Category: Business News (Page 1 of 9)

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Amazon Sparks Theatrical Release Competition

Market News: Amazon is investing billions in movie theatre industry.

Amazon is now setting itself up as a direct competitor to major studios such as Paramount Pictures in its new multi-billion-dollar investment plan to release several films in theatres.

While most major studios have been around for a long time, Amazon is coming in hot with the news that has AMC shareholders in particular excited for the fundamental growth of the movie theater business.

Shares of AMC surged more than 6% amidst the announcement.

Volume picked up as well, exceeding its average volume of 26 million to more than 30 million.

The news is huge for the movie theatre industry who Wall Street has bet against for the past several years, but more specifically since the start of 2021.

Retail investors are now armed with massive confidence in the movie theatre industry.

This news has the potential to spark heavy buying in movie theatre stocks such as AMC again.

One thing is certain, movie theatres and shareholders aren’t leaving, sorry Charles Gasparino.

CNBC Says Amazon News is a ‘Positive Sign’ for Movie Theatre Industry

“While a $1 billion annual investment for film development is on the lower end of what major Hollywood studios spend each year, it’s a positive sign for the movie theater business, which has struggled in the wake of the pandemic.”

Is the narrative changing?

Is now time for short sellers to throw in the towel before large institutions go long and begin piling in?

Despite AMC Entertainment beating earnings expectations every quarter since 2021, short sellers on Wall Street have aimed at shorting the company out of existence.

But the retail community made up of millions of investors have been the strongest support for AMC Entertainment.

Amazon AMC Partnership?

Amazon AMC News | Amazon is investing billions in the cinema industry.

What are your thoughts on this massive commitment from Amazon to invest billions in the movie theatre industry?

Are you holding or buying AMC or Amazon shares?

I’d love to hear what you think in the comment section below.

Sources: Bloomberg, CNBC.

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Citigroup Has Been Shorting AMC for Over a Year

November 22, 2022 / FrankNez / 6 Comments

Market News: Citigroup shorts AMC Entertainment through unethical market manipulation tactics.

Citigroup is giving AMC Entertainment a salty $1.20 price target after shorting the stock the past year.

The institution has filed a 13F-HR form disclosing ownership of 158,173 shares of AMC Entertainment Holdings, Inc.

The holdings are valued at $1.1 million USD.

Citigroup Inc. had a previous 13F-HR filing back in August of 2022 disclosing 215,347 shares of AMC stock valued at $2.9 million.

The bank, headquartered in New York, also has a history of taking positions in AMC derivatives in the form of stock options.

And it’s been playing put options on the world’s largest movie theatre chain while selling off shares.

Citigroup has been shorting AMC Entertainment through unethical market manipulation tactics.

But more on that below.

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Citigroup Bets Against AMC Entertainment

Stock Market News: Citigroup unethically shorts AMC Entertainment stock.

Citigroup currently holds call options representing 0 of underlying shares valued at $0 USD and put options representing 55,000 of underlying shares valued at $383,000 USD.

Source: Fintel.

The bank has been selling shares while playing put options in order to profit from the drops they’re triggering in the market.

This incredible advantage over retail investors has the AMC community raising awareness of the market injustices created by banks and hedge funds alike.

The leverage banks have is unlimited when compared to the buying power of retail investors.

Retail is wondering when will regulators acknowledge the hard-working American people who simply want a leveled playfield when it comes to investing their money?

Gensler has been under heavy scrutiny by retail investors as concerns over the past two years have fallen upon deaf ears.

But that’s not all.

Citigroup is also using the media to promote a $1.20 share price target for AMC Entertainment.

That’s right, as of November 7th, 2022, Citigroup has dropped AMC’s price target from $3.13 per share to $1.20 per share.

Citigroup shorts AMC Entertainment stock - Franknez.com. — Citigroup shorts AMC Entertainment stock – Franknez.com. **Source:** Benzinga

Looks like Citigroup is doing everything they can to profit from AMC by selling shares, playing puts, and promoting a declining price target using the media.

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Billionaire Investor Carl Icahn Bets Against GameStop

November 22, 2022 / FrankNez / 2 Comments

Carl Icahn Short on GameStop — Stock Market News: Carl Icahn is short on GameStop shares.

Billionaire investor Carl Icahn began shorting GameStop during the height of the ‘meme stock’ frenzy around January of 2021.

Carl Icahn still holds a large short position in GME stock, according to people familiar with the matter.

Icahn started building the short position when GameStop was trading near its peak of $483 per share and still holds a large bet against the retailer’s shares, said people, asking not to be named due to the matter being private.

The billionaire investor who has added to his position from time to time is betting that GameStop’s stock isn’t trading on its fundamentals and will continue to fall, insiders said.

Here’s the latest GameStop news.

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Ryan Cohen Posts Picture with Carl Icahn

GameStop chairman Ryan Cohen posted a picture with Carl Icahn in October which many shareholders anticipated as bullish future news.

People began to speculate Carl Icahn was going to buy GameStop shares.

Little did shareholders know that the multi-billionaire investor has been betting against GameStop since the beginning of the ‘meme stock’ frenzy, per Bloomberg.

At the time of the photo, neither individual confirmed that Icahn would take a stake in the retailer.

pic.twitter.com/n2xaaV2Lej
— Ryan Cohen (@ryancohen) October 18, 2022

In January 2021, Ryan Cohen was appointed Chairman of the video game retailer.

As of March 22, he owns a total of 36.4 million shares of GameStop through his investment firm, RC Ventures, making him the largest shareholder.

GameStop shares closed at $25.16 on Monday, down -8.84% on the day.

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AMC’s High Short Interest is A Ticking Time Bomb

November 21, 2022 / FrankNez / 3 Comments

Market News: Short sellers face major risk as AMC's short interest, volume, and short borrow fees rise. — Market News: Short sellers face major risk as AMC’s short interest, volume, and short borrow fees rise.

AMC’s high short interest is one of the biggest confirmations AMC Entertainment stock can squeeze again.

Of course, there’s the second component which will trigger it, and that’s volume.

We’ve seen spikes in AMC’s share price during heavy volume days, something we saw on a weekly basis before AMC reached its all-time high of $72 per share last year.

Retail investors bombarded the stock market and fueled massive rallies through heavy buying pressure.

AMC might have the short interest it needs to rip again, but does it have the liquidity it needs from retail investors?

It certainly has the investors.

Let’s discuss it.

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AMC Short Interest Today

Fintel is reporting AMC’s short interest today at 19.76%.

Other platforms are reporting AMC’s short interest at 20%; so, we have an idea of where it’s rounded at.

This high short interest is quite risky for short sellers as any major rebound could put bets against the movie theatre chain in significant losses.

While it made sense for institutions to go short when AMC’s share price began dropping after its peak, AMC has hit strong levels of support today, making it ideal for buyers to step in.

Institutions may also begin to buy back in at current levels, very well knowing an AMC short squeeze is possible.

AMC’s short interest today is around the same as it was prior to the massive surge from $14 to $72 per share.

This means those betting on AMC to squeeze this year already have one major component checked off.

Big players closing their short positions in AMC may trigger big price runup at any moment.

They just have to decide the tide is turning against their position for retail to see this.

Volume Forced Big Price Action Last Year

what will trigger AMC to squeeze/ — What will trigger AMC to squeeze?

Average volume this year for AMC Entertainment stock has come down significantly from last year’s bull market.

But this is expected as massive selloffs occur in a bear market and investor confidence subsides momentarily.

Soon institutions along with retail investors combined will begin to pick the markets back up.

And with it, turn the tide against short sellers.

The market will experience major squeezes, not just from AMC, but from various shorted stocks too.

Heavy buying pressure is the key to successfully trigger a short squeeze in the market.

AMC and GameStop proved that last year when massive crowds of retail investors began to buy shares of both companies in heavy volumes over a period of months.

If you missed last year’s momentum waive, it’s possible very soon we may see what could be the last time an event like this occurs again.

But of course, this will all depend on investor sentiment.

Because if there are no investors in AMC, then there is no volume.

And if there is no volume, there’s no tide to turn against short sellers.

Short Borrow Fee Rises

AMC’s short borrow fee rate has risen substantially compared to earlier this year.

The short borrow fee rate is currently at 44.30% compared to 1% in early 2022.

This is the fee hedge funds pay annually to borrow shares to short AMC stock.

Last week the short borrow fee had increased to 96.30%!

This means it’s becoming less convenient to borrow shares at the moment; a risk headstrong short sellers must currently face.

Now it’s costing more than ever to short AMC stock and it’s also riskier than it was prior to this year’s bear market.

Bear markets usually only last about a year compared to bull markets who tend to make it to almost 4 years.

At some point, a reversal is imminent, and short sellers who fail to close their positions while they still can, will be caught in a massive tide.

An AMC short squeeze is a ticking timebomb, and unless stocks can drop forever, it’s one you cannot disarm.

It’s bound to go off.

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Ken Griffin Speaks Out on Retail and FTX Collapse

November 18, 2022 / FrankNez / 5 Comments

Ken Griffin Speaks on FTX and retail investors — Market News: Ken Griffin speaks out on FTX and retail investors.

Billionaire investor Ken Griffin, the founder and CEO of multinational hedge fund Citadel, warned that the collapse of cryptocurrency exchange FTX could weaken confidence in financial markets at large and hurt the ability of younger investors to save for retirement.

Ken Griffin told Fox Business, “FTX is one of these absolute travesties in the history of financial markets.”

His remarks come less than a week after the implosion of FTX, which at its peak was the third-largest cryptocurrency exchange.

The firm’s bankruptcy may affect up to 1 million creditors and comes amid reports that at least $1 billion in client funds disappeared.

The Wall Street Journal is now reporting that ex-CEO Sam Bankman-Fried cashed out $300 million during a $420 million raise from several investors last year for personal use.

Sam Bankman-Fried is now facing a class-action lawsuit that was filed on November 11th, 2022.

Celebrities named in the lawsuit include Steph Curry, Shaquille O’Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O’Leary who allegedly helped Bankman-Fried promote the exchange.

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Citadel’s Ken Griffin Says Retail Investors May Likely Ditch the Markets

Griffin expressed concern that losses sustained by younger investors who lost money due to FTX may make them less likely to invest their savings in capital markets, including traditional instruments like stocks and bonds.

“The confidence, though, of a generation in financial markets has also been shaken. That’s really awful because the 20-some-year-olds to 40-year-olds who are so engaged in crypto — they’ve got to save for their retirement, and if they don’t believe or trust in financial markets, this is a huge problem. They need to own stocks, they need to own corporate debt, they need to partake in our global capital markets,” Griffin said.

Citadel is currently partnering with Virtu, Schwab, Paradigm, Sequoia, and other Wall Street giants to form EDXM Crypto Exchange.

A cryptocurrency exchange that is supposed to provide transparency and lower transaction costs through the use of high liquidity and tight spreads.

But concerns are growing within the retail investor community as Citadel enters the crypto space, calling it an outrage due to the hedge funds’ long history of abuse of power.

“The bottom line is American investors have really gotten hurt here to the tune of hundreds of billions of dollars in decline in market cap in crypto over the last two years. I mean that really strikes at the entire core essence of what investor protection is all about,” Griffin said.

Source: Fox Business.

Concerns Grow Over Citadel and Crypto Involvement

November 18, 2022 / FrankNez / 5 Comments

Citadel EDXM — Market News and Updates: Retail community weary over Citadel and crypto involvement.

Concerns in the retail community are growing over Ken Griffin’s Citadel’s involvement in the crypto space.

Citadel is partnering up with Charles Schwab, Fidelity, Sequoia, Paradigm, and Virtu to launch EDXM, a cryptocurrency exchange.

Users on Twitter are weary about the potential crime a powerhouse such as these Wall Street giants may cause, especially after the collapse of FTX.

#CITADELSCANDAL has been trending on social media platforms such as Twitter and Truth after numerous counts of conflicts of interest have been shared by the retail community.

If there’s one thing that the ‘meme stock’ frenzy has shown us, it’s that it wasn’t a phase.

The ‘meme stock’ frenzy represents the empowerment of retail investors against Wall Street injustices.

Retail investors are leaving a strong imprint in finance; one could argue that finance is now becoming somewhat of a culture.

This ‘culture’ is shared in both the stock and cryptocurrency markets where retail investors want a leveled playfield.

Social media is now making it easier to expose Wall Street fraud and manipulative tactics used to take advantage of investors.

Investors are saying no to EDXM crypto exchange.

Will the SEC bend rules to benefit these Wall Street giants?

Leave your thoughts below.

Was The AMC FTX Token a Scam to Launder Money?

November 17, 2022 / FrankNez / 8 Comments

Sam Bankman-Fried | Crypto News: AMC FTX Token a scam?

There are no signs of AMC Entertainment signing an agreement to the AMC FTX Token listed on the FTX crypto exchange.

When viewing the terms of service and terms of the tokenized stock product (AMC), users are prompted to error pages.

The AMC FTX token is also showing as an ‘invalid symbol’ on the platform with no live chart as we’ve seen in the past.

The tokenized stock was trading at $4 (USD) but has lost all its value since the company collapsed and filed for bankruptcy.

Retail investors are digging deep and are concluding that the crypto exchange could have potentially been using these tokens to launder money.

The FTX scandal only goes deeper into the rabbit hole.

Let’s discuss what happened.

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FTX Scandal: What Went Wrong?

What happened to FTX? FTX Scandal — What happened to FTX? FTX scandal | Crypto News.

Cryptocurrency exchange FTX filed for Chapter 11 bankruptcy on November 11, 2022, after the company’s valuation dropped from $32 billion to bankruptcy in only a matter of days.

The collapse of the cryptocurrency exchange dragged founder and CEO Sam Bankman-Fried’s $16 billion net worth to near-zero.

FTX was responsible for dropping the crypto industry below $1 trillion.

On November 16, a class-action lawsuit was filed in a Florida federal court, alleging that Sam Bankman-Fried created a fraudulent cryptocurrency scheme designed to take advantage of unsophisticated investors from across the country.

Which celebrities were affected by FTX?

Steph Curry FTX promotion | Celebrities affected by FTX crypto scandal.

Celebrities named in the lawsuit include Steph Curry, Shaquille O’Neal, Shohei Ohtani, Naomi Osaka, Larry David, and Kevin O’Leary who allegedly helped Bankman-Fried promote the exchange.

FTX became one of the largest crypto exchanges in just three years with a valuation of $32 billion.

Bankman-Fried used aggressive marketing, including a Super Bowl ad campaign, and the purchase of naming rights to the home of the Miami Heat basketball team.

He became known for his political lobbying and donations as well as for working to support the cryptocurrency industry more broadly.

As values plunged in early 2022, he facilitated deals totaling about $1 billion to bail out cryptocurrency companies struggling as a result of the declines in token prices.

Conflict of Interest Created Mass Selloff in FTX

How did Binance play a role in FTX collapse? Binance FTX news.

FTX’s collapse took place over a 10-day period in Nov. 2022.

The catalyst for the crisis was a Nov. 2 scoop by CoinDesk that revealed that Alameda Research, the quant trading firm also run by Bankman-Fried, held a position worth $5 billion in FTT, the native token of FTX.

The report revealed that Alameda’s investment foundation was also in FTT, the token that its sister company had invented, not a fiat currency or other cryptocurrency.

That prompted concern across the cryptocurrency industry regarding SBF’s companies’ undisclosed leverage and possession of assets.

Here’s when things really started going downhill for FTX.

Binance, the world’s biggest crypto exchange, announced on Nov. 6 that it would sell its entire position in FTT tokens, roughly 23 million FTT tokens worth about $529 million.

Binance CEO Changpeng “CZ” Zhao said the decision to liquidate the exchange’s FTT position was based on risk management, following the collapse of the Terra (LUNA) crypto token earlier in 2022.

By the next day, FTX was experiencing a liquidity crisis.

Bankman-Fried attempted to reassure FTX investors that its assets were stable, but customers demanded withdrawals worth $6 billion in the days immediately following the CoinDesk report.

Bankman-Fried searched for additional money from venture capitalists before turning to Binance.

The value of FTT fell by 80% in two days.

Sources: Investopedia.

FTX: A Pyramid Scheme Created from Mass Marketing?

FTX Pyramid Scheme — Was FTX a pyramid scheme? Crypto news and more.

Within hours of filing for bankruptcy, FTX was hacked.

The exchange noted that ‘unauthorized transactions’ close to half a billion dollars in total were stollen from several wallets during a period of days.

Since the incident, regulators of the Bahamas have frozen FTX’s assets, and the company has strongly advised against customer deposits.

What’s occurred with FTX is an ongoing investigation and lawsuit against now ex-CEO Sam Bankman-Fried.

So, was FTX just a scam to laundering money through the use of unauthorized stock tokens and covered by the hack that occurred?

Or was this just a poorly managed incident that occurred without motive?

I’d love to hear your thoughts on this.

AMC’s Rising Borrow Fee Rate Spells Trouble for Short Sellers

November 17, 2022 / FrankNez / 2 Comments

AMC’s short borrow fee has risen to 96.3%.

This is the fee hedge funds are paying annually to borrow short shares in efforts to suppress the stock’s share price from creating a short squeeze.

Short sellers could face serious losses as the movie theatre chain stock begins to move up in price again from retail buying pressure.

As hedge funds begin to play the long game and begin to buy the stock again, the reality for the short seller could be disastrous.

Last year AMC shareholders were able to move AMC’s share price from $2 per share to $20, and then from $9 per share to its all-time high of $72 per share based on momentum alone.

AMC has come down to retest the heavy demand zone at $6 per share during today’s bear market and has recently retested above the $8 level.

Here’s the latest AMC stock news.

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Retail investors continue to take on Wall Street in 2022 as long-term shareholders continue to buy and hold the world’s largest movie theatre chain stock.

#AMCSTOCK and #AMCSQUEEZE have been trending on Twitter for two years in a row now, signifying shareholders aren’t leaving.

After price rejection at $6 levels, AMC finds itself trading above $7 per share having retested $8.32 in the past week.

Today, AMC shares are up +15.41% in the past month and up +22.13% on the week.

AMC’s short interest is nearing 20%, the same short interest it was before it began surging to its all-time high.

Retail investors have been waiting for AMC to trade above $100 per share since last year when it almost went up to those levels.

But with the extremely high short borrow fee rate, shareholders are preparing to see the stock’s price skyrocket again.

Also Read: Shareholders Are Preparing for An AMC Short Squeeze

Hedge funds short on the movie theatre chain are no longer paying the 1% short borrow fee rate like earlier this year.

According to Stonk-O-Tracker, hedge funds are currently facing a 96.3% short borrow fee rate to short AMC.

The fee rose by 30% overnight from the previous trading day.

It’s Getting Riskier to Short AMC

will AMC squeeze soon? — Will AMC squeeze soon?

We’re seeing the S&P 500 reclaim gains it lost during this year’s bear market with bulls anticipating the market has hit the bottom.

If this is the case, we may begin to see more buyer’s confidence entering the market as stocks begin to rebound.

This in turn creates greater risk to institutions and individuals going short.

And while claiming a bottom was met is still not yet certain, we know stocks don’t tend to go down forever.

Bull markets also tend to last longer than bear markets which means all of this draw-down has only been temporary.

But I’m curious to know your thoughts on this.

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More Market Updates

Citadel to Launch Crypto Exchange After FTX Collapse

November 17, 2022 / FrankNez / 3 Comments

Crypto News: Citadel and Partners to launch EDXM Crypto Exchange.

Citadel is partnering up with Charles Schwab, Fidelity, Sequoia, Paradigm, and Virtu to launch EDXM, a cryptocurrency exchange.

The fall of FTX was primarily due to centralized players so what’s to say EDXM won’t be subject to such errors?

EDXM’s custody and wallet technology is being provided by crypto custody and infrastructure company Paxos, the companies announced in October.

Paxos, which is a custodian regulated by New York state, holds customer accounts in fully segregated accounts and has signed up large consumer-facing clients to enable crypto trading.

Its customers include PayPal, broker dealers such as Interactive Brokers, and others such as Nubank and Mastercard.

Crypto is still a taboo area for most of Wall Street, but with companies such as Citadel and its partners, it could attract big institutional money.

Here’s the latest crypto news.

What is EDXM?

EDXM is a new crypto exchange being developed by Wall Street giants such as Citadel, Virtu, and Fidelity for digital assets such as cryptocurrencies.

EDXM plans to offer delivery settlement versus payment settlement, a settlement method that’s used in traditional securities trading.

Other promises include extremely low transaction fees due to tight spreads enabled by greater liquidity.

The crypto exchange is also supposed to be different from some other crypto providers that are the market maker, exchange, and custodian all in one, which can be a conflict of interest and is typically not done in traditional markets.

Sort of like how Citadel is a market maker, hedge fund, and dark pool.

The head of strategy at Paxos says EDXM will provide transparency for the crypto market.

Some investors might argue that Citadel and its partners should provide more transparency in the stock market first before making such claims for the cryptocurrency market.

While some on Wall Street might think EDXM could lift the crypto industry, others look at the partnership as a means for Wall Street to take advantage of investors elsewhere.

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More Market News

Shareholders Are Preparing for An AMC Short Squeeze

November 16, 2022 / FrankNez / 2 Comments

Shareholders are preparing for an AMC short squeeze as the stock continues to trend upwards and break new levels of resistance.

The movie theatre stock is up +18.40% on the month and up more than +37% in the past week.

Volume has steadily increased and even surpassed the average trading volume of 30 million.

AMC shareholders are speculating big moves may be underway as the rising price triggers short sellers to close out their positions.

AMC’s current short interest is still high at 19.76% per Fintel.

This means there is plenty of shorting in the stock for retail to trigger another massive price move like they did in January but more specifically in June of 2021 when the stock soared to $72 per share.

The company has performed well considering it almost faced bankruptcy early last year.

AMC Entertainment has beat quarterly earnings since 2021, striking confidence for an AMC short squeeze in 2022.

And the cost to borrow short shares has also skyrocketed in recent times.

Borrowers are now paying a whopping 66.4% to short the stock!

This is big news.

Let’s discuss it more below.

AMC Short Interest Today

According to Fintel, AMC’s short interest today is sitting at a high 19.76%.

AMC shot up to $72 per share last year when the stock was heavily shorted around 20% short interest.

AMC’s short interest came down to approximately 14% when it had reached its all-time high of $72.

The stock’s price may have come down a long way, but shorting has increased since and so has the short interest.

But AMC is seeing a slight bounce as it rejects the major level of support around $6 per share, currently trading between $7.50 and $8.

Heavy buying pressure is all the movie theatre stock needs to begin following previous trends back up to $9, $14, and $20+ levels.

If retail investors are able to successfully trigger this event, a short squeeze is inevitable.

What makes AMC more interesting now than ever is how high short sellers are paying to borrow the stock compared to earlier this year.

Stonk-O-Tracker is reporting a whopping 66.40% short borrow fee rate.

This is the annual fee it is now costing hedge funds to short the recovering movie theatre chain.

Liquidation across the markets could explain the obligation to keep up with such a high fee.

But that’s not all, AMC’s short borrow fee rate was as high as 77.80% on Wednesday.

The question is, how long will hedge funds be able to keep up with these losses as retail investors continue to buy and hold AMC stock?

FUD Grows but the Community Still Stands

stock market news and updates - AMC — Join the newsletter below for more stock market news and updates.

There are many doom prophets infiltrating the retail community urging investors to sell their AMC shares.

Claiming that AMC is dead, and it will never squeeze.

Now more than ever, short sellers opposing heavy retail volume are trying to scare shareholders out of their money.

But the AMC community is still standing strong.

Is an AMC short squeeze happening soon?

The probability of retail investors squeezing shorts again is not a far-fetched idea.

We could begin to see bigger price action very soon.

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