Meme stock mania is still messing up hedge funds and some of Wall Street’s regular practices

CNBC2021-09-03

TheGameStopmania has hurt many short-sellers betting against its outdated business model, and now a new cohort of hedge funds are getting burned by the evolving meme stock frenzy. It’s no secret that ...

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精彩评论

ASMH
2021-09-06
ASMH
Like
- J288:
  ok.
SMW
2021-09-06
SMW
[鬼脸]
WeiChyi
2021-09-06
WeiChyi
Hm
andrew123
2021-09-06
andrew123
Doge?
peterongwk
2021-09-06
peterongwk
$AMC Entertainment(AMC)$Up
- peterongwk:
  Nice
- RocketMan:
  Yes really good
htht
2021-09-06
htht
Lol, it's the other way round. Meme stocks exist because hedge funds messed with retail traders... [龇牙]

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These names are now harder to come by as many fundamental hedge funds learned their lesson from the GameStop saga and started to cut back their bearish positions and avoid concentration. That leaves one corner of the hedge fund community particularly vulnerable — merger-arbitrage funds — where short-selling is their bread and butter.\nMerger arbitrage is a strategy that involves simultaneously purchasing and selling short the respective stock of two merging companies. This is because the target company’s stock typically trades below the acquisition price. As the deal nears completion, the target’s stock typically rises and the acquirer’s shares fall. So arb traders make money in a bet on the deal closing as they buy the target and sell short the acquirer.\nMerger arb funds make different variations on those kinds of bets. Some may sell the target stock short and buy the acquirer shares if they believe the deal will fall apart for some reason before completion.\nThese funds are now feeling the pain from the short squeezes created by Reddit traders.\nTakeAMD. The chipmaker entered an agreement with Xilinx in October 2020 to acquire the semiconductor company in a $35 billion all-stock transaction. The high-profile deal attracted interest from many merger arbitrage funds speculating on the deal outcome. As of mid-August, about 18% of AMD’s available shares are sold short, according to Nasdaq.\nThe high short interest in turn grabbed the attention of WallStreetBets traders, who piled into the name and created a squeeze that saw the share jumping to a record high of $122 from $90 in just six trading days.\n\n“That’s a large deal that’s been going on for a long time. The reason that it had a big short interest is because it was involved in the transaction, so people like us are shorting AMD,” said Chris Pultz, a portfolio manager at Kellner Capital, a hedge fund focused on merger arbitrage.\n“So it made it look like it had a big short interest by fundamental people out there, but it’s really short interest by the arbitrage community. That caused a lot of pain for a lot of people because there are big positions in this,” Pultz said. “There was no change in the underlying deal. It was just a function of these guys getting ahold of the stock that had a big short interest.”\nThe manager said he has been buying out-of the-money call options in situations like AMD to avoid taking the full blunt of the short squeeze.\nIn July, AMC announced that stockholders approved its acquisition of Xilinx, and the proposed acquisition is on track to close by the end of the year.\nSupport.com is another example. The little-known software stock recently saw a GameStop-style rally as Reddit-obsessed retail investors zoned in on the heavily shorted name. Shares have soared more than 200% over the past month.\nMerger-arbitrage funds could be exposed to this name as well. In March, Support.com said it agreed to merge with Greenidge Generation Holdings. The company said earlier this month that it scheduled a special stockholders meeting for Sept. 10 to approve the proposed merger.\nOverall, event-driven hedge funds are up 9.6% this year through July, compared to a 17% gain for the S&P 500 during the same period, according to Credit Suisse prime brokerage 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href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Up","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Up","text":"$AMC Entertainment(AMC)$Up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/814488665","repostId":1189766406,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5762913,"gmtCreate":1630861918323,"gmtModify":1635130152518,"authorId":3582888287934264,"author":{"id":3582888287934264,"authorId":3582888287934264,"name":"peterongwk","avatar":"https://static.tigerbbs.com/d59b7e35254008f12e8d269f053963b9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":814488665,"type":1,"supId":0,"prevId":0,"content":"Nice","text":"Nice","html":"Nice"},{"id":5763194,"gmtCreate":1630878809547,"gmtModify":1635130126838,"authorId":3569905234475141,"author":{"id":3569905234475141,"authorId":3569905234475141,"name":"RocketMan","avatar":"https://static.tigerbbs.com/14ab047860e4a92966ab85b3d5465efd","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":814488665,"type":1,"supId":0,"prevId":0,"content":"Yes really <u>good</u>","text":"Yes really <u>good</u>","html":"Yes really <u>good</u>"}],"langContent":"EN"},{"id":814483853,"gmtCreate":1630860725972,"gmtModify":1632905481288,"author":{"id":"3574990061555881","authorId":"3574990061555881","name":"htht","avatar":"https://static.tigerbbs.com/3db2a624bd21108fb0def4f8b401d45a","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Lol,&nbsp;it's the other way round. Meme stocks exist because hedge funds&nbsp;messed&nbsp;with retail traders... [龇牙]","listText":"Lol,&nbsp;it's the other way round. Meme stocks exist because hedge funds&nbsp;messed&nbsp;with retail traders... [龇牙]","text":"Lol, it's the other way round. Meme stocks exist because hedge funds messed with retail traders... [龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814483853","repostId":1189766406,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":1314,"commentSize":183,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1189766406"}