Just a little heads up for the coming week: For the past few months PHIL has been wallowing in hell, barcoding at .0005/.0006 (And a 90+% loss for me.) There a few reasons for that, but on Friday it went 3x to .0019. I've been slowly adding while it was down, not as much as I'd like with the recession and all, but enough to put myself over 3m shares. Anyways, it jumped up on the pending purchase of 51% of a Vietnamese company for $60m plus an announcement that $3b is being infused into the company. There's also the impending purchase of 51% KOTA Solar for $80m. On top of those, there's plenty of other big works in the pipeline. But most important, a few weeks ago the CEO announced the first shareholder meeting will be held on 10/22. I said at the time there is no way he's going to have his first shareholder meeting in front of God and the world with a bunch of pissed off shareholders that are down 90%, so I expected big moves. Friday's was the first. The OS is ridiculously high, but there is a judgement against one toxic lender who has to return 1b shares already, with about another 10b to be returned pending the outcomes of lawsuits. That's one of the reasons it's been down, those douche bags have been accumulating billions of shares they're going to be required to return. Conservatively, on no more news, I'm pretty sure the price will at least double this week. I'm pretty sure it's going to gap up at open tomorrow, unless the toxic lenders have some more tricks up their sleeves. So, watch for gaps that need to fill. You could definitely do worse than throwing a few bucks at this one, even for a flip. Personally, I'm still holding for the long term.
Well. Never underestimate the power of flippers and big money that's determined to walk down the SP. It shot up to .0026 on Monday (Effectively a 5x gain) and then the flippers started flipping. Three 8k's (One regarding the $3b equity investment, one regarding the transfer of 51% ownership to PHIL for $60m, and another regarding transfer of 51% ownership of another company for $6m), pretty much held the previous weeks gains, with it closing at .0017 after hours yesterday. Not quite the fireworks I expected, but I'll take it. Hopefully the new flippers that got in hold long enough for another sizable gain when the next big news gets released.
It's all shits and giggles and loss porn, but sometimes it gets even more real. In case you hadn't heard, the CFO of Bed Bath and Beyond ($BBBY) jumped out of an 18th floor window a couple of days ago, just after announcing the job elimination action and store closures. Cue all of the conspiracy reports... At least it seems like the various subreddits aren 't being stupid about it and are enforcing some form of respectful discourse.
What conspiracies would there be? The company performed like shit financially and the guy responsible for the financials let his stress get to him.
It is bullshit. If you read the actual suit itself, it's so full of crap it's not funny. Some of the usual subs on Reddit have done a breakdown. He is just one of the named parties, along with Ryan Cohen and others. The media is blowing it all up out of proportion (SHOCKING), and even attributing Reddit quotes to the event that were made well before he jumped. It's a MSM cluster fuck. Makes me bullish.
If the shorts have covered, and GME is such a nothing-burger, why the fuck are so many paying so much attention to it to try and discredit it? Never mind if you follow the "who owns what media" ladders... most of those market shows are running off of a prepared script. It's fucking hilarious.
"They" can control so many things, but once people pull their shares out of brokerages and own them in their own name, ain't a thing "they" can do. So now, we wait. The rest is noise.
Some of the brokerages are making lots of hoops for people to jump through for DRSing, or having random cancellations of the order. I don't know at what point they just straight up shut that down, or make it so expensive that people can't afford to do it. I think that'll be end game strategies for brokerages to stay solvent. We will know the actual DRS numbers with the quarterly financials very soon. Value investing is the traditional advice. Buy into a company you believe in and hold on as the company succeeds. But that's not how people in the financial world make their money. Now, retail investors are doing just that en masse and it's breaking their balls. Cry me a river.
This is interesting: https://twitter.com/Chrisjjosephs/status/1570491404153159680?t=6bKnzycWYhjWCmN3SxPXaA&s=19 I'm linking the tweet thread because I don't have a NYT subscription.
It's complete bullshit. They voted to NOT do anything about it not too long ago. It's totally legal because they made it legal. Party doesn't matter... it's one of the key reasons they got into politics... insider knowledge and contacts to make them stupidly rich.
Anyone else watching the Crypto world crash and burn? https://www.coindesk.com/policy/2022/11/09/the-collapse-of-the-ftx-empire/
Between that, Meta and Twitter layoffs, and some parts of the real estate market shutting down (Redfin shut a branch down), I'd say we are just thick in a recession. The crypto value as collateral against hedging is useless if hedging, ie, predicting a given stock will decline, is the most likely outcome.