10/31/2023 0 Comments Stock video![]() ![]() The big thing is we saw short selling into the issue, into the contagion, let's call it, with that 600,000 shares shorted since the 8th, almost a million shares short over the past month. IHOR DUSANIWSKY: Yeah, we're seeing it's a small short amount just because the stock price is so low, $69 million. ![]() They have since rebounded, certainly, a great day today, on the words from Janet Yellen and Jamie Dimon and others. ![]() Of course, First Republic had a massive struggle. It's still- you're going to have a lot of action on both sides of the trade.ĭAVE BRIGGS: Can you talk about the shorts that you've seen as related to First Republic? We've been trying to diagnose what happened with SVB. This year, we're seeing shorts decreasing their positions. And we're seeing big moves in the short side where we've seen for a while there, we saw shorts accumulating positions. And this is where the long players and the short players are making and losing money on a daily basis in size. It's really calmed down a bunch, but the volatility is still there. IHOR DUSANIWSKY: Yeah, well, the short interest isn't nearly as much as we saw a couple of years ago. SEANA SMITH: Ihor, when we talk about some of the mechanics, some of the- I guess, breaking down exactly the trading action that we have seen, has that really diverged from what we were seeing two years ago when we first started talking about GameStop as a meme trade? This is what does the Street think that the price needs to be? This is not just a, what's the value, what's the earnings. You've got to sit there and look at what's going on with the meme stocks, the Reddits, the Twitter. IHOR DUSANIWSKY: Yeah, this is a really momentum stock. And the guys that got out did the right thing.ĭAVE BRIGGS: For quite some time, GameStop's share price has been totally disconnected to the actual business. So there's already a skew to shorts kind of losing some of their conviction. IHOR DUSANIWSKY: It's been around a million shares of short covering over the past month, around a half a million, 600,000 shares over the past week. SEANA SMITH: Ihor, how much short activity have you seen in GameStop lately? We should see some big short covering tomorrow. So they're taking a big punch to the gut. After market trading, down, give or take, $300 million. The shorts who were profitable to around 10:00 AM today, by the end of the day, they were down $30, $40 million, the mark to market P&L. ![]()
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