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2021-06-03

In-depth analysis: Retail investors are excited again, what are the incentives and consequences of this round of short squeeze

这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。

In-depth analysis: Retail investors are excited again, what are the incentives and consequences of this round of short squeeze

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SKng
·2021-06-14
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·2021-06-07
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·2021-06-04
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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":118870255,"tweetId":"118870255","gmtCreate":1622728987677,"gmtModify":1704189939948,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"authorIdStr":"3582715449264548","name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":7,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Hi&nbsp;</body></html>","htmlText":"<html><head></head><body>Hi&nbsp;</body></html>","text":"Hi","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":7,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/118870255","repostId":1164838585,"repostType":4,"repost":{"id":"1164838585","kind":"news","pubTimestamp":1622725363,"share":"https://ttm.financial/m/news/1164838585?lang=en_US&edition=fundamental","pubTime":"2021-06-03 21:02","market":"us","language":"zh","title":"In-depth analysis: Retail investors are excited again, what are the incentives and consequences of this round of short squeeze","url":"https://stock-news.laohu8.com/highlight/detail?id=1164838585","media":"格隆汇","summary":"这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。","content":"On Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once soared by 126%, and it was fused for the first time several times. As of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>Soared more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">GameStop</a>The increase also exceeded 13%.The renewal of WSB concept stocks means that after the shocking short-squeeze war of retail investors at the beginning of the year died down, American retail investors have made a comeback after a few months.Only this time, the protagonist in the center of the stage was changed from GameStop to AMC. After yesterday's surge, AMC's market value has exceeded US $30 billion, surpassing GameStop.On that day, it ranked first in the U.S. stock market with a trading volume of nearly 40 billion US dollars, three times that of the second-place Tesla.<img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the other side of the ocean, we woke up to only dumbfounding gains. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a hurry, and bulls are fishing in troubled waters fast in and fast out.This thrilling multi-party melee is no less than the change of the century at the beginning of the year.1 The wind suddenly blows up and wrinkles a pool of spring waterAbout the beginning of this great war, some people say, it was because of a bucket of popcorn.On Wednesday, AMC CEO Adam Aron said in his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these people are the owners of AMC, and I work for them.\"Therefore, AMC has customized a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribing shareholders will receive exclusive benefits including a free box of popcorn, discounted items and screening invitations, and can communicate directly with Aron.<img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\">But most of the old buddies on the WSB forum are outlaws who \"die for money\".For these people, a bucket of popcorn is far from worth working for, and only the real Dollar can touch them.Some people also say that it is because of Wanda's departure that AMC, which has regained its \"freedom\", can \"make the American film great again\".On the morning of May 23, Wanda Group announced that the company had completely withdrawn from the AMC board of directors. A paper announcement put an end to the nine-year cross-border marriage, and withdrew a total of 1.476 billion US dollars, which was more than double the initial investment of 700 million yuan.But as of Wednesday's close, AMC's market value soared to $31.3 billion. Based on this estimate, Wanda earned at least US $2.5 billion less, or about 15.9 billion yuan.Although Wanda made less money, it cannot be said to be losing money, and AMC's surge has nothing to do with Wanda's liquidation.In fact, within a week after Wanda left the market, AMC soared by 357%. But since the beginning of the year, AMC's cumulative increase has exceeded 3,000%.Therefore, whether AMC rises or not has little to do with Wanda.The real fuse of this surge was a financing announcement issued by AMC two days ago.Before the market opened on June 1, local time, AMC announced the issuance of 8.5 million Class A common shares to Mudrick Capital Management, which will raise US $230.5 million at an additional issuance price of US $27.12 per share, which is 3.8% higher than last Friday's closing price. The announcement shows that this financing will be used to acquire cinema assets, lease and investment, and explore opportunities for deleveraging.When the news came, investors were excited. After the market opened that day, it bought AMC cinemas again, and the stock price soared all the way. It once rose by more than 28% during the session, and the final closing increase was still as high as 22.66%. After the US stock market closed, AMC cinemas continued to rise, rising by more than 18%.<img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\">Mudrick Capital, which participated in this financing, is not an ordinary person. This institution is an important shareholder of AMC Cinemas. It made heavy investments in AMC at the end of December last year and early January this year, helping the latter avoid bankruptcy liquidation.In the first wave of retail investor frenzy at the beginning of the year, not only did the continuous soaring stock price bring rich returns to Mudrick;And it itself also made a profit of more than 200 million US dollars by doing long AMC Cinema debt and stock options, and participating in the transaction of GameStop.This profitable organization showed off its operation again this time.He just participated in the financing of AMC on June 1. During the session that day, Mudrick sold all his shares in AMC cinemas. Based on AMC's highest price of US $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan within one day.Mudrick's sudden defection did not extinguish the enthusiasm of retail investors to buy AMC on a large scale, and AMC's rally came to another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them such great confidence?2 Who wins and who loses, and who is next?The hottest topic on the WSB forum ranges from GameStop to Dogecoin, and recently it has become AMC. This is a \"professional stock trading forum\" with \"YOLO\" as its slogan and \"Stud\" as its code of action. After a tough battle, some users proudly exposed their achievements.<img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\">AMC will definitely win this battle. As the stock price rose, the value of CEO Aaron's shareholding rose from about US $8 million at the beginning of the year to more than US $220 million; Mudrick, the major shareholder who cashed out and left the market, made a huge profit of 320 million yuan a day; Of course, the earliest retail investors who bought also made a lot of money.So who lost money?Still the bears, of course. Data show that since May 24, institutions that short AMC have lost more than US $1.8 billion in cumulative losses, and the losses this year have exceeded US $2.5 billion.In the first five months of this year, the cumulative losses of Wall Street short sellers who shorted the stocks of GameStop and AMC Cinemas reached US $9.25 billion, equivalent to nearly 60 billion yuan.Short selling is a matter of willing to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC Cinemas, that is, about 95 million shares, have been shorted.As the stock price rises, these hedge funds shorting AMC will continue to lose money until they don't have enough margin and can only be forced to liquidate and buy back shares from the market. This is known as a short squeeze.<img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Data source: windShort positions are liquidated and forced to become long positions, that is, when retail investors win a big victory. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way, reaching a maximum of $72.6, almost exceeding the maximum option strike price of $73.So, this battle is not over yet.If retail investors pull AMC's share price above $73 again tonight, there will be shorts to suffer again.Theoretically, these market makers had no hedging means at that time. If the stock rose big enough, it would bankrupt a group of medium-sized market makers.Here comes the question. At the beginning of the year, the short squeeze war led by GameStop has already caused many short sellers to suffer a lot. Why do they dare to do it? As it is said in the WSB forum: People call us mentally retarded because we buy these stocks again and again, but why do those short sellers short them again and again?<img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\">The reason why Wall Street bosses are not optimistic about this stock is that AMC has fallen into losses year after year.From 2017 to 2020, AMC lost US $487 million, US $110 million, US $150 million and US $4.59 billion respectively, and continued to lose US $567 million in the first quarter of this year.Under the asset-heavy model, years of losses have made it heavily in debt. At present, AMC's total liabilities reach US $12.78 billion, of which current liabilities are US $1.59 billion, while its book cash and cash equivalents are only US $810 million, and its asset-liability ratio is as high as 121.8%.At the same time, under the epidemic, AMC cinemas are also facing unfavorable factors including shortening the cinema window period, reducing the number of movies released, cinema closures, and attacks on streaming media platforms.Therefore, Mudrick said that the stock price of AMC Cinemas is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.According to common sense, it is normal for analysts to not be optimistic about this stock. However,The problem is that AMC has a total of 3.2 million individual investor shareholders, and retail investors hold 80% of the total share capital.This means that no matter what the fundamentals are, as long as the stock has not been delisted, no matter how many Wall Street institutions sing short, if retail investors unite, the stock can rise forever.Bloomberg analyst Geetha Ranganathan said that \"individual investors want to transform Wall Street by squeezing short sellers and hedge funds\".Retail investors are enjoying the game of defeating Wall Street bosses, which is why AMC took off on a rocket.3 ConclusionThe long-short game around AMC is not over yet, and whether its stock price can reach the $73 mark tonight will become an important node.At the same time, during the short squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to be in blood shed again.In the final analysis of all this, we have to investigate the fact that during the epidemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and spillover liquidity pushed up the prices of various assets.The WSB concept has made a comeback, demonstrating that the power of retail investors is still terrifying.AMC faced a bankruptcy crisis last year, but it has gone through risks again and again, and its capital chain has never broken. After the latest financing, AMC's debt crisis temporarily eased. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.The prospect of AMC looks bright, and coupled with the high enthusiasm of retail investors, this time, the short sellers may still not have good fruit to eat.","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In-depth analysis: Retail investors are excited again, what are the incentives and consequences of this round of short squeeze</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn-depth analysis: Retail investors are excited again, what are the incentives and consequences of this round of short squeeze\n</h2>\n<h4 class=\"meta\">\n\n格隆汇2021-06-03 21:02\n\n</h4>\n</header>\n<article>\nOn Wednesday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It once soared by 126%, and it was fused for the first time several times. As of the close, the increase was still as high as 95.5%;<a href=\"https://laohu8.com/S/BBBY\">3B Home</a>Soared more than 62%,<a href=\"https://laohu8.com/S/KOSS\">Gaussian electron</a>Soared more than 68%,<a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>Up more than 31%,<a href=\"https://laohu8.com/S/EXPR\">Express</a>Up 38%,<a href=\"https://laohu8.com/S/GME\">GameStop</a>The increase also exceeded 13%.The renewal of WSB concept stocks means that after the shocking short-squeeze war of retail investors at the beginning of the year died down, American retail investors have made a comeback after a few months.Only this time, the protagonist in the center of the stage was changed from GameStop to AMC. After yesterday's surge, AMC's market value has exceeded US $30 billion, surpassing GameStop.On that day, it ranked first in the U.S. stock market with a trading volume of nearly 40 billion US dollars, three times that of the second-place Tesla.<img src=\"https://static.tigerbbs.com/061520168da8949b83d102ab1434293f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\">On the other side of the ocean, we woke up to only dumbfounding gains. But where we can't see it, retail investors are waving flags and shouting, short sellers are in a hurry, and bulls are fishing in troubled waters fast in and fast out.This thrilling multi-party melee is no less than the change of the century at the beginning of the year.1 The wind suddenly blows up and wrinkles a pool of spring waterAbout the beginning of this great war, some people say, it was because of a bucket of popcorn.On Wednesday, AMC CEO Adam Aron said in his life, \"With AMC Investor Connect, we can continue to maintain good relationships with millions of retail shareholders. After all, these people are the owners of AMC, and I work for them.\"Therefore, AMC has customized a program called \"AMC Investor Connect\" for retail investors on its official website. Subscribing shareholders will receive exclusive benefits including a free box of popcorn, discounted items and screening invitations, and can communicate directly with Aron.<img src=\"https://static.tigerbbs.com/beb4131c99f66f5ac75ff8ab6d821f03\" tg-width=\"1170\" tg-height=\"1139\" referrerpolicy=\"no-referrer\">But most of the old buddies on the WSB forum are outlaws who \"die for money\".For these people, a bucket of popcorn is far from worth working for, and only the real Dollar can touch them.Some people also say that it is because of Wanda's departure that AMC, which has regained its \"freedom\", can \"make the American film great again\".On the morning of May 23, Wanda Group announced that the company had completely withdrawn from the AMC board of directors. A paper announcement put an end to the nine-year cross-border marriage, and withdrew a total of 1.476 billion US dollars, which was more than double the initial investment of 700 million yuan.But as of Wednesday's close, AMC's market value soared to $31.3 billion. Based on this estimate, Wanda earned at least US $2.5 billion less, or about 15.9 billion yuan.Although Wanda made less money, it cannot be said to be losing money, and AMC's surge has nothing to do with Wanda's liquidation.In fact, within a week after Wanda left the market, AMC soared by 357%. But since the beginning of the year, AMC's cumulative increase has exceeded 3,000%.Therefore, whether AMC rises or not has little to do with Wanda.The real fuse of this surge was a financing announcement issued by AMC two days ago.Before the market opened on June 1, local time, AMC announced the issuance of 8.5 million Class A common shares to Mudrick Capital Management, which will raise US $230.5 million at an additional issuance price of US $27.12 per share, which is 3.8% higher than last Friday's closing price. The announcement shows that this financing will be used to acquire cinema assets, lease and investment, and explore opportunities for deleveraging.When the news came, investors were excited. After the market opened that day, it bought AMC cinemas again, and the stock price soared all the way. It once rose by more than 28% during the session, and the final closing increase was still as high as 22.66%. After the US stock market closed, AMC cinemas continued to rise, rising by more than 18%.<img src=\"https://static.tigerbbs.com/94f4a6d6ccec8a9310044c4a7c213bdc\" tg-width=\"1170\" tg-height=\"709\" referrerpolicy=\"no-referrer\">Mudrick Capital, which participated in this financing, is not an ordinary person. This institution is an important shareholder of AMC Cinemas. It made heavy investments in AMC at the end of December last year and early January this year, helping the latter avoid bankruptcy liquidation.In the first wave of retail investor frenzy at the beginning of the year, not only did the continuous soaring stock price bring rich returns to Mudrick;And it itself also made a profit of more than 200 million US dollars by doing long AMC Cinema debt and stock options, and participating in the transaction of GameStop.This profitable organization showed off its operation again this time.He just participated in the financing of AMC on June 1. During the session that day, Mudrick sold all his shares in AMC cinemas. Based on AMC's highest price of US $33.53 on Tuesday, Mudrick can make a maximum profit of more than 320 million yuan within one day.Mudrick's sudden defection did not extinguish the enthusiasm of retail investors to buy AMC on a large scale, and AMC's rally came to another small climax. Major shareholders have withdrawn, but retail investors still don't withdraw. Who gave them such great confidence?2 Who wins and who loses, and who is next?The hottest topic on the WSB forum ranges from GameStop to Dogecoin, and recently it has become AMC. This is a \"professional stock trading forum\" with \"YOLO\" as its slogan and \"Stud\" as its code of action. After a tough battle, some users proudly exposed their achievements.<img src=\"https://static.tigerbbs.com/e50d1f9114468c1ac7fcf8937d56730c\" tg-width=\"1169\" tg-height=\"1706\" referrerpolicy=\"no-referrer\">AMC will definitely win this battle. As the stock price rose, the value of CEO Aaron's shareholding rose from about US $8 million at the beginning of the year to more than US $220 million; Mudrick, the major shareholder who cashed out and left the market, made a huge profit of 320 million yuan a day; Of course, the earliest retail investors who bought also made a lot of money.So who lost money?Still the bears, of course. Data show that since May 24, institutions that short AMC have lost more than US $1.8 billion in cumulative losses, and the losses this year have exceeded US $2.5 billion.In the first five months of this year, the cumulative losses of Wall Street short sellers who shorted the stocks of GameStop and AMC Cinemas reached US $9.25 billion, equivalent to nearly 60 billion yuan.Short selling is a matter of willing to admit defeat. The latest data from S3 Partners shows that more than 20% of the outstanding shares of AMC Cinemas, that is, about 95 million shares, have been shorted.As the stock price rises, these hedge funds shorting AMC will continue to lose money until they don't have enough margin and can only be forced to liquidate and buy back shares from the market. This is known as a short squeeze.<img src=\"https://static.tigerbbs.com/6679b29ff4b817c7e0d4d396077c03e3\" tg-width=\"968\" tg-height=\"515\" referrerpolicy=\"no-referrer\">Data source: windShort positions are liquidated and forced to become long positions, that is, when retail investors win a big victory. By selling stocks at this time, retail investors can maximize their profits. Yesterday, AMC jumped all the way, reaching a maximum of $72.6, almost exceeding the maximum option strike price of $73.So, this battle is not over yet.If retail investors pull AMC's share price above $73 again tonight, there will be shorts to suffer again.Theoretically, these market makers had no hedging means at that time. If the stock rose big enough, it would bankrupt a group of medium-sized market makers.Here comes the question. At the beginning of the year, the short squeeze war led by GameStop has already caused many short sellers to suffer a lot. Why do they dare to do it? As it is said in the WSB forum: People call us mentally retarded because we buy these stocks again and again, but why do those short sellers short them again and again?<img src=\"https://static.tigerbbs.com/83f426c1fa68fb88d6b528f684031656\" tg-width=\"1170\" tg-height=\"1945\" referrerpolicy=\"no-referrer\">The reason why Wall Street bosses are not optimistic about this stock is that AMC has fallen into losses year after year.From 2017 to 2020, AMC lost US $487 million, US $110 million, US $150 million and US $4.59 billion respectively, and continued to lose US $567 million in the first quarter of this year.Under the asset-heavy model, years of losses have made it heavily in debt. At present, AMC's total liabilities reach US $12.78 billion, of which current liabilities are US $1.59 billion, while its book cash and cash equivalents are only US $810 million, and its asset-liability ratio is as high as 121.8%.At the same time, under the epidemic, AMC cinemas are also facing unfavorable factors including shortening the cinema window period, reducing the number of movies released, cinema closures, and attacks on streaming media platforms.Therefore, Mudrick said that the stock price of AMC Cinemas is obviously overvalued, and it is not a stock that can be invested in for a long time; Eric Handler, an analyst from MKM Partners, gave AMC a target price of only $1 per share.According to common sense, it is normal for analysts to not be optimistic about this stock. However,The problem is that AMC has a total of 3.2 million individual investor shareholders, and retail investors hold 80% of the total share capital.This means that no matter what the fundamentals are, as long as the stock has not been delisted, no matter how many Wall Street institutions sing short, if retail investors unite, the stock can rise forever.Bloomberg analyst Geetha Ranganathan said that \"individual investors want to transform Wall Street by squeezing short sellers and hedge funds\".Retail investors are enjoying the game of defeating Wall Street bosses, which is why AMC took off on a rocket.3 ConclusionThe long-short game around AMC is not over yet, and whether its stock price can reach the $73 mark tonight will become an important node.At the same time, during the short squeeze war, hedge funds have to sell some other stocks in exchange for liquidity, which will cause the whole US stock market to be in blood shed again.In the final analysis of all this, we have to investigate the fact that during the epidemic in 2020, the Federal Reserve's excessive currency issuance reached the highest level in history, and extremely low borrowing costs and spillover liquidity pushed up the prices of various assets.The WSB concept has made a comeback, demonstrating that the power of retail investors is still terrifying.AMC faced a bankruptcy crisis last year, but it has gone through risks again and again, and its capital chain has never broken. After the latest financing, AMC's debt crisis temporarily eased. Vaccines are gradually becoming popular, and the most severe moment of the epidemic is almost over.The prospect of AMC looks bright, and coupled with the high enthusiasm of retail investors, this time, the short sellers may still not have good fruit to eat.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://www.gelonghui.com/p/468634\">格隆汇</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8cc57ed9442c6dfb543a82e73ab36c48","relate_stocks":{"BBBY":"Bed Bath & Beyond, Inc.","BB":"黑莓","EXPR":"Express, Inc.","AMC":"AMC院线","GME":"游戏驿站","KOSS":"高斯电子"},"source_url":"https://www.gelonghui.com/p/468634","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1164838585","content_text":"周三，AMC院线一度暴涨126%，数次初次熔断，截至收盘涨幅仍高达95.5%；3B家居大涨超62%，高斯电子大涨超68%，黑莓涨超31%，Express涨38%，游戏驿站涨幅亦超过13%。WSB概念股的再次振作，意味着年初那场惊世骇俗的散户逼空大战偃旗息鼓后，时隔数月，美国散户们卷土重来。只不过这一次，舞台最中央的主角从游戏驿站换成了AMC。昨日大涨后，AMC的市值已突破300亿美元，超过游戏驿站。当天以近400亿美元的交易量排名美股第一，足足是第二名特斯拉的三倍。大洋彼岸的我们一觉醒来，只看到令人目瞪口呆的涨幅。但在我们看不到的地方，散户摇旗呐喊，空头手忙脚乱，还有多头浑水摸鱼快进快出。这场惊心动魄的多方混战，丝毫不亚于年初那场世纪变革。1 风乍起，吹皱一池春水关于这场大战的开端，有人说，是因为一桶爆米花。周三，AMC首席执行官亚当·阿隆在生命中表示，“借助AMC Investor Connect，可以与数以百万计的散户股东继续保持良好关系。毕竟，这些人才是AMC的拥有者，而我为他们工作。”因此，AMC在其官网为散户投资者定制了名为“AMC Investor Connect”的计划。订阅股东将获得包括一盒免费爆米花、打折品和展映邀请等独家优惠，并可以与阿隆进行直接交流。但WSB论坛上的老哥们大多都是“人为财死”的亡命之徒，对这些人来说，一桶爆米花远远不值得他们为之卖命，能触动他们的只有实实在在的Dollar。也有人说，是因为万达的离场，重获“自由”的AMC才能“make the American film great again”。5月23日早间，万达集团发布消息，公司已全部退出AMC董事会。一纸通告给长达9年的跨国联姻画上了一个句号，并且累计回笼了14.76亿美元资金，相较最初7亿元的投入也赚了一倍有余。但截至周三收盘，AMC市值飙升至313亿美元。以此估算，万达至少少赚了25亿美元，约合159亿人民币。万达虽然少赚，但不能说亏，AMC的大涨也跟万达清仓无关。事实上，万达离场之后的一周内，AMC累计暴涨357%。但年初至今，AMC累计涨幅已经超过3000%。因此AMC涨不涨，跟万达关系不大。本次大涨真正的导火索，是AMC两天前发布的一则融资公告。当地时间6月1日盘前，AMC宣布向Mudrick Capital Management发行850万股A类普通股，将融资2.305亿美元，增发价格为27.12美元/股，较上周五的收盘价高出3.8%。公告显示，这笔融资将用于收购影院资产、租赁以及投资，并探索去杠杆化的机会。消息传来，股民振奋。当日开盘后再次大举买入AMC院线，股价一路高歌猛进，盘中一度大涨超28%，最终收盘涨幅仍高达22.66%，美股盘后，AMC院线继续拉升，大涨超18%。参与此次融资的Mudrick Capital可不是泛泛之辈，这家机构是AMC院线的重要股东，在去年12月底和今年1月初对AMC进行了大手笔投资，帮助后者避免了被破产清算。在年初的第一波散户狂潮中，不但连续飙升的股价给Mudrick带来了丰厚回报；并且它本身也通过做多AMC院线的债务和股票期权，并参与游戏驿站的交易，获利超2亿美元。这家会赚钱的机构，这次又狠狠秀了一把操作。6月1日刚刚参与了AMC的融资，当天盘中，Mudrick便抛售了其持有的所有AMC院线股份。按AMC周二最高价33.53美元计算，Mudrick一天以内最高可获利超过3.2亿人民币。Mudrick的突然倒戈并没有熄灭散户们大举买入AMC的热情，AMC涨势随之又来了一个小高潮。大股东都撤了散户们还不撤，是谁给了他们这么大的信心？2 谁嬴谁输，谁是下一个？WSB论坛最火的话题从游戏驿站到狗狗币，最近又变成了AMC。这是个以“YOLO”为口号，以“梭哈”为行动准则的“专业炒股论坛”，一场硬仗打下来，又有用户得意洋洋晒出了自己的战绩。这场大战，AMC肯定是躺赢。随着股价水涨船高，CEO阿隆持股价值从年初的约800万美元涨至超过2.2亿美元；套现离场的大股东Mudrick一天狂赚3.2亿人民币；最早买入的散户们当然也赚得盆满钵满。那么是谁亏了？当然还是空头们。数据显示，5月24日以来，做空AMC的机构累计损失超过18亿美元，今年以来的亏损额更是超过25亿美元。今年前5个月，做空游戏驿站、AMC院线两家公司股票的华尔街空头累计亏损达到了92.5亿美元，折合人民币接近600亿元。做空本就是愿赌服输的事，S3 Partners的最新数据显示，AMC院线有超过20%的流通股，即约9500万股被做空。随着股价上涨，这些做空AMC的对冲基金将不断亏损，直到没有足够的保证金，只能被迫清盘，从市场上买回股票。这就是所谓的逼空。数据来源：wind空头清盘、被迫变多头，也就是散户大获全胜之时。这时卖出股票，散户可以将利益最大化。昨天AMC一路跳涨，最高到72.6美元，几乎超过期权最高行权价73美元。所以说，这场战斗还没到结束的时候。如果今晚散户再次把AMC股价拉到73美元之上，那就又有空头要遭殃了。理论上，那时这些做市商已经没有了任何对冲手段，如果股票涨幅够大，足以让一批中型做市商破产。问题来了，年初那波以游戏驿站为首的逼空大战，已经让不少空头们吃足了苦头，为什么他们还敢干。就像WSB论坛中所言：人们骂我们是智障，因为我们一次又一次买这些股票，但为什么那些空头要一次又一次做空它们？华尔街的大佬们不看好这只股票的原因，在于AMC公司连年陷入亏损。2017年至2020年，AMC分别亏损4.87亿美元、1.1亿美元、1.5亿美元和45.9亿美元，今年一季度继续亏损5.67亿美元。重资产模式下，连年的亏损使其债台高筑。目前，AMC总负债规模达127.8亿美元，其中流动负债15.9亿美元，而其账面现金及现金等价物仅有8.1亿美元，资产负债率高达121.8%。同时，疫情之下，AMC院线还面临包括院线窗口期缩短、上映电影数量减少、影院关闭，和流媒体平台进攻等不利因素。因此Mudrick称，AMC院线股价被明显高估，它不是一只可以长期投资的股票；来自MKM Partners的分析师Eric Handler则对AMC给出了只有每股1美元的目标价。按常理来说，分析师们不看好这只股票再正常不过。不过，问题在于AMC总共有320万个人投资者股东，散户持股比例达到总股本的80%。这意味着，无论基本面如何，只要股票还没退市，哪怕再多华尔街机构唱空，如果散户们团结一致，这只股票就能永远涨下去。彭博分析师Geetha Ranganathan表示，“个人投资者希望通过挤压做空者和对冲基金来改造华尔街”。散户们对于战胜华尔街大佬们的游戏乐此不疲，这就是AMC坐上火箭升空的原因。3 结语围绕着AMC的多空博弈还没结束，今晚其股价能否拉上73美元关口将成为重要节点。与此同时，逼空大战时，对冲基金不得不抛售一些其它股票来换取流动性，这将使整个美股再次掀起血雨腥风。这一切归根结底，还要追究到2020年疫情时，美联储货币超发程度创下历史之最，极低的借贷成本和溢出的流动性推高了各种资产的价格所致。WSB概念卷土重来，彰显了散户们的力量依旧恐怖。去年AMC一度面临破产危机，但其一次次度过风险，资金链始终未曾断裂。最新一笔融资后，AMC的债务危机暂时缓解。疫苗渐渐普及，疫情最严峻的时刻也快要过去。AMC的前景看起来一片光明，再加上散户们昂扬的热情，这一次，空头们恐怕依然不会有好果子吃。","news_type":1,"symbols_score_info":{"KOSS":0.9,"GME":0.9,"BB":0.9,"AMC":0.9,"EXPR":0.9,"BBBY":0.9}},"isVote":1,"tweetType":1,"viewCount":2771,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":4740113,"commentId":"4740113","gmtCreate":1623639199286,"gmtModify":1663228710544,"authorId":3582715449264548,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"[微笑][微笑][微笑]","text":"[微笑][微笑][微笑]","html":"[微笑][微笑][微笑]","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4618764,"commentId":"4618764","gmtCreate":1623075536792,"gmtModify":1663228134232,"authorId":3582715449264548,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Hi","text":"Hi","html":"Hi","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4570661,"commentId":"4570661","gmtCreate":1622765545339,"gmtModify":1663227916698,"authorId":3582715449264548,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Hi","text":"Hi","html":"Hi","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4570656,"commentId":"4570656","gmtCreate":1622765537096,"gmtModify":1663227914833,"authorId":3582715449264548,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Hi","text":"Hi","html":"Hi","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4566891,"commentId":"4566891","gmtCreate":1622737498396,"gmtModify":1663227896248,"authorId":3582715449264548,"author":{"id":3582715449264548,"idStr":"3582715449264548","authorId":3582715449264548,"name":"SKng","avatar":"https://static.tigerbbs.com/e52e96a8730bf5558b24e3c5fb2ef030","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Hi","text":"Hi","html":"Hi","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4565351,"commentId":"4565351","gmtCreate":1622730851552,"gmtModify":1663227886041,"authorId":3573356109011085,"author":{"id":3573356109011085,"idStr":"3573356109011085","authorId":3573356109011085,"name":"Paulyang","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":118870255,"objectIdStr":"118870255","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"Hi","text":"Hi","html":"Hi","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"invalid","coins":0,"score":0,"disclaimerType":0},{"id":4771705,"commentId":"4771705","gmtCreate":1623752430698,"gmtModify":1635319922137,"authorId":35827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