Shares of T-Mobile US Inc. TMUS, +0.65% were halted early in the extended session Monday due to Nasdaq requiring additional information from the company. The reasons behind the request were not immediately clear. Shares of T-Mobile ended the regular Monday session up 0.7% and so far this year the stock has gained 35%, which contrasts with losses of 7% for the Dow Jones Industrial Average DJIA, +0.43% and compares with gains around 0.3% for the S&P 500 index SPX, +0.74%. T-Mobile is expected to report second-quarter earnings next week; analysts polled by FactSet call for adjusted earnings of $1.18 a share on sales of $692 million, compared with sales of $1.75 billion in the year-ago quarter. Rival Verizon Communications Inc. VZ, +0.03% on Friday reported better-than-expected earnings.
That’s legendary short seller Jim Chanos, fresh off a $100 million win, casting gloom over the current state of the stock market in a recent interview with the Financial Times.
Chanos, who once made a killing by shorting Enron and aims to make another one with his bearish bet against Tesla TSLA, +8.65%, just earned nine-figures by shorting Wirecard ahead of its collapse, according to sources cited in the FT story.
Of the big Wirecard win, he said “it’s bittersweet. because short sellers put up with weeks and months of misery, and you feel good for hours and days.”
Speaking of misery, his Tesla short is a mess, but Chanos, with $1.5 billion in assets under management, still maintains he’s got a winner on his hands.
“Elon Musk has personified the hopes and dreams of this bull market,” Chanos said, adding that Tesla has “a culture of deception” and it “burnishes its results through aggressive accounting.”
He claimed we’re in a “golden age of fraud,” describing the current market climate as rife with euphoria, FOMO and Trumpian “post-truth” politics — “a really fertile field for people to play fast and loose with the truth, and for corporate wrongdoers to get away with it for a long time,” he said.
TSLA stock short sellers https://marketrealist.com/2020/07/tesla-takes-dig-short-sellers-einhorn-chanos/ Tesla has always had a challenging relationship with short sellers. Jim Chanos and David Einhorn are among the company’s most well known short sellers. Last year, Elon Musk and David Einhorn were involved in an online brawl. Einhorn taunted Musk about Tesla’s struggling solar business. Earlier this year, Einhorn questioned Tesla’s accounting policies. He wasn’t the first person to question the company’s accounting policies.
David Einhorn and Jim Chanos Earlier in 2020, Jim Chanos said that he’s “maximum short” on the stock. Einhorn’s Greenlight Capital also added TSLA puts in the first quarter. However, TSLA stock short sellers have lost billions this year betting against the company. After the stock surpassed $1,200 on July 3, Musk took another dig at short sellers.
Tesla short shorts Tesla launched limited-edition short shorts, which sold out quickly. At the time of writing this article, only the XL size was available for sale. Even though the shorts are an apparent dig against the short sellers, the company made it even more obvious in its communication. The company said, “Tesla Short Shorts, featuring our signature Tesla logo in front with ‘S3XY’ across the back. Enjoy exceptional comfort from the closing bell.”
Under Armour Inc. said a pair of top executives, including founder Kevin Plank, has been named in a federal probe of the company’s accounting, sending shares of the athleticwear maker down.
Plank and Chief Financial Officer David Bergman received Wells Notices informing them that the U.S. Securities and Exchange Commission is likely to “allege certain violations of the federal securities laws,” Under Armour said Monday in a regulatory filing. Under Armour also received a notice informing it that the agency may file an enforcement action against the company.
The disclosure expands upon comments from the company in November, when it revealed that it had been under federal investigation for more than two years. The situation has roiled the Baltimore-based company as it has grappled with lackluster sales amid the coronavirus pandemic and a CEO change, with Plank handing the reins to Patrik Frisk earlier this year.
Under Armour and the executives “maintain that their actions were appropriate,” according to the latest filing. They intend to respond to the Wells Notices and “engage in a dialogue” with the SEC to resolve the matter.
The Wells Notices, which the SEC uses to inform investigation subjects that it intends to bring enforcement actions against them, relate to sales that were allegedly pulled forward during a period from the third quarter of 2015 through the end of 2016, Under Armour said. The SEC is “focused on the company’s disclosures regarding the use of pull-forward sales in order to meet sales objectives,” but it is not alleging revenue recognition violations, the company said.
Under Armour fell 1.3% to $10.77 a share at 9:34 a.m. Monday in New York. The shares slumped 49% this year through Friday.
News 
Market Data 
Discover 
AI
