What a dick move by Icahn to announce the news of putting two of his people on the board the day after JCP– one of Ackman’s biggest positions –reported
bad horrendous earnings. It’s an absolute, “mine is bigger than” move, and I think it is dishonorable. It’s manipulation, not because Icahn needs the money, just because he wants to ruin one of the only guys who had the balls to stand up to him. If I was Ackman, I would have my lawyers on the phone with the SEC and FINRA, and make it my mission in life to ruin Carl. This seems like a classic pump, why else would the company go up? It’s a stupid idea, and there are all kinds of horror stories. Icahn doesn’t even seem to know anything about the company, while Ackman knows every little detail. In the end, shorting sucks, so throw it on and keep quiet about it.
Then of course you have RGR and SWHC, I’m sure you’ve seen my previous posts on the matter, and it sickens me. What a stupid chart on RGR, down all day after posting amazing earnings AND having amazing guidance, but now it’s up over 2%. I’ll take it, but it’s frustrating and annoying, mostly because it’s the absolute inverse of logical. I understand that things in the market often do not react perfectly parallel to logic, but this is a no brainer. (Just like that it dropped half a percent). I will assume that investors are just running scared, because of the mass hatred and Piers Morgan derived lunacy toward gun stocks. That’s without considering the dividend that they declared. SWHC is up 1.45% after spending most of the day flat. Both of these have high short interest, further exacerbating my frustration.
On my short side of the street I re-initiated a short in P, on the news that they are cutting free hours. This is an attempt to reduce the cost of their revenue, which is currently at 60% (ouch), because of royalties. Thus, the more people listen, the more P has to pay royalties, and their ad revenue just isn’t cutting it. P is down -4.55% on the day. JOSB is being an annoying little nuisance,+1.34%, but I will just add as they are hosed. They report at the end of next month, and I will continue to add on strength like today. STP has been pelted with jars of kippered herring, to the tune of -14.5%, mostly because of this.
At least the Euros aren’t messing with us today, and seriously, everybody, BUY, BUY, BUY, let’s break the record and give the rest of the world the finger.