AMC Entertainment stock now closes the week up +10% after hitting new record lows — shares continue to fight for the $4 range.
Despite the stock being on a significant downturn this year, market signal are pointing towards a possible reversal.
If price is able to bounce from the $4.30 range, then the stock has a strong probability of continuing its short-term uptrend.
A break below this range may result in AMC Entertainment stock retesting support at $4.21.
Conversely, a break above $4.40 will test buyers’ strength in the $4.50 range.
Market News Today – AMC Entertainment Stock Now Closes The Week Up +10%.
CEO Adam Aron blames the pandemic for the company’s current stock price.
“So painful: 4 years after Covid the industrywide box office is still ludicrously anemic & AMC stock has slid to $4.48,” the CEO posted on X, formerly known as Twitter.
“Difficult to think about anything other than guiding AMC back in these challenging times.”
A week later the CEO said in a tweet that the actors/writers strikes are to blame for the slower 2024 box office.
“Media scoffed at my Embiid tweet, but it’s all true.
AMC’s share price is so frustrating.
The 2023 actors/writers strikes have ruined the early 2024 box office.
Almost all I think about is rebuilding AMC.”
The cinema company will report its fourth quarter earnings on Wednesday, February 28th.
Analysts expect AMC to revert back to unprofitability with a GAAP EPS loss of 64 cents.
However, the company has a knack at beating Wall Street expectations and for surprising legacy media.
Based on 7 Wall Street analysts offering 12 month price targets for AMC Entertainment in the last 3 months, the average price target is $7.75 with a high forecast of $12.00 and a low forecast of $5.00, per TipRanks.
The average price target represents a 90.42% change from the price of $4.07.
AMC Entertainment stock is trading at $4.38 at the time of this publication.
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BBIGinvestors now take on toxic lenders in a new lawsuit which seeks rescissionary damages in excess of $250 million.
This action is led by Shadwrick Vick on behalf of VINCO shareholders.
The lawsuit alleges that Hudson Bay Master Fund Ltd., Sander R. Gerber, Yoav Roth, BHP Capital NY, Inc., and Bryan Pantofel, have engaged in “predatory lending practices in violation of federal securities law,” according to a new press release.
The lawsuit was filed in the United States District Court for the Southern District of New York and accuses the defendants of violating Section 15(a) of the Securities Exchange Act of 1934 by failing to register as “dealers,” despite engaging of the practice of buying and selling securities for their own benefit.
“Defendants practices are demonstrated by the fact that they have made similar unlawful, predatory loans to publicly traded companies, including VINCO, that caused the issuance of millions, if not billions, of newly-issued shares to the to the company and its shareholders,” the press release states.
Mark Basile’s The Basile Law Firm P.C. has helped lead several retail cases involving fraud, including that of Vinco Ventures.
“One problem with our markets are the unregistered broker-dealers issuing toxic funding to all to willing over-paid executives who forget their fiduciary duty to the company & stake holders,” says @MemeStockMillyz on X.
“BBIG shareholders are making headway in fighting for justice. I’ve personally been financially devastated by bad actors,” says another user.
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Market News Today – BBIG Investors Now Take On Toxic Lenders in New Lawsuit.
South Korea now speaks on the impact of illegal short selling after the illicit practice accounted for 20% of daily transactions.
Financial watchdogs have vowed to continue rooting out the malpractice in the markets.
“The FSS found that the violation rate exceeded 20% in some cases, which suggests that illegal transactions have a big impact on a certain stock,” the financial regulator said in a statement late Tuesday.
“It’s necessary to consider the impact of illegal short sales on an individual stock as such trades hinder fair pricing and increase short-term volatility,” it said.
Bloomberg reports the South Korea’s financial watchdogs derived the 20% figure by dividing the amount of violated orders on a certain stock by its daily trading value.
The FSS did not identify the equities that saw illegal trades and declined to say how frequently the trades exceeded that ratio.
In November, South Korea imposed a ban on short selling through mid-2024, a decision that drew big celebration from retail investors in the country.
Professional investors on the other hand are skeptical, seeing the move as being politically motivated ahead of the election.
Financial authorities have defended the decision, describing illegal trades such as naked short selling — an act of selling shares without borrowing them first — as “rampant” and hurting fairness in the market, reports Bloomberg.
Furthermore, Bloomberg reported on Monday that investigators have turned up just 110 billion won worth ($83 million) of alleged naked short selling by four global investment banks.
In the U.S., naked short selling continues to be a big problem.
Citadel Securities is currently under heavy scrutiny for marking short sales as long sales over a period of five years.
Investors in the AMC, MULN, GTII, FNGR, and MMTLP communities are just a few of many who have been raising awareness of the malpractice happening in the U.S stock market.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
South Korea now speaks on the impact of illegal short selling after the illicit practice accounted for 20% of daily transactions.
Financial watchdogs have vowed to continue rooting out the malpractice in the markets.
“The FSS found that the violation rate exceeded 20% in some cases, which suggests that illegal transactions have a big impact on a certain stock,” the financial regulator said in a statement late Tuesday.
“It’s necessary to consider the impact of illegal short sales on an individual stock as such trades hinder fair pricing and increase short-term volatility,” it said.
Bloomberg reports the South Korea’s financial watchdogs derived the 20% figure by dividing the amount of violated orders on a certain stock by its daily trading value.
The FSS did not identify the equities that saw illegal trades and declined to say how frequently the trades exceeded that ratio.
In November, South Korea imposed a ban on short selling through mid-2024, a decision that drew big celebration from retail investors in the country.
Professional investors on the other hand are skeptical, seeing the move as being politically motivated ahead of the election.
Financial authorities have defended the decision, describing illegal trades such as naked short selling — an act of selling shares without borrowing them first — as “rampant” and hurting fairness in the market, reports Bloomberg.
Furthermore, Bloomberg reported on Monday that investigators have turned up just 110 billion won worth ($83 million) of alleged naked short selling by four global investment banks.
In the U.S., naked short selling continues to be a big problem.
Citadel Securities is currently under heavy scrutiny for marking short sales as long sales over a period of five years.
Investors in the AMC, MULN, GTII, FNGR, and MMTLP communities are just a few of many who have been raising awareness of the malpractice happening in the U.S stock market.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
Two massive banks are now getting fined for illegal short selling (naked short selling), according to a new Bloomberg report.
South Korea regulators are seeking $7.67 million each from HSBC and BNP Bank for naked short selling, people familiar with the matter told media outlets.
The five-member commission led by Financial Services Commission (FSC) Vice Chairman Kim So-young discussed the fines during a meeting on Wednesday but could not reach a conclusion, the report said, adding that the final amount may change during discussions later.
Naked short-selling of stocks – in which an investor short sells shares without first borrowing them or determining they can be borrowed – unlike in the United States, is banned by the Capital Markets Act in South Korea.
“We are investigating financial companies involved in naked short-selling, but we cannot comment whether fines have been finalized,” an FSC official said.
Last month, South Korea reimposed a full ban on short-selling until the end of June 2024 to create a “level playing field” for retail and institutional investors.
In the United States, several petitions have been shared online in efforts to ban short selling as well.
Unfortunately, naked short selling in the U.S. continues to be a big problem.
According to the SEC’s order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa.
“Compliance with the order marking requirements of Reg SHO is a key component of regulatory efforts to curtail abusive market practices, including ‘naked’ short selling,” said Mark Cave, Associate Director of the SEC’s Division of Enforcement.
Market News Today – Massive Banks Are Now Getting Fined For Illegal Short Selling.
A new company now seems to be targeted by naked shorts, at least that’s what a CEO and former AMEX Vice President are alleging.
Collective Audience (CAUD) stock has had a rather steady share price since 2021.
Shares of the advertising company rose to more than $27 per share on Wednesday, October 25th before getting halted and crashing to its current $1.20 levels.
CEO Brent Suen has since purchased 190,000 shares of CAUD stock but claims there seems to be a high probability of fraud at play here.
“NASDAQ halted trading on October 25 due to a non-qualified float below 500,000 shares.
However, on Nov 3 and 6 the float was still 61,000 shares and the price had fallen from $27 to $5.31 down 80%.
NASDAQ did not halt the stock during that time,” Suen told Frank Nez.
Collective Audiences’ partners are now on the radar as suspects, though an official investigation has yet to be announced by the company.
One scenario states that CAUD’s partners may have sold company shares at the top and began shorting the company as prices began to plunge, causing further devaluation.
The second scenario sheds light on the possibility of naked short selling.
The CEO has a strong concern that hedge funds may have collectively shorted the company ‘naked’ after the surge on October 25th.
Tony Forte, former Vice President of the Trading Analysis Division at AMEX reached out to Frank Nez to confirm irregularities in the trading of Collective Audience stock.
“Over the last few years I have closely followed the trading activity in LGIQ, prior to and after the spinoff of DataLogiq into the Arbi SPAC.
I strongly believe at least two thirds of the floating supply is held by shareholders who have no intention of selling any of their shares until CAUD is trading at much higher prices. That conclusion would reduce the current floating supply to under 1.2 million shares.
The substantial and continuous selling in CAUD appears to be the result of computerized trading based on sell side algorithms accompanied by short selling, most likely naked, by marketmakers and large investors,” Forte shared with Frank Nez.
“The computerized trading was particularly evident on December 7th: At 10:10 am, the last sale in CAUD was 2.10.
From 10:10 through 10:15 the stock decline to 1.82, down 28 cents, on trading volume of 113,995 shares. During that five minute time span there were 576 trades.
Although the short activity, reported by FINRA, during the October 25 through December 11th period was only between 25-30% it would still indicate that 11-12 million shares were sold short.
In order for the algorithm computerized trading to show a profit in CAUD, which has a very small float, there would have to be at least 4-5 firms utilizing that strategy. That raises the question of “working in concert”.”
CAUD stock is currently down more than -88% this year-to-date.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
