[HN Gopher] GME stock halted trading after +103% daily
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       GME stock halted trading after +103% daily
        
       Author : alpb
       Score  : 38 points
       Date   : 2021-02-24 20:54 UTC (2 hours ago)
        
 (HTM) web link (finance.yahoo.com)
 (TXT) w3m dump (finance.yahoo.com)
        
       | david927 wrote:
       | They never covered their shorts. It's only a matter of time
       | before it goes ballistic and, frankly, threatens to take down the
       | entire stock market. It's a ticking time bomb -- and now it's
       | smoking.
        
         | sideway wrote:
         | > and, frankly, threatens to take down the entire stock market
         | 
         | Could you expand on that?
        
           | rednerrus wrote:
           | GME shorts have essentially written a blank check to the
           | market. They don't have shares to cover their shorts. When
           | it's time to cover, they'll have to pay whatever price the
           | market demands. In order to cover, they'll have to liquidate
           | their other holdings. Liquidating large holdings in a market
           | like this could cause all kinds of problems.
        
             | casperc wrote:
             | How do we know that there are shorts and the amount of
             | them?
        
               | darig wrote:
               | All trades are public... just like bitcoin.
               | 
               | The shorts were already due... deadlines passed and
               | extended and extended again. The market making bankers
               | are the same ones selling the short shares, they
               | investigated themselves and decided to give themselves a
               | break.
               | 
               | The market is totally rigged.
        
               | tanto wrote:
               | SEC numbers and a few other sources. I read somewhere
               | that currently the estimated number of shorts is 4x
               | actual number of actual shares. Not sure if it's true
               | though.
        
               | toomuchtodo wrote:
               | Some speculation regarding short laundering: https://www.
               | reddit.com/r/GME/comments/lr33yp/etfs_containing...
               | 
               | GME just hit $170/share after hours, having closed around
               | 90 an hour ago.
               | 
               | Edit: $180/share
               | 
               | Edit 2: $200/share
        
               | david927 wrote:
               | Edit: "smoking" --> "on fire"
        
               | klaudius wrote:
               | https://isthesqueezesquoze.com/
        
         | aaron-santos wrote:
         | Which leads to interesting questions like "How much would it
         | cost to implode the market?", "Are there non-monetary
         | incentives for doing so?", and "Are there any prediction
         | markets where I can trade on the chance the stock market will
         | implode?"
        
       | [deleted]
        
       | bgirard wrote:
       | It's not like GME is a fixed supply. Can someone explain why at
       | some point GME wouldn't just issue more shares and capture the
       | short squeeze themselves? Basically you buyback if you're
       | undervalued and you sell (and issue if necessarily) if you're
       | overvalued.
        
         | BorisTheBrave wrote:
         | Timing and legal obligations mostly. Share issues require a
         | lengthy process to get approved. GME actually had one pre-
         | approved, but they still couldn't use it, as they may not
         | legally do so while the executives have material information
         | the public does not. GME had an earnings announcement that was
         | unforunately timed.
        
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       (page generated 2021-02-24 23:02 UTC)