Didn't they try to ban shorts a few months ago, and it did not help? Or was siri not on the list (I cant remember)? If they were on the no short list back late fall/early winter shouldn't that of had a bigger effect on the stock price than the uptick rule?
Uptick
No - it was targeted specifically at financials. Specifically a list of over 700 or so. Here is a good read from back when it took place if you are interested:Originally Posted by stang3O2
When uptick is reinstated - it will impact securities across the board this time. For speculative stocks - I think the impact will be more substantial - especially for one with as many outstanding/diluted shares as SIRI. If nothing else - I expect a jump for many of them at least until the shorts reorganize and find enough loopholes to continue their debasement of the markets.EC Halts Short Selling of Financial Stocks to Protect Investors and Markets
Commission Also Takes Steps to Increase Market Transparency and Liquidity
Archived Article from 19 September 2008
2008-211
http://www.sec.gov/news/press/2008/2008-211.htm
SEC Chairman Christopher Cox said, “The Commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets. The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury, and the Congress.”
This decisive SEC action calls a time-out to aggressive short selling in financial institution stocks, because of the essential link between their stock price and confidence in the institution. The Commission will continue to consider measures to address short selling concerns in other publicly traded companies.
Under normal market conditions, short selling contributes to price efficiency and adds liquidity to the markets. At present, it appears that unbridled short selling is contributing to the recent, sudden price declines in the securities of financial institutions unrelated to true price valuation. Financial institutions are particularly vulnerable to this crisis of confidence and panic selling because they depend on the confidence of their trading counterparties in the conduct of their core business.
Given the importance of confidence in financial markets, the SEC's action halts short selling in 799 financial institutions. The SEC’s emergency order, pursuant to its authority in Section 12(k)(2) of the Securities Exchange Act of 1934, will be immediately effective and will terminate at 11:59 p.m. ET on Oct. 2, 2008. The Commission may extend the order beyond 10 business days if it deems an extension necessary in the public interest and for the protection of investors, but will not extend the order for more than 30 calendar days in total duration.
As always - any of the more experienced posters - feel free to jump in and provide your own insight...
JMHO
I got back into FNM down in the .50's not long ago... glad I did - I expect it to pay off over the long term.
Give the blue dog a good pat on the back for me - it's been a good week overall.
Quote:
Originally Posted by killerkaul
Demian............................. Do you have any extra of those pills I could buy ? ..killer.
let me know if i can be of any assistance
Thanks for clearing that up Rick!
I see I missed a few things yesterday worth commenting on briefly...
1. Demian... XM-Girl can represent the company any old time...
2. That bash article. Want to point out something that shows the purpose of this clown's cheap-shot "reporting"...
The gist of the article is this:
>>Now that Sirius has finalized a life-saving agreement with Liberty Media and CEO, Mel Karmazin, is wiping the sweat of his brow, investors are claiming success as share price has soared over the past several weeks. It’s a temporary phenomenon.
Unless these gamblers are masters of buying at the bottom and selling at the top, do not expect to see much in the way of realized gains from this gamble. Sirius claims to have a golden future ahead of it, but I don’t buy it.
Subscribers are bailing, the market is tightening and its debt problems were merely pushed into the future. Even worse, thanks to Liberty’s $530 investment, shareholders own just a sliver of the company’s assets.
If you are sitting on profits thanks to the recent surge, congratulations, but stop patting yourself on the back and sell your shares now. Get the heck out before the next big drop. This madness cannot last forever.<<
The very next bit of text and the purpose for the article is this:
>>*** But we’d love to update you on our assessment of Today’s Financial News today, tomorrow, and throughout the remaining months of this period of financial insanity… so please, make sure you sign up for our free e-letter below…
I urge you to sign up to our free email letter — you can do so right here...
Just enter your email address below to receive our free TFN eNews.<<
I feel sorry for the people who even fell for posting a comment there. His mission was accomplished. He gained their email addresses, et al, which he uses to attract advertisers:
>>Advertise with TodaysFinancialNews.com (TFN)
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TodaysFinancialNews.com provides an independent and practical perspective on the U.S. and global markets to a financially astute audience. TFN is recognized as a leading source for investment and trading research across the globe in 138 countries and territories.
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'Nuf said.
Killer...
NICE!!!! I know you gave Barney Frank a silent TY for that crash in FNM...BEAUTIFUL!!! You nailed that one. And thanks to SLH for the suggestion...I wish I had some available reserves..I'd join you. Also sorry about that SIRI GTC order..that sucks but in the scheme, not the end of the world. You and the D. O. G. enjoy your weekend...
Happy trades to you...until we meet again...
Choirgirl and Gina...
The other thread closed so I couldn't respond but glad you ladies are still with us and strategically adding to your positions...hope your gains last week offered some satiety after a long wait...
Choirgirl, thanks for your update on the Opel situation. Interesting stuff and much appreciated. Won't be long 'til we see how it all plays out with GM..
Have a good weekend both!!
Remember all...
It's now a known fact by all MSM that SIRI shareholders are loyal to the death and are a pissed-off bunch at their (MSM) bash reporting. Who knows how long they've been using the advantage as such, but they at least by now know "if they print it, we will click." IMHO, The Fool has been using this trick for many months...knowingly. We have a quandry. We want to respond and shove our shiny black steel-toed boot up high up their arse to call them out and beat them down, but at the same time they trade that beating for clicks and ad ratings. On which they actually wind up making more money. On one hand, nothing we can do cause we refuse to allow trash. On the other, like this clown from Bally-more, best to exert restraint. I saw a couple of names posted there from 'around the block"..they bit on that..not good. This guy is a 100% chucklehead write-off. JMVHO...
