Meme Stocks Under Pressure [WSJ]
GameStop shares are down nearly 8%. Billionaire investor Ryan Cohen, who sold his entire stake in Bed Bath & Beyond this week, is chairman of the videogame retailer.
AMC Entertainment shares have fallen about 6%.... Those moves all suggest stocks hot on social media may be in for a tough session Friday.
I filed a complaint with the SEC about Ryan Cohen's likely pump and dump of BBBY [Whitney Tilson’s Daily]
Having successfully pumped the stock up 100% to 200% in a couple of days, Cohen is dumping/has dumped it on the unsuspecting retail investors who foolishly got caught up in the hype he generated.
What a total disgrace!
Sudden crypto market drop sends bitcoin below $22,000 [CNBC]
“It’s not showing the pattern of a flash crash, as the assets didn’t immediately rebound sharply but sank even lower in the hours that followed,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. “It seems likely that is was as a result of a large sale transaction, in the absence of other more external factors.”
Doubts cast over Elon Musk's Twitter bot claims [BBC]
A score of zero indicates a Twitter account is unlikely to be a bot, and a five suggests that it is unlikely to be a human…. "In order to estimate the prevalence [of bots] you need to choose a threshold to cut the score," says [Botometer creator Kaicheng] Yang.
"If you change the threshold from a three to a two then you will get more bots and less human. So how to choose this threshold is key to the answer of how many bots there are on the platform…."
Yang… believes Twitter's methodology is relatively robust and says if he had its data, he "would probably do something similar to Twitter" to verify accounts.
US Mortgage Lenders Are Starting to Go Broke [Bloomberg]
There’s no systemic meltdown coming this time around, because there hasn’t been the same level of lending excesses and because many of the biggest banks pulled back from mortgages after the financial crisis. But market watchers nonetheless expect a string of bankruptcies broad enough to trigger a spike in layoffs…. “Part of the reason these companies are distressed is because the loans can’t go to the GSEs for funding,” said David Goodson, head of securitized credit at Voya Investment Management, in a phone interview. “The options for funding are more limited which is especially painful when financial conditions are tightening.”
Madison Square Garden Entertainment explores possible spinoff that would include iconic NY arena [CNBC]
The new company would also control the Garden’s licensing agreements with the New York Knicks and the New York Rangers, along with its regional sports and entertainment networks.
It would leave MSG Entertainment with Tao Group Hospitality, which owns restaurants and nightclubs around the world, and the MSG Sphere business, which encompasses “multi-sensory” performance venues, the first of which is currently under construction in Las Vegas.