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Delta Air Lines Inc. (DAL) has seen business plunge over the past year due to the COVID-19 pandemic. With government regulations limiting travel and many potential fliers opting to stay home, demand for Delta's services plunged in early 2020 and has remained depressed through April of this year.1
The IPO of crypto exchange Coinbase on Wednesday has captivated fans of digital currency and investors as they speculate on the potential for a $100 billion valuation on the company.
GameStop (NYSE:GME) ended 2020 with $216 million in long-term debt. But under an early redemption notice announced yesterday, the video game retailer said it will be retiring the notes at the end of the month. That will leave GameStop debt-free and able to focus its resources on transforming into a primarily e-commerce driven retailer.
The process against Visa has not been officially disclosed by the authorities, but it would observe its practices in the debit market
GameStop, AMC Frenzy Was Bigger Than U.S. Oil Market
The GameStop Corp. and AMC Entertainment Holdings Inc. retail frenzy was bigger than the market for West Texas Intermediate oil futures, on a notional dollar basis, RBC Capital Markets said.
GameStop and AMC saw a collective $26.1 billion in trading last week, compared with $20 billion in WTI contracts, according to a group of RBC analysts led by Michael Tran. To be sure, a crude short squeeze appears improbable, given that positioning in WTI futures is net long at the moment, Commodity Futures Trading Commission data shows. Also, the barriers to entry into energy futures for non-specialists are significant.
RBC analyzed the level of oil interest within Reddit’s WallStreetBets forum over the last month and found it paltry relative to the total volume of posts. The analysts spotted 136 posts that referenced the crude market out of 6 million posts from 680,000 unique users. Of those posts, 39% expressed negative sentiment toward oil, while 20% were positive and the remaining 41% were neutral.
Even when commodities experience sudden price dislocations, things normalize in the medium term, the analysts wrote.
“Even when temporary bouts of inefficiency occur, such as when WTI prices infamously printed sub-zero last year, the extreme mispricing was exceptionally short lived before commodity investors, hedge funds or physical trading houses arbitraged away inefficiencies and reverted the market toward intrinsic value,” they wrote.