFV just exercised his options. He bought $120m of shares for $60m. He now has over 9m shares. The hedgies have to deliver those shares tomorrow (T+1). This will put a shit ton of other calls in the money and exercisable. Shit is really about to get spicy!
Rich monkey think banana is bad fruit. Is currently $2 each. Rich monkey think this too much; bananas will be worth $1 next week. Rich monkey tell other monkeys, in 2 weeks, I sell you 10,000 bananas for $1.50 each. This seems like profit to other monkeys, so agree. Rich monkey think this very clever - this so clever, that he not even bother to acquire bananas; is confident he can buy for $1 when other monkeys ask for them. Smart monkey think banana is good fruit. Smart monkey point this out and tell other monkeys, in 2 weeks, I will buy 10,000 bananas for $2.50. This also seem like profit to other monkeys, so they agree. Redditor monkeys agree with smart monkey. Start buying bananas. Value of bananas go up, are now worth $5. Rich monkey has promised to sell 10,000 for $1.50, but has no bananas and must buy them. Redditor monkeys see rich monkey desperate, will refuse to sell unless rich monkey pay $500 or more per banana. Sometimes, rich monkey get rich friends to lend bananas for sale. But Redditor monkeys have written their names on bananas, so rich friends cannot loan them. Smart monkey recently buy 10,000 $5 bananas, for $2.50 each like he said. Now, even fewer bananas available for rich monkey to buy to fulfill his deal.
Recently, monkey tribe leaders ask smart monkey if he doing anything against rules. Smart monkey tell them to lick his hairy monkey nuts, because he just really like bananas.
GME’s annual shareholder meeting postponed until Monday. Official Bring Your Cat To Work Day. Roaring Kitty. This shit writes itself.
You know, people talk shit about the "meme stock", but we're talking about a guy who took an initial $53k investment/bet and has now parlayed it into a BILLION dollars as of last week, who, rather than cashing out that billion dollars, has exercised his options into a 9 million share position, 2% of the float, in a public company with zero debt and $4 BILLION cash in the bank, and is profitable. Every penny that the stock changes is a $90k change in his position. Every dollar change is worth $9m. All while the main stream media is bought and paid for and running a full-on propaganda campaign trying to convince the public that it's a shit stock and the investors are morons, all while trying to defend their short position and "the company will go bankrupt" thesis. But yeah... we're the crazy ones.
The best part is that a pretty hefty chunk of that $4b in cash is due to the company taking advantage of the meme stock status. Everyone loves fucking over hedge funds.
But it's not. Retail didn't buy those offerings of 45m and 75m shares... the shorts did. They are hugely exposed and needed to shore up their reserves and hedge their positions. GME took advantage of a bunch of shorts/hedge funds being stupid and trying to scare retail investors away and drive the stock price down to align with their short thesis, and that didn't work. So they started kicking the can down the road. A long road. They're spending more and more money borrowing shares to drive the price down, and now it's getting harder and harder to have that downward impact that they need. That last 75m share offering barely affected the share price. They sold 75m shares into the market over 2 days and the price came out at $30 in the end. That is an insane amount of buying pressure. And now DFV just turned up the heat in a big way, and set the stage for an even bigger pressure with all the options that are about to hit as a result of his 4m shares. Don't forget... when driving the share price down, the volume of 100m shares could theoretically be the same share being passed back and forth to do that. When you exercise an option, or 4m options, you need to find/buy those 4m shares, you can't just give him that one share over and over again. Totally different market dynamic. And the MM for the GME options, Wolverine, where the option contracts came from, filed at the start of the month that they had sold all of their GME shares, so they have to go find 4m of them. By end of day today. Shit is wild right now... wilder than it has been in a long, long time.
I should mention that there's this concept of FTD, or Failure To Deliver. When a share is "sold" to someone, it's really a promise to get that share to them. There is a time frame that they are allowed in order to complete that. If they don't deliver that share within that timeframe, it's considered an FTD, or failure to deliver. We are now pushing over 500k FTDs daily in this fight. And the reporting of the FTD's is purposely being hidden and is self-reported. And yet they are still admitting to 500k. That's the "crime" that everyone mentions. They are making shit up and pretending it's real and using that fake shit to push the price down. https://chartexchange.com/symbol/nyse-gme/failure-to-deliver/