Gamestop stock being pumped to the moon by Redditors

[TheNinja]

Lol...everyone's Grandma is in the market now. Every one lot piker is a market genius these days. It's 2000 all over again.

Yes. I 100% agree. The market has been flooded with so much fed money and interest rates have been so low that you have daytrader monkeys that think they have figured out the system when they just have been riding a rising tide. The market will trip up hard once the next crisis hits because faucet is so open that there is no tool left to accelerate the market.

This. I heard all sorts of people who started trading and investing during the pandemic b/c they were either bored or out of work. They all made money and think they are geniuses b/c they bought Apple in April or invested in the market in May. When in reality all they did was just follow the entire market up. They aren't geniuses. A monkey could have thrown a dart at a board of top 50 companies an all of them went up in 2020.

I'm not risk averse so I'm sitting out a bit more in general . But I feel this market HAS to correct doesn't it? I mean, this year or year crazy gains has to stop at some point. OR have we entered a new "norm" where there is a flood of amateur money entering the market making it different? It used to be everyone invested in a fund or gave their money to an advisor. Now people have easy access to trading and most have no clue what they are doing.

 

[Osculater]

Wont even invest 1 AMC stock on this. YUCK!

That's fair

 

[PaleMoonlight]

This. I heard all sorts of people who started trading and investing during the pandemic b/c they were either bored or out of work. They all made money and think they are geniuses b/c they bought Apple in April or invested in the market in May. When in reality all they did was just follow the entire market up. They aren't geniuses. A monkey could have thrown a dart at a board of top 50 companies an all of them went up in 2020.

I'm not risk averse so I'm sitting out a bit more in general . But I feel this market HAS to correct doesn't it? I mean, this year or year crazy gains has to stop at some point. OR have we entered a new "norm" where there is a flood of amateur money entering the market making it different? It used to be everyone invested in a fund or gave their money to an advisor. Now people have easy access to trading and most have no clue what they are doing.

Im not really sure casuals thinks they’re experts. They’re just riding the wave and I can’t blame them. I’ve been investing for about 8 years and I’m riding the wave right now. To me, it’s better than sitting on the sideline.

Having said that, I think there’ll be a correction and I should already take my gains right now.

 

[Squintz]

Is Gamestonk at $1,000 yet?

 

[GearSolidMetal]

Is Gamestonk at $1,000 yet?

Far from it.

RobinHood preventing people from buying the stock killed its gains.

 

[Proud American]

 

[rj144]

Got to be honest that I was paying attention much the last few weeks. It's actually being squeezed again, but just lost like 30% in 15 minutes... more shananigans.

 

[rj144]

This doesn't look normal:

 

[Madmick]

Gonna cross-post this to three different threads as a public service.
GameStop reports wider loss, announces partnership with crypto exchange FTX

GameStop said Wednesday that quarterly sales declined and losses widened, as it burned through cash and inventory swelled.

The video game retailer also disclosed a new partnership with crypto exchange FTX.

Shares of the company rose about 10% in after hours trading.

In the second fiscal quarter ended July 30, the company’s total sales dropped to $1.14 billion from $1.18 billion in the year-ago period. Its losses widened to $108.7 million, or 36 cents per share, compared with a loss of $61.6 million, or 21 cents, a year prior.

GameStop’s results cannot be compared with estimates because too few analysts cover the company. It did not provide a financial outlook and hasn’t provided one since the start of the pandemic.

The brick-and-mortar retailer is trying to adapt its business to a digital world. It’s gotten new leadership, including board chair Ryan Cohen, the founder of Chewy and former activist investor for Bed Bath & Beyond, and CEO Matt Furlong, an Amazon veteran. It’s also looked to new ways to make money, including nonfungible tokens.

But the company has struggled to drive profits, leading it to trim costs and shake up leadership. Last month, it fired chief financial officer Mike Recupero and laid off employees across departments.

I still don't fathom how this became the hill for the Occupy Wall Street crowd to die on. Gamestop continues to hemorrhage money, but because it leans into the latest fad conjob cooked up by scheming suits, NFTs, while marrying itself to crypto, its stock somehow magically manages to go up despite posting a real loss of 1.5% of its net stock worth in a single quarter. Oh, but they hired a guy from Bed, Bath, and Beyond!! You know, because they're doing so great. All is well.

Also, yeah, you're reading that right. $0.36 is 1.5% of a share, right now. It's at $24.04, presently. Remember how crazy this got? How stupid? When this stock went above $500 per share in intraday trading? Meanwhile, that very week that things took off, in January 2021, I recalled reading a Wall Street Journal article where a longtime analyst who had tracked Gamestop for years pegged its truth worth around $16/share (lower than where it started). Looks like it needs to see a few more quarters like this to get there.

How many times is this corpse going to get saved? First it was Microsoft, and then it was activist investors. This is twice in the past 3 years alone. What's funniest is the people most flummoxed by the way in which this company was suddenly championed are the people who are supposed to be its customers: gamers. You could have asked any gamer in the last five years what they thought of Gamestop's business prospects, and they would have scoffed. You probably would have heard, "Who shops at Gamestop?" Like so...
Gamestop is going out of business.

I'm always amazed every time I'm reminded this company is still in business.

As relevant as Blockbuster.

Go ahead and peruse that thread if you want to see how gamers reacted to that headline back in 2019.

 

[Prefect]

Im not really sure casuals thinks they’re experts. They’re just riding the wave and I can’t blame them. I’ve been investing for about 8 years and I’m riding the wave right now. To me, it’s better than sitting on the sideline.

Having said that, I think there’ll be a correction and I should already take my gains right now.

This is the thing is what at least I meant by that. The market has been irrational due to low interest rates that everything has been pumped and inflated. A day trader monkey thinks his magical formula or strategy is the reason that he is doing well but you could have gotten similar results just investing in an index fund. So, the daytrader monkeys think that their complex whatever is working but it is no different than how if you give chicken feed randomly, they will do all kinds of weird things think those weird things are what got them feed, when in actuality, there was no real correlation between what they did and the result.

You learn nothing about investing in an irrational bull market. Back in the 90s, everyone was daytrading on the tech boom. Doctors were quitting their jobs to daytrade. Same shit different decade. When the tech boom collapsed, everyone realized they didn't know enough to daytrade or even invest wisely and was back to work. There is a great culling that is coming.

 

[Henry Swanson]

I still have a buddy holding out for when his 1000 shares of amc hit 500k per share.

 

[fordman7795]

Gonna cross-post this to three different threads as a public service.
GameStop reports wider loss, announces partnership with crypto exchange FTX

I still don't fathom how this became the hill for the Occupy Wall Street crowd to die on. Gamestop continues to hemorrhage money, but because it leans into the latest fad conjob cooked up by scheming suits, NFTs, while marrying itself to crypto, its stock somehow magically manages to go up despite posting a real loss of 1.5% of its net stock worth in a single quarter. Oh, but they hired a guy from Bed, Bath, and Beyond!! You know, because they're doing so great. All is well.

Also, yeah, you're reading that right. $0.36 is 1.5% of a share, right now. It's at $24.04, presently. Remember how crazy this got? How stupid? When this stock went above $500 per share in intraday trading? Meanwhile, that very week that things took off, in January 2021
Gamestop is going out of business.

Go ahead and peruse that thread if you want to see how gamers reacted to that headline back in 2019.

Don’t forget GME did a 4-1 stock split so the current price would be 4x higher.

 

[BB in Crazy!!!!]

I still have a buddy holding out for when his 1000 shares of amc hit 500k per share.

I made out pretty good on AMC. Tripled my return and sold 2/3 of it. So doubled my money I bought in at then still had 1/3 of my shares. But yeah, part of making money is having a good idea when to sell and not get greedy.

 

[SugarKrok]

Haven’t made a single $ yet investing. Refuse to give up because life is meaningless anyway so might as well keep on trading.

 

[Zer]

Haven’t made a single $ yet investing. Refuse to give up because life is meaningless anyway so might as well keep on trading.

That's the spirit

 

[Henry Swanson]

I made out pretty good on AMC. Tripled my return and sold 2/3 of it. So doubled my money I bought in at then still had 1/3 of my shares. But yeah, part of making money is having a good idea when to sell and not get greedy.

This dude bought pretty low at first. I think somewhere around 8 dollars. Didn’t sell any of it at 70 bucks per because like I said it’s going to hit half a million per share when “moass” happens. Ended up buying more shares bringing his average price up. I’m pretty sure he’s still slightly up but not by much.

 

[Jack Reacheround]

This is the thing is what at least I meant by that. The market has been irrational due to low interest rates that everything has been pumped and inflated. A day trader monkey thinks his magical formula or strategy is the reason that he is doing well but you could have gotten similar results just investing in an index fund. So, the daytrader monkeys think that their complex whatever is working but it is no different than how if you give chicken feed randomly, they will do all kinds of weird things think those weird things are what got them feed, when in actuality, there was no real correlation between what they did and the result.

You learn nothing about investing in an irrational bull market. Back in the 90s, everyone was daytrading on the tech boom. Doctors were quitting their jobs to daytrade. Same shit different decade. When the tech boom collapsed, everyone realized they didn't know enough to daytrade or even invest wisely and was back to work.

Yeah, I was thinking “Why would low interest rates make the stock market inflate?” And then I realized it’s because people want a hire return on money they would otherwise save in an interest account, and it all made sense.

IMO, unless you place your money in an index fund, or you have inside information, playing the stock market is as good as gambling. Nobody is really great at picking stocks. A few people have gotten lucky, and a few people have enough money to throw at so many stocks that enough end up being successful enough to give them some kind if ROI (basically the same way an index fund works). It’s a fool‘a errand.

 

[BJ@LW&WW]

on the topic of pumpin and dumpin and wsb meme stocks..

https://www.reuters.com/business/be...eath-new-yorks-jenga-tower-reports-2022-09-04

"Bed Bath & Beyond Inc's (BBBY.O) chief financial officer fell to his death from New York's Tribeca skyscraper known as the "Jenga" tower" on sept 2."

"On Aug. 23, the company, Arnal [the CFO] and major shareholder Ryan Cohen were sued over accusations of artificially inflating the firm's stock price in a "pump and dump" scheme, with the lawsuit alleging Arnal sold off his shares at a higher price after the scheme."

"Cohen, a billionaire investor, disclosed a stake of nearly 10% in early March. Cohen's RC Ventures disclosed plans to sell its stake on Aug. 17"

bbby blew up from a low of $4.44 on 7/6 to a peak of $30 on Aug. 17 (6757%).

Cohen personally sold 106 million dollars worth of stock ~21$/share the day before, and arnal sold 1.4 million at ~25$/share on that day as well. if im not mistaken, this does not include the shares that may have been sold by rc ventures.

Cohen has also bought ~30 million worth of GME in the past. gme is currently ~21% short, 75% owned by institutions.

Here's a post about bbby on wsb on the 17th with 82k upvotes.


bbby is currently ~40% shorted. 81% institutional ownership. crashed down to 7.8$/share



i find it funny that people think this meme stock shit is being controlled by, or even benefiting, retail investors. i wonder what percent of wsb posts are created by members of these firms and upvoted by bots.

 

[billiam]

It's kind of like the younger generation's powerball but with more memes. It's fun to buy a few shares for the entertainment value alone and then try to short the fuck out of it on the way down. It was so damn exciting when GME was going crazy.

 

[PaleMoonlight]

This is the thing is what at least I meant by that. The market has been irrational due to low interest rates that everything has been pumped and inflated. A day trader monkey thinks his magical formula or strategy is the reason that he is doing well but you could have gotten similar results just investing in an index fund. So, the daytrader monkeys think that their complex whatever is working but it is no different than how if you give chicken feed randomly, they will do all kinds of weird things think those weird things are what got them feed, when in actuality, there was no real correlation between what they did and the result.

You learn nothing about investing in an irrational bull market. Back in the 90s, everyone was daytrading on the tech boom. Doctors were quitting their jobs to daytrade. Same shit different decade. When the tech boom collapsed, everyone realized they didn't know enough to daytrade or even invest wisely and was back to work. There is a great culling that is coming.

I lost money on AMC, BlackBerry and Rocket. Having said that, I made money on GME, MSFT, APPLE.

I sold a bunch in Oct (GME before that) and I came out pretty well ahead even with the losses.

it’s really hard to predict the market and I should’ve sold more at that time. I held on to Square and it’s down big and bagholding.

It was fun and stressful buying meme stocks but it was a good learning experience. From now on, I’ll put 80-90% on top companies ETF and call it a day.