{"id":194175,"date":"2024-05-17T11:00:00","date_gmt":"2024-05-17T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/uncategorized\/not-with-a-bang-but-a-whimper\/"},"modified":"2024-05-20T10:28:38","modified_gmt":"2024-05-20T10:28:38","slug":"not-with-a-bang-but-a-whimper","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/stocks\/not-with-a-bang-but-a-whimper\/","title":{"rendered":"Not With a Bang But a Whimper"},"content":{"rendered":"\n

So ends the latest round of meme stock frenzy, or at least I hope so.  I love discussing unusual situations in the markets \u2013 and social media-fueled buying frenzies in a seemingly unrelated cadre of stocks certainly is unusual \u2013 but after a week of actively commenting upon GameStop (GME<\/span>), AMC Entertainment (AMC<\/span>), and the like, it\u2019s time to shift our focus to more weighty topics.  But not quite yet\u2026<\/p>\n\n\n\n

Today\u2019s news that GME is selling stock<\/a> has put yet another damper on this week\u2019s runup.\u00a0 Quite frankly, they are a few days too late.\u00a0 We noted on Tuesday<\/a> that \u201cAnd AMC signaled that its stock was a better sale than a buy, when it sold 72.5 million shares yesterday.\u201d\u00a0 When the stock rallied further on Tuesday, they sold even more stock.\u00a0 I give credit to its management for this.\u00a0 They have used the periodic levitations in AMC\u2019s stock price to sell shares in order to pay down some of their onerous debt load.\u00a0 That is why, despite another bout of heavy dilution, that stock is well above last week\u2019s levels (though well below its craziest highs):<\/p>\n\n\n\n

AMC 6-Days, 2-Minute Candles<\/em><\/strong><\/h3>\n\n\n\n
\"AMC<\/figure>\n\n\n\n

Source: Interactive Brokers<\/p>\n\n\n\n

Past performance is not indicative of future results<\/p>\n\n\n\n

Instead GME was late to the game, selling stock into weakness rather than strength.  Hence the underperformance today:<\/p>\n\n\n\n

GME 6-Days, 2-Minute Candles<\/em><\/strong><\/h3>\n\n\n\n
\"GME<\/figure>\n\n\n\n

Source: Interactive Brokers<\/p>\n\n\n\n

Past performance is not indicative of future results<\/p>\n\n\n\n

Note that the stock is still up nicely over Friday\u2019s close, but that anyone who bought the stock in the four days prior to today would be losing money.  Not a pretty thought or sight.<\/p>\n\n\n\n

Consider this: when a company sells stock, it sends a message \u2013 usually not a good one.  Like anyone else, when management believes that its shares are undervalued, they are more likely to buy back stock.  Mind you, there are other reasons they do that.  They might be buying back shares that they issue to employees in order to stabilize the share count, or simply deploying excess cash to benefit shareholders.  But when a company sells stock through a spot secondary offering, it is typically in response to market conditions that have caused management to believe that the stock is a better sale than a buy.  Hint: it\u2019s not when they think the stock is undervalued.<\/p>\n\n\n\n

I know that many of you couldn\u2019t resist trading during this bout of volatility.  Over the past five days, GME was the most active stock on our platform and AMC was fourth.  And I sincerely hope that you made money doing so, or at least managed your risk.  But at a minimum, I hope you listened to the signals, either when \u201cRoaring Kitty\u201d tweeted out the \u201cgo home\u201d ending of \u201cFerris Bueller\u2019s Day Off\u201d, or when these companies began selling shares.  There\u2019s an old saying, \u201cthey don\u2019t ring a bell at the top.\u201d  But something was clanging this week.<\/p>\n","protected":false},"excerpt":{"rendered":"

So ends the latest round of meme stock frenzy, or at least I hope so.\u00a0 I love discussing unusual situations in the markets \u2013 and social media-fueled buying frenzies in a seemingly unrelated cadre of stocks certainly is unusual \u2013 but after a week of actively commenting upon GameStop (GME), AMC Entertainment (AMC), and the like, it\u2019s time to shift our focus to more weighty topics.\u00a0 But not quite yet\u2026<\/p>\n","protected":false},"author":4,"featured_media":193069,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[145,147,8,12,153,148,7],"tags":[1798,1556,665],"contributors-categories":[149],"class_list":{"0":"post-194175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-stocks","12":"category-text-articles","13":"category-traders-insight","14":"tag-amc-entertainment","15":"tag-gamestop","16":"tag-meme-stocks","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nNot With a Bang But a Whimper | Traders' Insight<\/title>\n<meta name=\"description\" content=\"So ends the latest 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