iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,692 Blog Posts

TWITTER DIED TODAY

TWTR is down more than 15%! today because its lock up period expired. If that makes sense to you, well then, you are a very intelligent martian–because you’re not from this planet. Stocks don’t trade down 15% because their respective lock up periods expire. That’s patently absurd. This isn’t an illiquid stock or even an up stock for that matter. Quite frankly, the computers have gone mad, selling everything remotely related to high multiple technology–grinding them into the ether.

Look at CRTO. The computers must be confused with this one, trading at a touch over 3x sales. They just smashed earnings and guided higher with a BIG beat on the top line. Early going, the stock had climbed 10%. Now it’s down 5% and rapidly taking on water.

Inside of The PPT, I built a bubble basket of my own. It’s down 3% for the day, led by losers such as FLDM, TWTR, YELP, ATHM, FEYE, PLUG, RUBI, MKTO, ECOM etc. It’s just more of the same, relentless selling into a black sea of uncertainty.

This is what I do know, however: these stocks are the plague. They should be avoided at all times. In the case of CRTO, I insist this isn’t a bubble stock and its shares should rebound shortly. As for everything else, falling by the wayside, I offer you a eulogy in 140 characters:

The bubble was great fun. It was invigorating and we all got to experience the essence of youth, to be gratuitously rich, careless–perfect.
-Fly, May, 2014

UPDATE: David Einhorn’s short ATHN to single digits presentation from yesterday.







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37 comments

  1. YOU WILL KNOW ME BY THE TRAIL OF BLOOD
    YOU WILL KNOW ME BY THE TRAIL OF BLOOD

    The Day the Nerds Died

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  2. incometrader

    Since we now have to log on for comments, how about an edit button?

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    • The Fly

      A game. Edit buttons are for lesser blogs.

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    • TJWP

      If he can write whole blog posts or rants without proof reading or editing we should be able to manage in the comments

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  3. acehood1

    What a farce; Twitter and Yelp will both be bought by FB and/or GOOG, respectively. You dollar cost down on days like this in long term accounts. Anything less would be uncivilized.

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    • metalleg

      Agreed. This looks like a shakeout. Since there are a lot of shares available now, why not scare the muppets into selling into stronger hands.

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  4. jazzyjeff

    the plague stocks are like the walking dead. kind of like the show, it’s only a matter of time before the safe haven stocks also get infected. this is turning into a freak show.

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  5. sloop

    THUMBS UP!! DIE TWTR DIE!!

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  6. curious

    CRTO only trades at a P/E of 1,116.24….seems like a decent value i guess

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  7. the_wolf

    is twitter’s death is the proverbial canary in the coal mine, for this market ?

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  8. fractal

    A bit of a blast from the past here, but what do you think about FRO?

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  9. og

    TWTR YELP died today and so did I…

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  10. The Fly

    Stop thinking this is a shakeout. This is death

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    • fractal

      Man, this shit is nasty. I know it was painful, but I’m glad you’re out of the horsemen, at least for now.

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    • NON Solo

      Fly, you really wouldn’t buy YELP after today’s draw down? This is a good company with a good business model. Do you think the lawsuits have anything to do with this?

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    • bruce keller

      Not usually a doomsayer but I doubt there will be much if any retracement tomorrow. I feel $SPX heading for 1850 before we get good resistance.

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  11. NON Solo

    You’re predicting YELP is going to a BK filing?

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  12. Mr. Partridge

    Sorry, I must have stepped on it.

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    • tradingnymph

      lol, poor birdie. Can you please step on AAPL and AA too.

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      • Mr. Partridge

        time will come dear… I have not been trading so many inverses in the past 3 weeks since 2008 :).. every bubble has it’s life span

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        • tradingnymph

          I wish one day I will have your wisdom and insight into the Life Span of Bubbles, Mr. P. ๐Ÿ™‚ .. I would have killed Mr. Bubble 5 years ago in his Crib, lol.

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  13. woj

    TWTR hits $100 by the end of 2015.

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  14. juice

    is that actually the ATHN ceo or something!? or is that a joke?

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  15. jdf

    To quote Michael Stipe – It’s the end of the world and I feel fine.

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  16. I Am Jesse Livermore
    I Am Jesse Livermore

    Holy shit that ATHN chart is fugly!

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  17. brian

    Billy Bush of Access Hollywood is the brother of the CEO… that says it all.

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  18. I Am Jesse Livermore
    I Am Jesse Livermore

    That ATHN is a fucking huckster. Fly save the links to the videos, I can’t find them on Youtube. We will all watch these a couple years from now when dotcom bubble 2.0 is done crashing and burning.

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  19. it is showtime
    it is showtime

    Suck-it XLF

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  20. Bullish

    I like that guy! I may need to buy ATHN just on that merit alone.

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  21. fishdog

    looks like John Sebushton there towards the end

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  22. rahagar

    This is a company I certainly know little about, but had I seen the video of the dude wearing the blue shades, I’d have shorted based on that alone. What a fucking idiot to be the public face of a company.

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