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- Thursday - November 10, 2022
Thursday - November 10, 2022
Mother Squeezer
November 10, 2022
Today's newsletter will take 3.33 minutes to read.
DRS UPDATE: 57.10*% (estimated percent of GME shares direct registered)
*source: Computershared.net
On tap this morning:
Wednesday recap
GameStop NFT update
Did you know?
BBBY Released an Update on the Bond Deal
Ryan Says
Good Morning! This is Mother Squeezer, the newsletter that celebrates the small wins and brings you clever life hacks, updates and insights, along with timely information about our favorite Activist Investor, Ryan Cohen, and our favorite stocks - GME and BBBY.
Some new information that came out yesterday pertaining to BBBY just confirmed what we already suspected. The short interest is at a record high and the off exchange volume is over 51%. With those sorts of shenanigans, it's not hard to drive a stock to a 52 week low.
We just need a catalyst to blow this thing through the roof and the bad guys will get cleaned out!
How did you guys fare during those high winds? A storm blew away 25% of our roof last night. oof. /joke
Speaking or cleaning out and roofs, it's that season again. Next time you need to clean your gutters and roof, try today's clever life hack:
Attach a PVC Pipe to Your Leaf blower and Voila!
Want to hear a roof joke? This one's on the house!
Late Breaking News: Bed Bath & Beyond Inc. Appoints Bart Sichel as EVP, Chief Marketing & Customer Officer. Read more here.
Wednesday Recap: BBBY traded between a low of $3.99 and a high of $3.52 before closing at $3.54. Trading volume was 11.9 million shares.
Cost to borrow: There were 250,000 shares available to borrow this morning and as of now, 6,000 remain. The cost to borrow has remained at 7.1%.
Pre market: Bed Bath and Beyond is trading up $0.18 to $3.72 a decrease of 4.85% on over 310 thousand volume.
Max pain: The current max pain for BBBY has remained at $4.00.
Wednesday Recap: GME traded between a low of $21.89 and a high of $24.67 before closing at $23.11. Trading volume was 8.45 million shares.
Cost to borrow: There were 450,000 shares available earlier this morning. Currently there are 450,000 remaining. The cost to borrow has remained steady at 9.1%.
Pre market: GameStop is trading up $1.82 to $24.93 a decrease of 0.22% on 290 thousand volume.
Max pain: The current max pain for GME has remained at $26.00.
GameStopNFT tweeted:
Check out this sweet Pros Only offer promotion below!
And if you'd like to become a Pro learn more here: bit.ly/3WENbwG
— GameStopNFT (@GameStopNFT)
8:55 PM • Nov 7, 2022
We're now seeing NFTs being used as an incentive for purchases at GameStop, bullish!
Did you know?
Rain gutters were once installed on vehicles to prevent rain from falling on drivers' heads when they exited the car? Located on the roof, the rain gutters dramatically changed the profile of the car, affecting air flow. Therefore, rain gutters were phased out in the 1980s to enhance aerodynamics – but no one seemed to notice.
BBBY Released an Update on the Bond Deal
This has been their first public statement since the offer was issued. It was good news for shareholders, no matter how the price action was today.
Marketwatch reports:
Bed Bath & Beyond Inc. bought back $31.5 million in bonds by issuing 2.8 million shares to the noteholder.
The home-goods chain said Wednesday that the senior notes will be exchanged for 1.8 million shares, another 100,000 shares will be issued to cover accrued and unpaid interest on the notes, and a further 900,000 shares will be exchanged for a $3.5 million cash payment from the noteholder. The deal is expected to close on Nov. 14. When it does, the notes will be canceled or no longer outstanding. The proceeds of the transaction will be used for general corporate purposes, the company said.
"We continue to demonstrate progress towards securing a stronger financial position and enabling our strategic repositioning to better serve our customers and gain market share," Chief Executive Officer Sue Gove said. "Today's announcement outlines a strong framework and compelling opportunity to improve our balance sheet and liquidity by reducing long-term debt, lowering interest expense, and adding an infusion of new capital for equity."
To translate the math, bondholder(s) agreed to a grand total of $35M for 2.8M shares. That equals $12.50/share! Buckle up!
Ryan Says
Ryan replied to his tweet back in April:
iToilet is imperative to the future of humanity
— Ryan Cohen (@ryancohen)
12:25 AM • Apr 28, 2022
If iToilet = Icahn, this is going to be a big deal!
Spread the Word
We love Ryan Cohen and think he's the greatest Activist Investor of our generation. We are passionate followers of his moves and words and would love for others to know more about this great leader. We feel strongly that life is all about learning who to follow. If you have someone that needs more RC in their life, share Mother Squeezer with them!
Some of our Favorite Resources
BBBY: Ben - Mr. Business
GME: Richard Newton
For errors, omissions or if you have something to share? Let us know!
Financial Disclaimer: None of this is meant to be financial advice. We love Ryan Cohen, RC Ventures, GameStop and Bed Bath and Beyond, and like learning and sharing these insights and commentary.
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