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No, he sold out completely. 70 cents.
Carl Icahn sold his entire stake at 70 cents. And he's on the board. Obviously he determined it wasn't worth more than 70 cents, or else he wouldn't have sold.
Does anyone know how the auditors KPMG and PwC came out unscathed in this? They both resigned, but the court ordered KPMG to release documents. That was the last I heard.
So VHC has already won, and we are waiting for the final number for the damages. Whenever that result comes in, how will the damages figure translate into the value of VHC stock?
Covered this morning at $3.47; some of the easiest money I ever made. Had to withstand $36 pre-market Monday, but it was all worth it.
Will do!
Bad news at the open? You mean like a pre-announcement of $2/sh in earnings? Or getting bought out by Amazon or Berkshire?
I have IB. They're still working it. Got 60% of my position so far.
Just went short at 17. Easiest money I'll ever make. Just can't look when it hits 170 on the way back to $2!
Curious why this went down to $2.10 today? Is the April news not good?
I know of no other reason other than the 2 I already gave. The fact that it was closing would have had no affect to the indicative value.
Closing indicative value $5.99; we'll get it next week.
Good run, but didn't see the cliff through the dense fog.
Too Fuzzy, what do you mean by "anything"?
Quick answer is that they are similar but not identical. Most notably, one is an ETF, and one is an ETN.
A whole $12.57, huh? On a day that the DJIA was up 410 points? Well, uh, nice job! You can now buy a pizza!!
Exactly, ogflee1. They are meant to go to zero. The prospectus says that they are not meant to be held to maturity, as they are meant to go to zero and zero should be expected. CS borrows investors money, as these are debt instruments. They do not expect to have to pay it back. The price appreciation over time gave the appearance that they were something that we found out the hard way they are not.
eric, your comparing instruments meant to be traded short-term to actual companies. These are not buy-and-hold instruments! Your duped into thinking that they are because they worked until they didn't. They also went up during historically low volatility. We've learned that these can and will lose a large percent of their value in an instant. You need to re-evaluate what you want in your portfolio, and for how long.
eric and Newtrader: You really haven't figured this game out yet. IF SVXY gets back to it's prior levels, that would take YEARS to occur. The SVXY had a total reset. Additionally, another day like Monday at any point in the future will take it down exponentially again...likely to $1-$2. This is not an instrument to hold long-term. You need to get off this game when looking for long-term gains and find something that doesn't carry the downside risk. It took years to find out, but SVXY is a short-term gamble, not a long-term investment!
reflections311, it's because the indicative value was looking like it would get above 6 until the last few minutes. It will still be higher, though. This is basically like owning a call option expiring next Thursday. It has time premium that will erode. However, the underlying will likely continue upward in the near-term. That's why I still hold the option.
I think ogflee1 realizes that. XIV should resume appreciation like the old days as the market stabilizes, but at a much lower price. Where the NAV ends up in 2 weeks is anybody's guess. I think we see double-digits.
Yes, LasNubes. 10-15 could happen as everything settles down. That's why I'm holding on. Should be worth quite a bit more than tonight's NAV at liquidation.
Closing indicative value is 5.32, up over 25%. Not going to sell here. I expect the market and volatility to normalize over the next 2 weeks. If it goes up like this every day to liquidation, pretty soon we're talking about a lot of money...from here, not from where it used to be.
1plus1, only if the volatility spikes again. Otherwise, it lives on for a couple weeks.
kingsransome, if this wasn't liquidating, it would take YEARS to get back to 50. It has reset.
1plus1, it lost most of it's value after-hours yesterday.
Yes, doebop, and thanks. But the NAV on 2/20 is what we will get. It won't be much, but it will likely be more than $4.22.
Thanks so much, researcher69, for the info. Yes, it really didn't take much for the decline in value of XIV from 108 to 4. Granted, a backtest was done this morning, and there is only one other day in history that would have triggered this...Black Monday 1987. Still, it seemed rather benign. The brief drop in the DOW to -1600 that reverted back to -800 in a few minutes did it. More succinctly, program trading did it. Obviously this could easily happen again.
What I don't like is that the marketers gave the symbol XIV to give the impression that this is reverse VIX. But the product doesn't work exactly that way.
Thanks, researcher59. While everybody who purchased prior to today has lost big, it's not a zero. You know, Proshares announced this morning that SVXY would trade today. CS made no such announcement this morning that I'm aware of regarding XIV. But it showed up at 1:30.
XIV has resumed trading with a liquidation date set. I did not expect it to trade again. So all the talk this morning that this is worth zero can't be true, at least not yet, correct? And if the NAV on the liquidation date is, say, $15, the the bagholders get $15, correct?
Seems like investors are excited that AAOI will have earnings to announce, lol. Yes, that's all the news I see as well. Let's hope for the best.
I'm hearing that the problem isn't shorts. It's a lack of buyers. The market for VHC is dominated by sellers right now. It started with "sell on the news", it continued with selling by those who wanted to salvage their "quick turn", and now I think there is some "throw in the towel" selling.
While I'm disappointed that the stock didn't take off, I would expect a basing in the price followed by a steady ascent with the realization that this judgement was a terrific win for VHC. Upon that ascent, the shorts will start covering to add to the gains.
I'd like for Cowen to speak up about this, but they may have dropped coverage. I'm showing no analysts at this point, which doesn't help.
There is a data reveal upcoming, and the options market says that DBVT will move in a big way in either direction. It seems that analysts are very positive on the stock. Thoughts?
COWEN just announced $36 price target...SWEET
I've been holding this for quite some time at 8 bucks. I was about to sell today until I saw this and the reasoning behind it. Seems like retail investors have no idea how to value VHC yet. The rally so far is likely short covering.
Keep in mind, many shorted VHC at a much higher price than this, so they are still profitable on the trade. Eventually they'll cover and accept their reduced profit.
With all this, VHC is still trading at a huge discount.
Haha. "Technically", I scored a huge profit. I'm not going to apologize that VTL ran all the way to 11.80, but didn't quite reach 12. Good enough. The next part of my price thesis, as you recall, is the $15-$18 range as 2016 moves along.
I like seeing VTL falling right now along with the market. Waiting for this to come in some more so that I can jump back in with both feet. Let me know when you plan to cover your short, as that may be the bottom. Thanks...
Bulls make money, bears make money...
As I stated in my 11/20 post, with VTL at $8.66, the fair value of $12 would be reached year-end. On 12/31, VTL reached $11.80. I rang the register. I may revisit VTL when the stock market stabilizes. GLTA
We now agree all-around. There is a lot of risk with VTL, and at some point the risk/reward could become too much. But with the FDA giving VTL the opportunity to succeed due to the need, and with an insider putting up over $400,000 of his own money at over $9/share, the risk/reward profile remains good under $12 for a long. Of course, this is a spec stock and requires risk capital.
Hi Bob. Yes, the Zack Rank of #2 has already been noted. It focuses on price action, and no doubt the price action is favorable. The stock is both "under accumulation", "trending", and subject to "short covering".
It's trending up. Investors like that. It will keep trending up until it doesn't. All I'm sure of is that 10 will soon be support rather than resistance. There will be no reason for VTL to be in single digits for quite some time.
Calling the device "dangerous" is over the top. While the subjects of prior trials who didn't respond well to the device may have fared better with a more typical treatment, we're talking about a matter of a few days. The device was their best chance for longer- term survival, and they signed up for the trial in hopes of achieving just that. The detractors make it sound like healthy people are being killed by this device. In truth, almost dead people died. The other treatments would have bought a few more days at best. We're talking about people who need a liver transplant, and there are not enough livers to go around. This is why every effort is being made to see whom ELAD will benefit, with the FDA's blessing. Success is necessary!
I'm basing the fair value on investor pricing during the prior trials. Obviously, the fair price is lower this time around. We're a long way from seeing the $29 tag that VTL had earlier this year. But some weren't willing to pay $3 some weeks back, even though VTL had most of that $3 in cash on the books. Can you imagine?
There are other factors required in addition to trial success in order to make the company valuable. I realize that. I read the annual report's risk factors. Not really different from any other company with one promising therapy. But the subset chosen now has promise based on the prior data, the FDA supports the trial, and insiders are buying. The odds are good. We'll concern ourselves with company business after the trial succeeds. Maybe we'll sell on the pop. After all, that's usually a good idea with these type companies.
"you do realize the final data is not anticipated until mid 2018 right?" Yes, which means that you have a long wait to remain short if you want to make a profit. VTL will not go down, other than for backing and filling, for a long time.
There is a statistically significant subset that is being tried with the FDA's blessing. The subset is subjects under age 50 with some liver damage. The subject cannot have extreme liver damage, and cannot be elderly, as in each case developing new liver cells quickly enough has proven difficult.
The FDA gave the go-ahead, albeit under their terms. There was a heavy insider buy over $9. I like the odds. We're all playing with fire, but you more so. If this succeeds, the stock will fly over 30. If it doesn't, it goes to near zero. I maintain fair value right now is 12, with a max in the 13-15 range through early 2016 while we wait for the news.