Something funny happened to me over the weekend here in Asia. I started receiving detailed messages saying that since the morning of last Friday (13th), major prime brokers on Wall Street (e.g., JP Morgan, Morgan, and Goldman) were telling clients that the SEC had let them know last Thursday night and Friday morning that they going to do something special to let short-sellers off the hook (and incidentally, I can easily trace back the names of the people at the primes saying that). They SEC informed the prime brokers that if Overstock went forward with the dividend, they (the SEC) would be sending them Wells Notices (essetnially, letters that say “We are going to come after you!”) These prime brokers were telling that to clients. In short, the prime brokers were promising clients that the SEC would call “Bazoomba!” for them.
OVERSTOCK.COM Inc $ 11.58 OSTK 0.39 Short Squeeze Ranking™ view Short Interest Ratio (Days To Cover) 1.6 Short Percent of Float % Short % Increase / Decrease -16 % Short Interest (Shares Short) 11,000,000 Short Interest (Shares Short) - Prior 13,070,000 Daily Short Sale Volume view Daily Naked Short Selling List view % From 52-Wk High ($ 29.75) -61.08% % From 50-Day MA ($ 19.14) -39.51% % From 200-Day MA ($ 16.29) -28.93% % From 52-Wk Low ($ 8.96) 29.24% 52-Week Performance -57.03% Trading Volume - Today vs Avg 152.67% Trading Volume - Today 10,518,861 Trading Volume - Average 6,890,000 Shares Float Market Cap. $ 288,805,200 % Owned by Insiders 24.37% % Owned by Institutions 69.29% Exchange NAS Record Date 2019-SepB
The next few weeks should be very interesting for OSTK shareholders and could be enlightening for all investors around the world. Hopefully PB is not forced to drop the dime because of failures of regulators to do the right thing. Go OSTK!!!