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How GoPro’s plunging stock made short sellers $45 million in a single day (GPRO)

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GoPro short sellers made roughly $45 million in mark-to-market profits on Monday as the company’s stock plunged as much as 33%. The stock is feeling pressure following an announcement that GoPro will lay off more than 250 employees and exit the drone industry.


While GoPro‘s stock came under serious pressure on Monday, there was one clear winner in its investor base: traders betting against the company.
They raked in roughly $45 million in mark-to-market profit as the company’s stock plunged as much as 33%, according to data compiled by financial analytics firm S3 Partners.
The drop came after GoPro announced plans to lay off more than 250 employees and exit the drone industry, both in an attempt to return to profitability by the end of 2018. The selling did subside somewhat later in the session, however, on a CNBC report that the company had hired JPMorgan to oversee a potential sale. Later in the day, GoPro CEO Nick Woodman told Bloomberg the company would be open to sale, but isn’t actively shopping itself.
GoPro’s stock saw a spike in downside bets amid the negative news, with traders initiating nearly 1.5 million of new short sales. The wagers were so sought-after, in fact, that existing shorts were paying a fee of almost 15% just to keep financing their exposure, according to S3.
GoPro is now the fourth-most shorted company in the worldwide consumer electronics sector, trailing only Garmin, Sharp, and Roku, according to S3 data. Following Monday’s windfall, GoPro short sellers have now made a total of $42.5 million betting against the company this year.
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 (S3 Partners)

The direction of GoPro shares from here will hinder on whether long shareholders end up abandoning positions, says S3. That’s because borrow supply was all but vanished amid the short selling extravaganza, leaving allegedly bullish traders in charge of the stock’s future.
One thing that could cause a short-term recovery in GoPro’s stock would be short sellers being forced to cover their positions due to stock borrow recalls, according to the firm.
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 (Markets Insider)

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Ike Ani is a Freelance writer whose quest constantly is to relate happenings around the world to human daily living. He's also a song writer and singer, Acoustic Guitarist, and Teacher.

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L. A Prisoners Infect Themselves With Coronavirus To Get Early Release (VIDEO)

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A group of silly L.A area prison inmates were very eager to contract the dreaded coronavirus .

They attempted this because they believed that would trigger their ticket out of prison.

According to the L.A. County Sheriff Alex Villanueva who made the startling revelation Monday, said about twenty-four (24) inmates at the Pitchess Detention Center in Castaic attempted (and somewhat succeeded, apparently) to infect themselves way back in mid-April 2020.

The Sheriff revealed that their department saw an increase in spike in confirmed cases out of nowhere.

He said that when they investigated, they found a high number of inmates living in one block of the prison appeared to be deliberately trying to infect each other with COVID-19 any way they could from behind bars.

When Alex Villanueva played the surveillance footages he and his team combed through carefully , and it showed several inmates hanging out in a common area and passing around what Alex described as a hot cup of water, as well as one face mask they’d each put on all in hopes of getting sympathy from a judge to spring them from the facility and let them go home.

But it turns out, their little ploy worked but, only halfway.

Villanueva reported that 21 of the inmates (out of 50 in the block) caught the ‘Coronavirus.

“What they won’t catch is a break” said the Sheriff.

Watch the Video HERE

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COVID-19 LOCKDOWN: 12 Year Old Albino Girl Suffers Eye Problems After Hawking Veggies In Abuja (PHOTOS)

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A very sad Facebook post greeted Nigerians from Abuja showing a 12 year old Albino Girl Grace, who started developing sight problems after Hawking Veggies under the scorching sun in Abuja.

The Facebook post stated that the little girl was asked to hawk the veggies by her aunt whom she lives with.

Below are the Screenshots of the Facebook post:

This sad news has sparked an outrage by well meaning individuals who spoke against such cruelty and insensitivity of the said girl’s aunt.

what do you think of this? Drop your comments below.

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“Buhari is Made In London” – Reno Omokri Blasts Presidency On Nigerian Made Products

The Buhari administration has been known for enforcing the Nigerian people to patronize Nigerian made goods though without much strategy to make life easier while this transition to economic growth is enforced.

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Reno Omokri Nuggets

The Buhari administration has been known for enforcing the Nigerian people to patronize Nigerian made goods though without much strategy to make life easier while this transition to economic growth is enforced. Many Nigerians have tagged it a harsh move that is insensitive and inhumane but moreso, Reno Omokri has singled out signals of hypocrisy in the President of Nigeria by outlining certain traits of family moves of the President that shows that he(Buhari) as the No.1 citizen has no regards for anything made in Nigeria but yet wants other Nigerians to embrace Nigerian made goods.

Reno Omokri ‘s tweet reads:

His kids schooled in England. His wife just returned from a 3 month UK stay. His daughter gave birth to his grandchild in Spain (made in Spain), yet
@MBuhari
, who is London, wants us to patronise made in Nigeria!

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