GameStop shares soar more than 100% amid executive shuffle | Hacker News Reader

GameStop shares soar more than 100% amid executive shuffle

cnbc.com

85 pointskoolba84 comments

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It doesn’t seem like this is the correct reason. I feel the recent short had more of an impact:

https://old.reddit.com/r/wallstreetbets/comments/lrlmqx/14_m...

Agreed. Lots of people will probably read "amid" == "because".

Okay that’s beautiful

Everytime they pass through the gate, they agitate an ancient populist fury

Yeah, definitely not because a CFO was ousted. Hit 200 AH and volume is insane.

Imagine you got fired from your company and the news made it double in value.

Poor guy.

If the company he gets hired at immediately loses half of its value then I think we can say it was him for sure!

You say this jokingly, but the last company he worked at lost 90% of its value while he was there.

Is he on Citadel payroll ?

Isn't that also potentially a signal he's hired for a specific reason - not necessarily to benefit all shareholders but perhaps extract as much as they can for certain parties like executives?

It still boggles my mind that Sears, with their Sears catalogue and name recognition - and tons of store locations until fairly recently - could never pivot online, where they already had distribution centres..

The news was known before the surge; I don't think they're entirely related.

He got something like a 30m severance. He'll live

I don't know.... Most people would blow through that in a week, two at the most. /s

Lifestyle creep dontcha know

This culture of rewarding failure really needs to end.

2.8 million. Still absurdly high for someone who did such a terrible job: https://twitter.com/DOMOCAPITAL/status/1364340405626671104

Wow. I'm way off on my source. Thanks

Imagine not having sold any of your 225,000 shares and the stock price doubled the day after you got fired.

What a guy! Grifting along to another $20,000,000 with no selling restrictions.

edit: and several million cash severence

Intel too. That dude got fired and the stonk mooned, lol

It went from 44 to 91 and then in post market from 91 to a peak of 199 (currently at 150)

I had a limit sell order sitting at 210 from the insanity a few weeks ago, honestly glad it didn't get hit. The amusement I'm getting from having my stake is honestly worth what I paid by itself.

Stocks as entertainment. What a concept.

Isn't it well known that trying to make money on the stock market is mostly gambling? You can do all sorts of analysis but in the end it's a hobby.

Amusing? Are you joking or really serious? If you are indeed serrious, I am really curious to know how old you are.

Yes I'm serious, I'm 26 if it makes a difference. More than $50 million worth of GameStop stock was shorted today. When there are people out there taking such risky positions, proving them wrong and taking their money -- and even the prospect of doing so -- is extremely amusing. I stand to lose a few thousand dollars. Whoever is on the other side of this transaction stands to lose hundreds of millions, if not billions. The competitive aspect of it makes it exciting. The rest of my portfolio is not nearly as interesting, not even the crypto.

This is not hundred dollars vs billions, it's hundred millions vs billions , you are risking hundreds not to make billions but to the possibility to take some thousands from a billionaire investment co or from someone who is even more careless about money than you who will buy when you are willing to sell something hugely overvalued... This is a game.. and at the end i think that highly efficient and organized players (edges) at the end will take a lot of money from retailers (and maybe melvin)..

I got pretty lucky with this stock. Bought at 144, sold at 470 in the last rally. Bought back in at 45, sold at 69 today. Wish I set my limit sell to much higher, I didn't know it was going to rally so hard again.

paper handing at $69. should have gone with call options. more potential for gainz

fyi 167 in the after hours

totally. It was a limit sell from days ago, I was banking on some volatility but didn't think it would necessarily soar again.

the options are still too expensive. they are over half the price of buying the shares and they’ve been up to 90% of the share price.

I actually love how the option spread sellers havent said anything and been flying under the radar but making the most week after week

IV shot to like 900% this afternoon.

e.g. 3:37PM, $GME trading at ~$73. 2/26 $80c were around $14.

Which would you rather have?

~19 shares of GME @ $168 = $3,192 currently

1 2/27 $80c @ $168 = $1400 premium + $7400 intrinsic = ~$8,800 currently

I know which one I would grab, so long as you could promise me it would keep going up :)

always compare 100 shares, the size of the option contract

Uh, ok? Then the capital requirement is completely different, which wasn't the point of my example.

100 shares @ $73, $7300 total cost = $16800 value AH (+130%)

1 2/26 $80c @ $1400 premium = $8800 value AH (+529%)

> e.g. 3:37PM, $GME trading at ~$73. 2/26 $80c were around $14.

I'd never heard of an option until a month ago.

My understanding: say you have c. $140 to spend

You could buy 2 shares at $73 each

If you think it's going to go up to $100, your $146 turns into $200

If you think it's going to go up to $400, your $146 turns into $800

If you think it's going to stop at $80, your $146 turns into $160

If you think it's going to go crash to $10, your $146 turns into $20

Instead $140 for 10 call options (which are for 100 shares each), so 1000 shares at $80

If you think it's going to go up to $100, your $140 turns into $20k

If you think it's going to go up to $400, your $140 turns into $320k

If you think it's going to stick at $80, your $140 turns into $0

If you think it's going to go crash to say $10, your $140 turns into $0

Is that right?

Yeah except that the $14 contract price I quoted was per share, so a single contract in that scenario would be $1400 premium.

So:

If you think it's going to go up to $100, your $1400 turns into $3.4k

If you think it's going to go up to $400, your $1400 turns into $~33.4k

Ahh, whenever I see calls they're usually quoted in blocks of 100 shares

your $140 wont buy you 10 call options at $14, you might not be able to enter the market at all

Option prices have to be multiplied by the quantity of their underlying asset, so 100 is standard in the equities space. $14 x 100 = $1,400

$1,400 is the amount you have to put down. so there is still amplified return possibilities but you were probably overestimating by an order of magnitude

Now the Reddit website is down. Is this related?

Woah, reddit, is indeed timing out for me as well.

It must be. Wall Street bets grew to 8 million users after this whole GameStop thing, up from 1 million. They all probably hopped on to see what’s going on. Plus reddit is down more than any other website that popular that I know of.

Ironically old.reddit.com is working fine.

Still waiting for one sense in which the redesign is better for the user.

Has there been any case where a redesign of an app or website is actually better than the older version?

People generally seemed to like Windows 3.11 → Windows 95 I guess? Also Mozilla Suite → Firefox (though some people still prefer the old way). It's just that when things are actually improved people tend to not remember them.

The new site is much better because it’s so slow and user hostile you stop browsing Reddit entirely.

It's better for advertisers.

Not ironic. Old.Reddit has always been fine.

old.reddit.com works. Probably an influx people checking /r/wallstreetbets. Reddit being overwhelmed for a couple minutes seems like a daily occurance since forever, but wsb is really pushing their capacity at times.

> Probably an influx people checking /r/wallstreetbets.

There's only 300K people reading that subreddit at the moment. During the peak earlier in the month it was over a million. (edits, refreshed 4 mins later and it's just under 500K).

Also, for the conspiracy fans, notice that the majority of the rise (90 -> 199) has happened / is happening during post market hours when normal users (retail) cant do anything. 50->90 happened during normal trading hours.

My guess is they have a “thundering herd” problem when a few critical threads get lots of traffic, and any workaround is still manual because it’s delicate surgery. Pure speculation however, I’ve no inside knowledge.

Their webapp isn't exactly the greatest creation too, I feel sorry for the poor little servers that run that site.

That's unlikely, reddit is down all the time. They definitely have the worst uptime of all the major websites.

I tried to determine this. And while I'm skeptical they brought the site down, there WAS a large uptick in comments on /r/wallstreetbets as the site went down. Still pulling in all the data from right before it went down.

https://topstonks.com/blog/reddit-down

Yes.

https://t.me/wallstreetbets

Is there a web version of telegram?

https://web.telegram.org/

I don't quite understand, the announcement about the executive was made on Tuesday, but this gain didn't happen until the final hour or two of trading today.

It's probably a mistake to read much into these things when it comes to Gamestop. It's not about the fundamentals, it's about when /r/wallstreetbets notices and is collectively feeling up for it.

I don’t know it was definitely noticed when it happened and honestly I have a hard time believing it could be more hyped up than these last couple of days.

wallstreetbets has been feeling up to it irrespective, and the mgmt change was definitely noticed there way earlier than near-close/after-hours, which is when the last ~$150 of the current $180 ticker gained..

You have to grok how financial reporting works. They said _amid_ executive shuffle, not _because_.

Weekly option expiry. They waited until Thursday afternoon. Plus Ryan Cohen’s tweet.

I got pretty excited when you made me think it was Thursday afternoon.

Man I just assumed it was Thursday because that’s when it usually happens. But yeah it was the tweet that snowballed.

The price would have soared even higher, but there was a unusual long trade halt until after hours began.

https://www.nasdaqtrader.com/trader.aspx?id=TradeHalts#

AMC is started going up around the same time, although at a lower magnitude.

Reddit has zero impact on $GME volatility. If any of you were around for the 2009 shenanigans, you'll understand.

I'm sorry I wasn't around, could you please explain why?

Pretty sure he's clarifying that retail flow has negligible effects on the markets. Institutional money moves stocks, retail investors are just along for the ride.

Not that I don't believe that, but where's the proof?

I'm not sure where these guys are getting their numbers, retail investors make up about 25% of the market. Not the dominant force, but also not exactly negligible.

https://markets.businessinsider.com/news/stocks/retail-inves...

What does 2009 have to do with GME?

here we go again.

"Tomorrow we’ll be doing an upgrade to our systems. Buying in some stocks might be limited. Sorry for the inconvenience."

https://twitter.com/TradeRobinhood/status/136469009363465011...

edit: oops, that's a fake account! sorry, disregard.

all the homies hate robin hood

Looks like that's a troll account? https://twitter.com/RobinhoodApp is the verified account...

Fake account.

I like the stock

i'm not a cat

When I was a young boy in Bulgaria

yes or no

Is there a consensus of who will be holding the bag when all of this stops and it drops back down?

retail investors mainly - maybe likely some hedge funds on the wrong side of this as well.

this is straight bananas

I sold at $60. Go me.

What did you buy at? This is pure gambling so doesn't really matter as long as you got something out

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