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Barstool Sports President and Founder Dave Portnoy has invested in AMC after losing $ 700,000 from squeeze deals, Jeff Bezos has resigned as CEO of Amazon and whether or not he will be in the Super Bowl.
Dave Portnoy repurchased AMC shares after losing $ 700,000 due to squeeze-outs.
The president and founder of Barstool Sports told FOX Business on Wednesday that he pulled out of all heavily sold shares on Tuesday, but bought back some of the movie company’s stock because he “saw AMC pulling out “.
“I put $ 700,000 in AMC this morning,” he told Stuart Varney on “Varney and Co.” and he added that he was already “up” by $ 60,000 on his investment.
When Varney asked when he was “going out” of the stock, he replied, “It all seems to me … I think there might be another run.”
ROBINHOOD RESTRICTING GAMESTOP TRADING IS “ FLAT OUT CRIMINAL ”, SAYS DAVE PORTNOY OF BARSTOOL
“The big question is obviously that the stock has been tight. Today, I don’t think that’s the case, so it’s a bit of a guessing game what’s going to happen, ”he added. “These are not fundamentals. It’s just watching the ball bounce… black, red or green in a roulette wheel. “
Portnoy said he had also invested “a little” in shares of Nokia and Naked Brand.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 99.20 | +8.87 | + 9.81% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.65 | +0.81 | + 10.40% |
| ENOUGH | NOKIA CORP. | 4.66 | +0.13 | + 2.90% |
| NAKD | NUE BRAND GROUP | 1.28 | +0.37 | + 40.62% |
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Meanwhile, Robinhood announced on Wednesday that it will allow fractional investment in GameStop and AMC.
Portnoy said the move will bring the little guy back, but also pointed out that the app could halt trading if these names start to “go crazy like before” again.
“The main problem I had was that I didn’t know they could stop trading like they did and cut the price… I was hopping on the bandwagon trying to make some quick money. .. said to me. “But it certainly opened my eyes to what can be done when the little guy starts to take the hammer.
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