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cruzer
2021-06-05
Go go apple
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cruzer
2021-06-03
Longterm I guess
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cruzer
2021-06-03
$FORTRESS MINERALS LIMITED(OAJ.SI)$
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cruzer
2021-06-03
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AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote>
cruzer
2021-06-03
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Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>
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guess","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118078324","repostId":"1160407593","repostType":4,"isVote":1,"tweetType":1,"viewCount":1439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118071936,"gmtCreate":1622710189825,"gmtModify":1631886376696,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585717311854083","authorIdStr":"3585717311854083"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OAJ.SI\">$FORTRESS MINERALS LIMITED(OAJ.SI)$</a>up up","listText":"<a href=\"https://laohu8.com/S/OAJ.SI\">$FORTRESS MINERALS LIMITED(OAJ.SI)$</a>up up","text":"$FORTRESS MINERALS LIMITED(OAJ.SI)$up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118071936","isVote":1,"tweetType":1,"viewCount":1709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118079640,"gmtCreate":1622710085280,"gmtModify":1634098909248,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585717311854083","authorIdStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Up up","listText":"Up up","text":"Up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118079640","repostId":"1178258633","repostType":4,"repost":{"id":"1178258633","kind":"news","pubTimestamp":1622709110,"share":"https://www.laohu8.com/m/news/1178258633?lang=zh_CN&edition=full","pubTime":"2021-06-03 16:31","market":"us","language":"en","title":"AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178258633","media":"seekingalpha","summary":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dil","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Tom Cooper/Getty Images Entertainment via Getty Images</span></p><p><blockquote><ul><li>受定向增发消息影响，AMC股价飙升23%。</li><li>私募股权稀释了股东权益，AMC的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将Reddit军队货币化了。</li></ul><p class=\"t-img-caption\"><span>摄影：汤姆·库珀/盖蒂图片社娱乐公司，盖蒂图片社</span></p></blockquote></p><p> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.</p><p><blockquote>AMC院线(AMC)宣布向投资基金私募股票后，该公司股价周二又飙升23%。通常情况下，融资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了Reddit大军的局面。</blockquote></p><p> <b>Reason for AMC's price reaction</b></p><p><blockquote><b>AMC价格反应原因</b></blockquote></p><p> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.</p><p><blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有大量债务需要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金用作生存的生命线。</blockquote></p><p> AMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.</p><p><blockquote>AMC以230,500,000美元的价格向一家名为Mudrick Capital Management，LP的投资公司发行了8,500,000股股票。该投资公司专注于事件驱动型投资和不良债务。</blockquote></p><p> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".</p><p><blockquote>AMC表示，将把此次融资所得用于“追求创造价值的影院资产和租赁收购，以及增强影院消费者吸引力的投资”。</blockquote></p><p> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.</p><p><blockquote>非常需要新的资本。AMC的收入在大流行期间大幅下降，该连锁影院仍受到COVID-19关闭限制和社交距离规定的影响。</blockquote></p><p> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.</p><p><blockquote>尽管随着疫情似乎即将结束，AMC的收入预计今年将反弹，但COVID-19可能已经永久改变了观影习惯。</blockquote></p><p> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.</p><p><blockquote>AMC面临的一大挑战是让观众重返电影院。在新冠肺炎和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。很多人似乎对封锁出口有严重的焦虑，所以有一个合理的问题要问，一旦疫情结束，电影院是否真的能恢复正常。</blockquote></p><p> But back to AMC's announcement.</p><p><blockquote>但回到AMC的公告。</blockquote></p><p> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.</p><p><blockquote>AMC股价周二飙升23%，今年迄今的总回报率超过1,500%。</blockquote></p><p> Looking at the technical situation of AMC… shares are now very, very much overbought...</p><p><blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\"><span>(Source: TradingView)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：TradingView）</span></p></blockquote></p><p> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…</p><p><blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\"><span>(Source: ShortSqueeze)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：ShortSqueeze）</span></p></blockquote></p><p> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.</p><p><blockquote>然而，鉴于该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着越来越多的股票发行，公司的每股收益将会下降，因为收益分配给更多的已发行股票。对融资的反应通常是股价下跌，而不是上涨。</blockquote></p><p> AMC now has a market capitalization of $14.4b compared to less than $1b in January...</p><p><blockquote>AMC目前的市值为144亿美元，而1月份的市值还不到10亿美元……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>A hedge fund is turning the tables on the Reddit army…</b></p><p><blockquote><b>一家对冲基金正在扭转Reddit军队的局面……</b></blockquote></p><p> Mudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!</p><p><blockquote>据称，Mudrick Capital Management在周二快速上涨20%后已经退出了其在AMC的头寸。因此，Mudrick Capital Management并不是一个将其不良债务和特殊情况专业知识带到AMC的长期投资者……整个事情实际上只是一个快速翻转，因为该投资公司将定价过高的股票出售给继续疯狂买入的散户投资者，因为他们希望出现空头挤压。该公司本身厚颜无耻地称AMC“被严重高估”。如果该公司的投资资本回报率为20%，那么它昨天就获得了4600万美元的利润……对于一天的工作来说已经不错了！</blockquote></p><p> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...</p><p><blockquote>虽然AMC可能很高兴以这一估值完成股权融资，但该对冲基金出售其股份的速度比AMC提交有关其未注册出售股权证券的文件的速度还要快...</blockquote></p><p> <b>Extreme volatility and risks...</b></p><p><blockquote><b>极端波动性和风险...</b></blockquote></p><p> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.</p><p><blockquote>周二，AMC的估值变得比以前更加荒谬。这家连锁电影院几个月前还濒临破产，现在的市盈率为3。</blockquote></p><p> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.</p><p><blockquote>喜满客控股(CNK)是一家影院竞争对手，其本身可能被高估，其市盈率为1.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.</p><p><blockquote>这里的风险是不可估量的，因为价格走势和估值对AMC来说都没有任何意义。</blockquote></p><p> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.</p><p><blockquote>AMC的价格昨天应该下跌，而不是上涨，因为融资会稀释……但对于AMC来说，一切都不再有意义了。</blockquote></p><p> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.</p><p><blockquote>AMC的交易独立于其业务数量和增长前景，在这项“投资”中失去一切的风险极高。</blockquote></p><p> <b>Closing thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> A hedge fund just had a big victory and nobody seems to notice or care.</p><p><blockquote>一家对冲基金刚刚取得了巨大胜利，但似乎没有人注意到或关心。</blockquote></p><p> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.</p><p><blockquote>实际上，一家对冲基金以大幅高估的估值将其在AMC的股份出售给Reddit大军，并明确称AMC“估值过高”。没有比这更厚颜无耻的了。请小心。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-03 16:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Tom Cooper/Getty Images Entertainment via Getty Images</span></p><p><blockquote><ul><li>受定向增发消息影响，AMC股价飙升23%。</li><li>私募股权稀释了股东权益，AMC的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将Reddit军队货币化了。</li></ul><p class=\"t-img-caption\"><span>摄影：汤姆·库珀/盖蒂图片社娱乐公司，盖蒂图片社</span></p></blockquote></p><p> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.</p><p><blockquote>AMC院线(AMC)宣布向投资基金私募股票后，该公司股价周二又飙升23%。通常情况下，融资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了Reddit大军的局面。</blockquote></p><p> <b>Reason for AMC's price reaction</b></p><p><blockquote><b>AMC价格反应原因</b></blockquote></p><p> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.</p><p><blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有大量债务需要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金用作生存的生命线。</blockquote></p><p> AMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.</p><p><blockquote>AMC以230,500,000美元的价格向一家名为Mudrick Capital Management，LP的投资公司发行了8,500,000股股票。该投资公司专注于事件驱动型投资和不良债务。</blockquote></p><p> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".</p><p><blockquote>AMC表示，将把此次融资所得用于“追求创造价值的影院资产和租赁收购，以及增强影院消费者吸引力的投资”。</blockquote></p><p> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.</p><p><blockquote>非常需要新的资本。AMC的收入在大流行期间大幅下降，该连锁影院仍受到COVID-19关闭限制和社交距离规定的影响。</blockquote></p><p> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.</p><p><blockquote>尽管随着疫情似乎即将结束，AMC的收入预计今年将反弹，但COVID-19可能已经永久改变了观影习惯。</blockquote></p><p> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.</p><p><blockquote>AMC面临的一大挑战是让观众重返电影院。在新冠肺炎和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。很多人似乎对封锁出口有严重的焦虑，所以有一个合理的问题要问，一旦疫情结束，电影院是否真的能恢复正常。</blockquote></p><p> But back to AMC's announcement.</p><p><blockquote>但回到AMC的公告。</blockquote></p><p> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.</p><p><blockquote>AMC股价周二飙升23%，今年迄今的总回报率超过1,500%。</blockquote></p><p> Looking at the technical situation of AMC… shares are now very, very much overbought...</p><p><blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\"><span>(Source: TradingView)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：TradingView）</span></p></blockquote></p><p> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…</p><p><blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\"><span>(Source: ShortSqueeze)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：ShortSqueeze）</span></p></blockquote></p><p> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.</p><p><blockquote>然而，鉴于该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着越来越多的股票发行，公司的每股收益将会下降，因为收益分配给更多的已发行股票。对融资的反应通常是股价下跌，而不是上涨。</blockquote></p><p> AMC now has a market capitalization of $14.4b compared to less than $1b in January...</p><p><blockquote>AMC目前的市值为144亿美元，而1月份的市值还不到10亿美元……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>A hedge fund is turning the tables on the Reddit army…</b></p><p><blockquote><b>一家对冲基金正在扭转Reddit军队的局面……</b></blockquote></p><p> Mudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!</p><p><blockquote>据称，Mudrick Capital Management在周二快速上涨20%后已经退出了其在AMC的头寸。因此，Mudrick Capital Management并不是一个将其不良债务和特殊情况专业知识带到AMC的长期投资者……整个事情实际上只是一个快速翻转，因为该投资公司将定价过高的股票出售给继续疯狂买入的散户投资者，因为他们希望出现空头挤压。该公司本身厚颜无耻地称AMC“被严重高估”。如果该公司的投资资本回报率为20%，那么它昨天就获得了4600万美元的利润……对于一天的工作来说已经不错了！</blockquote></p><p> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...</p><p><blockquote>虽然AMC可能很高兴以这一估值完成股权融资，但该对冲基金出售其股份的速度比AMC提交有关其未注册出售股权证券的文件的速度还要快...</blockquote></p><p> <b>Extreme volatility and risks...</b></p><p><blockquote><b>极端波动性和风险...</b></blockquote></p><p> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.</p><p><blockquote>周二，AMC的估值变得比以前更加荒谬。这家连锁电影院几个月前还濒临破产，现在的市盈率为3。</blockquote></p><p> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.</p><p><blockquote>喜满客控股(CNK)是一家影院竞争对手，其本身可能被高估，其市盈率为1.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.</p><p><blockquote>这里的风险是不可估量的，因为价格走势和估值对AMC来说都没有任何意义。</blockquote></p><p> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.</p><p><blockquote>AMC的价格昨天应该下跌，而不是上涨，因为融资会稀释……但对于AMC来说，一切都不再有意义了。</blockquote></p><p> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.</p><p><blockquote>AMC的交易独立于其业务数量和增长前景，在这项“投资”中失去一切的风险极高。</blockquote></p><p> <b>Closing thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> A hedge fund just had a big victory and nobody seems to notice or care.</p><p><blockquote>一家对冲基金刚刚取得了巨大胜利，但似乎没有人注意到或关心。</blockquote></p><p> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.</p><p><blockquote>实际上，一家对冲基金以大幅高估的估值将其在AMC的股份出售给Reddit大军，并明确称AMC“估值过高”。没有比这更厚颜无耻的了。请小心。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178258633","content_text":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dilute shareholders and AMC's price should have gone down, not surged.\nIt looks as if this hedge fund just monetized the Reddit army.\n\nPhoto by Tom Cooper/Getty Images Entertainment via Getty Images\nShares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.\nReason for AMC's price reaction\nMovie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.\nAMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.\nAMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".\nFresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.\nAlthough AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.\nOne big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.\nBut back to AMC's announcement.\nShares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.\nLooking at the technical situation of AMC… shares are now very, very much overbought...\n(Source: TradingView)\nAMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…\n(Source: ShortSqueeze)\nHowever, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.\nAMC now has a market capitalization of $14.4b compared to less than $1b in January...\nData by YCharts\nA hedge fund is turning the tables on the Reddit army…\nMudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!\nWhile AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...\nExtreme volatility and risks...\nAMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.\nCinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.\nData by YCharts\nThe risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.\nAMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.\nAMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.\nClosing thoughts\nA hedge fund just had a big victory and nobody seems to notice or care.\nYou literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118070562,"gmtCreate":1622710057556,"gmtModify":1634098909591,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585717311854083","authorIdStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Up up","listText":"Up up","text":"Up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118070562","repostId":"1105752559","repostType":4,"repost":{"id":"1105752559","kind":"news","pubTimestamp":1622694904,"share":"https://www.laohu8.com/m/news/1105752559?lang=zh_CN&edition=full","pubTime":"2021-06-03 12:35","market":"us","language":"en","title":"Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105752559","media":"Market Wacth","summary":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves,","content":"<p>AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.</p><p><blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.</p><p><blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote></p><p>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)</p><p><blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote></p><p>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.</p><p><blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote></p><p>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.</p><p><blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote></p><p>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.</p><p><blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing the<i>composite</i>implied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)</p><p><blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示<i>复合的</i>顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote></p><p><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is a<i>lot</i>higher than the “normal” volatility, up to four times that of its pre-pandemic level.)</p><p><blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个<i>很多</i>高于“正常”波动性，高达大流行前水平的四倍。）</blockquote></p><p>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.</p><p><blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote></p><p>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,<i>out-of-the-money</i>options are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.</p><p><blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，<i>价外</i>期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote></p><p>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.</p><p><blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote></p><p>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.</p><p><blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote></p><p>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).</p><p><blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.</p><p><blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote></p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote></p><p></p><p><ol><li><b>A bear put spread.</b>Buy puts with striking prices just below the current elevated stock price<i>and</i>sell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li><b>Sell put credit spreads with strikes at or near the price of AMC</b><b><i>prior</i></b><b>to the short squeeze.</b>AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.</p><p><blockquote><ol><li><b>看跌看跌价差。</b>买入执行价格略低于当前上涨股价的看跌期权<i>和</i>以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li><b>执行价格等于或接近AMC价格的卖出看跌信用利差</b><b><i>先前的</i></b><b>到空头挤压。</b>在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote></p><p></p>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-06-03 12:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.</p><p><blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.</p><p><blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote></p><p>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)</p><p><blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote></p><p>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.</p><p><blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote></p><p>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.</p><p><blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote></p><p>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.</p><p><blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing the<i>composite</i>implied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)</p><p><blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示<i>复合的</i>顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote></p><p><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is a<i>lot</i>higher than the “normal” volatility, up to four times that of its pre-pandemic level.)</p><p><blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个<i>很多</i>高于“正常”波动性，高达大流行前水平的四倍。）</blockquote></p><p>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.</p><p><blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote></p><p>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,<i>out-of-the-money</i>options are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.</p><p><blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，<i>价外</i>期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote></p><p>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.</p><p><blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote></p><p>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.</p><p><blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote></p><p>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).</p><p><blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.</p><p><blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote></p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote></p><p></p><p><ol><li><b>A bear put spread.</b>Buy puts with striking prices just below the current elevated stock price<i>and</i>sell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li><b>Sell put credit spreads with strikes at or near the price of AMC</b><b><i>prior</i></b><b>to the short squeeze.</b>AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.</p><p><blockquote><ol><li><b>看跌看跌价差。</b>买入执行价格略低于当前上涨股价的看跌期权<i>和</i>以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li><b>执行价格等于或接近AMC价格的卖出看跌信用利差</b><b><i>先前的</i></b><b>到空头挤压。</b>在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105752559","content_text":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.AMC Entertainment Holdings shares are once again exploding, having been caught in a short squeeze.The stock’s realized and implied volatilities are soaring. AMC at one point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a one-year, showing thecompositeimplied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is alothigher than the “normal” volatility, up to four times that of its pre-pandemic level.)So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,out-of-the-moneyoptions are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.One can see from the one-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.Two options strategies could take advantage of this:A bear put spread.Buy puts with striking prices just below the current elevated stock priceandsell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.Sell put credit spreads with strikes at or near the price of AMCpriorto the short squeeze.AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":112411360,"gmtCreate":1622900739150,"gmtModify":1634096993538,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585717311854083","idStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Go go apple","listText":"Go go apple","text":"Go go apple","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112411360","repostId":"1158897173","repostType":4,"isVote":1,"tweetType":1,"viewCount":1649,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118078324,"gmtCreate":1622710234168,"gmtModify":1634098907280,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585717311854083","idStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Longterm I guess","listText":"Longterm I guess","text":"Longterm I guess","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118078324","repostId":"1160407593","repostType":4,"isVote":1,"tweetType":1,"viewCount":1439,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118071936,"gmtCreate":1622710189825,"gmtModify":1631886376696,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585717311854083","idStr":"3585717311854083"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OAJ.SI\">$FORTRESS MINERALS LIMITED(OAJ.SI)$</a>up up","listText":"<a href=\"https://laohu8.com/S/OAJ.SI\">$FORTRESS MINERALS LIMITED(OAJ.SI)$</a>up up","text":"$FORTRESS MINERALS LIMITED(OAJ.SI)$up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118071936","isVote":1,"tweetType":1,"viewCount":1709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118079640,"gmtCreate":1622710085280,"gmtModify":1634098909248,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585717311854083","idStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Up up","listText":"Up up","text":"Up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118079640","repostId":"1178258633","repostType":4,"repost":{"id":"1178258633","kind":"news","pubTimestamp":1622709110,"share":"https://www.laohu8.com/m/news/1178258633?lang=zh_CN&edition=full","pubTime":"2021-06-03 16:31","market":"us","language":"en","title":"AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178258633","media":"seekingalpha","summary":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dil","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Tom Cooper/Getty Images Entertainment via Getty Images</span></p><p><blockquote><ul><li>受定向增发消息影响，AMC股价飙升23%。</li><li>私募股权稀释了股东权益，AMC的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将Reddit军队货币化了。</li></ul><p class=\"t-img-caption\"><span>摄影：汤姆·库珀/盖蒂图片社娱乐公司，盖蒂图片社</span></p></blockquote></p><p> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.</p><p><blockquote>AMC院线(AMC)宣布向投资基金私募股票后，该公司股价周二又飙升23%。通常情况下，融资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了Reddit大军的局面。</blockquote></p><p> <b>Reason for AMC's price reaction</b></p><p><blockquote><b>AMC价格反应原因</b></blockquote></p><p> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.</p><p><blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有大量债务需要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金用作生存的生命线。</blockquote></p><p> AMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.</p><p><blockquote>AMC以230,500,000美元的价格向一家名为Mudrick Capital Management，LP的投资公司发行了8,500,000股股票。该投资公司专注于事件驱动型投资和不良债务。</blockquote></p><p> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".</p><p><blockquote>AMC表示，将把此次融资所得用于“追求创造价值的影院资产和租赁收购，以及增强影院消费者吸引力的投资”。</blockquote></p><p> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.</p><p><blockquote>非常需要新的资本。AMC的收入在大流行期间大幅下降，该连锁影院仍受到COVID-19关闭限制和社交距离规定的影响。</blockquote></p><p> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.</p><p><blockquote>尽管随着疫情似乎即将结束，AMC的收入预计今年将反弹，但COVID-19可能已经永久改变了观影习惯。</blockquote></p><p> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.</p><p><blockquote>AMC面临的一大挑战是让观众重返电影院。在新冠肺炎和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。很多人似乎对封锁出口有严重的焦虑，所以有一个合理的问题要问，一旦疫情结束，电影院是否真的能恢复正常。</blockquote></p><p> But back to AMC's announcement.</p><p><blockquote>但回到AMC的公告。</blockquote></p><p> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.</p><p><blockquote>AMC股价周二飙升23%，今年迄今的总回报率超过1,500%。</blockquote></p><p> Looking at the technical situation of AMC… shares are now very, very much overbought...</p><p><blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\"><span>(Source: TradingView)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：TradingView）</span></p></blockquote></p><p> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…</p><p><blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\"><span>(Source: ShortSqueeze)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：ShortSqueeze）</span></p></blockquote></p><p> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.</p><p><blockquote>然而，鉴于该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着越来越多的股票发行，公司的每股收益将会下降，因为收益分配给更多的已发行股票。对融资的反应通常是股价下跌，而不是上涨。</blockquote></p><p> AMC now has a market capitalization of $14.4b compared to less than $1b in January...</p><p><blockquote>AMC目前的市值为144亿美元，而1月份的市值还不到10亿美元……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>A hedge fund is turning the tables on the Reddit army…</b></p><p><blockquote><b>一家对冲基金正在扭转Reddit军队的局面……</b></blockquote></p><p> Mudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!</p><p><blockquote>据称，Mudrick Capital Management在周二快速上涨20%后已经退出了其在AMC的头寸。因此，Mudrick Capital Management并不是一个将其不良债务和特殊情况专业知识带到AMC的长期投资者……整个事情实际上只是一个快速翻转，因为该投资公司将定价过高的股票出售给继续疯狂买入的散户投资者，因为他们希望出现空头挤压。该公司本身厚颜无耻地称AMC“被严重高估”。如果该公司的投资资本回报率为20%，那么它昨天就获得了4600万美元的利润……对于一天的工作来说已经不错了！</blockquote></p><p> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...</p><p><blockquote>虽然AMC可能很高兴以这一估值完成股权融资，但该对冲基金出售其股份的速度比AMC提交有关其未注册出售股权证券的文件的速度还要快...</blockquote></p><p> <b>Extreme volatility and risks...</b></p><p><blockquote><b>极端波动性和风险...</b></blockquote></p><p> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.</p><p><blockquote>周二，AMC的估值变得比以前更加荒谬。这家连锁电影院几个月前还濒临破产，现在的市盈率为3。</blockquote></p><p> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.</p><p><blockquote>喜满客控股(CNK)是一家影院竞争对手，其本身可能被高估，其市盈率为1.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.</p><p><blockquote>这里的风险是不可估量的，因为价格走势和估值对AMC来说都没有任何意义。</blockquote></p><p> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.</p><p><blockquote>AMC的价格昨天应该下跌，而不是上涨，因为融资会稀释……但对于AMC来说，一切都不再有意义了。</blockquote></p><p> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.</p><p><blockquote>AMC的交易独立于其业务数量和增长前景，在这项“投资”中失去一切的风险极高。</blockquote></p><p> <b>Closing thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> A hedge fund just had a big victory and nobody seems to notice or care.</p><p><blockquote>一家对冲基金刚刚取得了巨大胜利，但似乎没有人注意到或关心。</blockquote></p><p> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.</p><p><blockquote>实际上，一家对冲基金以大幅高估的估值将其在AMC的股份出售给Reddit大军，并明确称AMC“估值过高”。没有比这更厚颜无耻的了。请小心。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC: Hedge Fund 1-0 Reddit Army<blockquote>AMC：对冲基金1-0 Reddit军队</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-03 16:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Shares of AMC surged 23% on news of a private share placement.</li> <li>Private share placements dilute shareholders and AMC's price should have gone down, not surged.</li> <li>It looks as if this hedge fund just monetized the Reddit army.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/072cd9d13e01f3f3defe064d4bcf6589\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Tom Cooper/Getty Images Entertainment via Getty Images</span></p><p><blockquote><ul><li>受定向增发消息影响，AMC股价飙升23%。</li><li>私募股权稀释了股东权益，AMC的价格应该下跌，而不是飙升。</li><li>看起来这家对冲基金刚刚将Reddit军队货币化了。</li></ul><p class=\"t-img-caption\"><span>摄影：汤姆·库珀/盖蒂图片社娱乐公司，盖蒂图片社</span></p></blockquote></p><p> Shares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.</p><p><blockquote>AMC院线(AMC)宣布向投资基金私募股票后，该公司股价周二又飙升23%。通常情况下，融资会导致股价下跌，而不是上涨。这家对冲基金似乎扭转了Reddit大军的局面。</blockquote></p><p> <b>Reason for AMC's price reaction</b></p><p><blockquote><b>AMC价格反应原因</b></blockquote></p><p> Movie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.</p><p><blockquote>电影院公司AMC刚刚做了许多公司所做的事情，这些公司有大量债务需要偿还，需要面对不确定的未来……他们向投资者提供新股，并将资金用作生存的生命线。</blockquote></p><p> AMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.</p><p><blockquote>AMC以230,500,000美元的价格向一家名为Mudrick Capital Management，LP的投资公司发行了8,500,000股股票。该投资公司专注于事件驱动型投资和不良债务。</blockquote></p><p> AMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".</p><p><blockquote>AMC表示，将把此次融资所得用于“追求创造价值的影院资产和租赁收购，以及增强影院消费者吸引力的投资”。</blockquote></p><p> Fresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.</p><p><blockquote>非常需要新的资本。AMC的收入在大流行期间大幅下降，该连锁影院仍受到COVID-19关闭限制和社交距离规定的影响。</blockquote></p><p> Although AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.</p><p><blockquote>尽管随着疫情似乎即将结束，AMC的收入预计今年将反弹，但COVID-19可能已经永久改变了观影习惯。</blockquote></p><p> One big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.</p><p><blockquote>AMC面临的一大挑战是让观众重返电影院。在新冠肺炎和疫情可能加速这一趋势之前，流媒体已经对该行业构成了竞争威胁。很多人似乎对封锁出口有严重的焦虑，所以有一个合理的问题要问，一旦疫情结束，电影院是否真的能恢复正常。</blockquote></p><p> But back to AMC's announcement.</p><p><blockquote>但回到AMC的公告。</blockquote></p><p> Shares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.</p><p><blockquote>AMC股价周二飙升23%，今年迄今的总回报率超过1,500%。</blockquote></p><p> Looking at the technical situation of AMC… shares are now very, very much overbought...</p><p><blockquote>看看AMC的技术状况……股票现在非常非常超买……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eda20bf9503e3abf095e0fb05639597b\" tg-width=\"1267\" tg-height=\"727\"><span>(Source: TradingView)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：TradingView）</span></p></blockquote></p><p> AMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…</p><p><blockquote>AMC周二的交易量几乎是平均交易量的500%，买卖了近5亿股……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/188015773070c85dac8627ef00d7320a\" tg-width=\"418\" tg-height=\"287\"><span>(Source: ShortSqueeze)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：ShortSqueeze）</span></p></blockquote></p><p> However, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.</p><p><blockquote>然而，鉴于该公司宣布融资，从而增加了股票数量，价格反应实际上毫无意义。随着越来越多的股票发行，公司的每股收益将会下降，因为收益分配给更多的已发行股票。对融资的反应通常是股价下跌，而不是上涨。</blockquote></p><p> AMC now has a market capitalization of $14.4b compared to less than $1b in January...</p><p><blockquote>AMC目前的市值为144亿美元，而1月份的市值还不到10亿美元……</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/466ba9dd813555ed3675587a5cc6c834\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> <b>A hedge fund is turning the tables on the Reddit army…</b></p><p><blockquote><b>一家对冲基金正在扭转Reddit军队的局面……</b></blockquote></p><p> Mudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!</p><p><blockquote>据称，Mudrick Capital Management在周二快速上涨20%后已经退出了其在AMC的头寸。因此，Mudrick Capital Management并不是一个将其不良债务和特殊情况专业知识带到AMC的长期投资者……整个事情实际上只是一个快速翻转，因为该投资公司将定价过高的股票出售给继续疯狂买入的散户投资者，因为他们希望出现空头挤压。该公司本身厚颜无耻地称AMC“被严重高估”。如果该公司的投资资本回报率为20%，那么它昨天就获得了4600万美元的利润……对于一天的工作来说已经不错了！</blockquote></p><p> While AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...</p><p><blockquote>虽然AMC可能很高兴以这一估值完成股权融资，但该对冲基金出售其股份的速度比AMC提交有关其未注册出售股权证券的文件的速度还要快...</blockquote></p><p> <b>Extreme volatility and risks...</b></p><p><blockquote><b>极端波动性和风险...</b></blockquote></p><p> AMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.</p><p><blockquote>周二，AMC的估值变得比以前更加荒谬。这家连锁电影院几个月前还濒临破产，现在的市盈率为3。</blockquote></p><p> Cinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.</p><p><blockquote>喜满客控股(CNK)是一家影院竞争对手，其本身可能被高估，其市盈率为1.0。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/81c3d9572182dca54c798bab323e99b2\" tg-width=\"635\" tg-height=\"419\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p></p><p> The risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.</p><p><blockquote>这里的风险是不可估量的，因为价格走势和估值对AMC来说都没有任何意义。</blockquote></p><p> AMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.</p><p><blockquote>AMC的价格昨天应该下跌，而不是上涨，因为融资会稀释……但对于AMC来说，一切都不再有意义了。</blockquote></p><p> AMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.</p><p><blockquote>AMC的交易独立于其业务数量和增长前景，在这项“投资”中失去一切的风险极高。</blockquote></p><p> <b>Closing thoughts</b></p><p><blockquote><b>结束语</b></blockquote></p><p> A hedge fund just had a big victory and nobody seems to notice or care.</p><p><blockquote>一家对冲基金刚刚取得了巨大胜利，但似乎没有人注意到或关心。</blockquote></p><p> You literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.</p><p><blockquote>实际上，一家对冲基金以大幅高估的估值将其在AMC的股份出售给Reddit大军，并明确称AMC“估值过高”。没有比这更厚颜无耻的了。请小心。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4432676-amc-hedge-fund-reddit-army","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178258633","content_text":"Summary\n\nShares of AMC surged 23% on news of a private share placement.\nPrivate share placements dilute shareholders and AMC's price should have gone down, not surged.\nIt looks as if this hedge fund just monetized the Reddit army.\n\nPhoto by Tom Cooper/Getty Images Entertainment via Getty Images\nShares of AMC Entertainment (AMC) surged another 23% on Tuesday after the movie theater chain announced a private placement of shares to an investment fund. Normally, capital raises cause stock prices to fall, not increase. The hedge fund looks to have turned the tables on the Reddit army.\nReason for AMC's price reaction\nMovie theater company AMC just did what a lot of companies do that have a lot of debt to service and need to confront an uncertain future… they offer new shares to investors and use the funds as a life line to survive.\nAMC issued 8,500,000 shares for $230,500,000 to an investment firm named Mudrick Capital Management, LP. The investment firm has a focus on event-driven investing and distressed debt.\nAMC said that it will use the proceeds from the capital raise for the \"pursuit of value creating acquisitions of theater assets and leases, as well as investments to enhance the consumer appeal of its theaters\".\nFresh capital is much needed. AMC's revenues cratered during the pandemic and the theater chain is still suffering from COVID-19 shutdown restrictions and social distancing regulations.\nAlthough AMC's revenues are expected to bounce back this year as the pandemic seemingly comes to an end, COVID-19 may have changed movie viewing habits permanently.\nOne big challenge for AMC will be to get viewers back into its movie theaters. Streaming already was a competitive threat to the industry before COVID-19 and the pandemic may have accelerated this trend. A lot of people seem to have serious anxiety regarding a lockdown exit, so there is a valid question to be asked if movie theaters can really return to normal once the pandemic ends.\nBut back to AMC's announcement.\nShares of AMC surged 23% on Tuesday, which brings the total year-to-date return to more than 1,500%.\nLooking at the technical situation of AMC… shares are now very, very much overbought...\n(Source: TradingView)\nAMC's trading volume on Tuesday was almost 500% the average trading volume with almost half a billion shares being bought and sold…\n(Source: ShortSqueeze)\nHowever, the price reaction literally makes no sense given that the firm announced a capital raise, which increases the number of shares. As more shares are issued, the firms EPS is poised to decline as earnings are distributed over a larger amount of outstanding shares. The reaction to a capital raise is typically for the share price to fall, not to increase.\nAMC now has a market capitalization of $14.4b compared to less than $1b in January...\nData by YCharts\nA hedge fund is turning the tables on the Reddit army…\nMudrick Capital Management is said to have already exited its position in AMC after making a quick 20% on Tuesday. So Mudrick Capital Management is not a long term investor that is bringing its distressed debt and special situation expertise to AMC… the whole thing was really just a quick flip as the investment firm offloaded overpriced shares to retail investors that continue to buy into the frenzy because they hope for a short squeeze. The firm itself brazenly called AMC \"massively overvalued.\" If the firm made a 20% return on its invested capital, it secured $46m in profits yesterday… not bad for a day's work!\nWhile AMC was likely happy to get an equity raise done at this valuation, the hedge fund sold its stake faster than AMC could get the filing about its unregistered sale of equity securities out...\nExtreme volatility and risks...\nAMC's valuation has become even more ludicrous on Tuesday than it already was before. The movie theater chain, which was close to bankruptcy just a few months ago, now trades at a P-S ratio of 3.\nCinemark Holdings (CNK), a theater rival which may itself be overvalued, trades at a P-S ratio of 1.0.\nData by YCharts\nThe risk here is immeasurable because neither the price action nor the valuation makes any sense for AMC.\nAMC's price should have gone down yesterday, not up because a capital raise is dilutive... but nothing makes sense anymore when it comes to AMC.\nAMC is trading independently of its business numbers and growth prospects and the risk of losing everything in this \"investment\" is extremely high.\nClosing thoughts\nA hedge fund just had a big victory and nobody seems to notice or care.\nYou literally had a hedge fund flipping its stake in AMC to the Reddit army at a massively overpriced valuation and explicitly calling AMC \"overvalued.\" It can't get any more brazen than this. Please be careful.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118070562,"gmtCreate":1622710057556,"gmtModify":1634098909591,"author":{"id":"3585717311854083","authorId":"3585717311854083","name":"cruzer","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585717311854083","idStr":"3585717311854083"},"themes":[],"title":"","htmlText":"Up up","listText":"Up up","text":"Up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/118070562","repostId":"1105752559","repostType":4,"repost":{"id":"1105752559","kind":"news","pubTimestamp":1622694904,"share":"https://www.laohu8.com/m/news/1105752559?lang=zh_CN&edition=full","pubTime":"2021-06-03 12:35","market":"us","language":"en","title":"Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105752559","media":"Market Wacth","summary":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves,","content":"<p>AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.</p><p><blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.</p><p><blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote></p><p>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)</p><p><blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote></p><p>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.</p><p><blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote></p><p>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.</p><p><blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote></p><p>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.</p><p><blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing the<i>composite</i>implied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)</p><p><blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示<i>复合的</i>顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote></p><p><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is a<i>lot</i>higher than the “normal” volatility, up to four times that of its pre-pandemic level.)</p><p><blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个<i>很多</i>高于“正常”波动性，高达大流行前水平的四倍。）</blockquote></p><p>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.</p><p><blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote></p><p>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,<i>out-of-the-money</i>options are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.</p><p><blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，<i>价外</i>期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote></p><p>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.</p><p><blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote></p><p>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.</p><p><blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote></p><p>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).</p><p><blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.</p><p><blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote></p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote></p><p></p><p><ol><li><b>A bear put spread.</b>Buy puts with striking prices just below the current elevated stock price<i>and</i>sell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li><b>Sell put credit spreads with strikes at or near the price of AMC</b><b><i>prior</i></b><b>to the short squeeze.</b>AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.</p><p><blockquote><ol><li><b>看跌看跌价差。</b>买入执行价格略低于当前上涨股价的看跌期权<i>和</i>以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li><b>执行价格等于或接近AMC价格的卖出看跌信用利差</b><b><i>先前的</i></b><b>到空头挤压。</b>在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote></p><p></p>","source":"lsy1604288433698","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: What’s the smart way to play AMC’s stock? Try these two options strategies<blockquote>观点：玩AMC股票的明智方法是什么？尝试这两种选择策略</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Market Wacth</strong><span class=\"h-time small\">2021-06-03 12:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.</p><p><blockquote>AMC股价在轧空中波动极大。期权可以是一种利用波动的方式，但要谨慎。</blockquote></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings shares are once again exploding, having been caught in a short squeeze.</p><p><blockquote><a href=\"https://laohu8.com/S/AMC\">AMC院线</a>在陷入空头挤压后，控股股价再次爆发。</blockquote></p><p>The stock’s realized and implied volatilities are soaring. AMC at <a href=\"https://laohu8.com/S/AONE\">one</a> point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)</p><p><blockquote>该股的已实现和隐含波动率正在飙升。AMC<a href=\"https://laohu8.com/S/AONE\">一</a>今天点涨了一倍多。下面有两种选择策略来尝试利用这一不寻常的举措。（请注意，本文数据截至6月1日收盘。）</blockquote></p><p>The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.</p><p><blockquote>AMCAMC的第一张图表（+95.22%）跟踪了两年的情况，显示该股在2019年的大部分时间里一直在普遍下跌。事实上，自2015年和2016年创下30美元左右的历史高点以来，AMC一直在下跌。</blockquote></p><p>The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.</p><p><blockquote>随后，由于疫情，该股进一步下跌。然而，当它在2021年1月下旬的空头挤压中反弹时，情况开始发生变化。该股在不到一个月的时间里从2美元飙升至20美元。</blockquote></p><p>Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.</p><p><blockquote>现在又一次轧空正在进行中，该股上个月已从9美元上涨至60美元以上。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dd994b6947e51ac1dd241aebc098785c\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a <a href=\"https://laohu8.com/S/AONE.U\">one</a>-year, showing the<i>composite</i>implied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)</p><p><blockquote>从基本面甚至技术分析的角度来证明这些举措的合理性是不可能的，但期权市场提供了机会。正如所料，这些选择已经变得极其昂贵。下一张图表是一个<a href=\"https://laohu8.com/S/AONE.U\">一</a>-年，显示<i>复合的</i>顶部是AMC期权的隐含波动率，底部是股票价格。（综合隐含波动率是AMC上最活跃期权的加权波动率。）</blockquote></p><p><img src=\"https://static.tigerbbs.com/0833b40f70599f8f813f2c0eaa3a7c8b\" tg-width=\"620\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is a<i>lot</i>higher than the “normal” volatility, up to four times that of its pre-pandemic level.)</p><p><blockquote>综合隐含波动率已升至200%以上。（不要担心这在统计学上意味着什么，只需将其用作比较度量——200%是一个<i>很多</i>高于“正常”波动性，高达大流行前水平的四倍。）</blockquote></p><p>So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.</p><p><blockquote>那么，哪些期权策略有意义呢？信不信由你，在波动性仍然很高的情况下，简单地购买昂贵的期权是合理的。AMC的10天已实现（历史）波动性现在达到了惊人的211%。20天历史波动率（HV）为160%。</blockquote></p><p>However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,<i>out-of-the-money</i>options are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.</p><p><blockquote>然而，如果股票开始企稳，这些波动性将迅速下降——无论这种情况可能在哪里。但只要它们坚持下去，就隐含波动率而言，平值期权并不会比这贵多少。然而，<i>价外</i>期权要贵得多，而且通常没有吸引力——当然不是基于统计数据。</blockquote></p><p>Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.</p><p><blockquote>许多交易者想要出售期权，因为他们认为期权定价过高。好吧，它们的价格可能过高，但在目前的波动水平下，股票可能会大幅波动，并导致期权卖出策略的毁灭。</blockquote></p><p>One can see from the <a href=\"https://laohu8.com/S/AONE\">one</a>-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.</p><p><blockquote>人们可以从<a href=\"https://laohu8.com/S/AONE\">一</a>-AMC的年度图表显示，在上次轧空后，该股迅速下跌，但从未回到轧空启动时的价格。这是轧空中的典型行为。</blockquote></p><p>Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).</p><p><blockquote>考虑以下两张图表——Riot BlockchainRIOT，+2.74%和GameStopGME，+13.34%——这两张图表都是空头挤压。RIOT在2017年底首次上市时也是一次轧空（图表中未显示）。</blockquote></p><p><img src=\"https://static.tigerbbs.com/fda30eb7b24e1715b109a7c7f42a2623\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e235888f2cd914eacad62e402d2397c7\" tg-width=\"620\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.</p><p><blockquote>在这两种情况下，都会出现类似的模式：轧空结束，股票下跌，但不会完全回到“轧空前”的价格，至少暂时不会。</blockquote></p><p><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> options strategies could take advantage of this:</p><p><blockquote><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>期权策略可以利用这一点：</blockquote></p><p></p><p><ol><li><b>A bear put spread.</b>Buy puts with striking prices just below the current elevated stock price<i>and</i>sell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.</li><li><b>Sell put credit spreads with strikes at or near the price of AMC</b><b><i>prior</i></b><b>to the short squeeze.</b>AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.</li></ol>Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.</p><p><blockquote><ol><li><b>看跌看跌价差。</b>买入执行价格略低于当前上涨股价的看跌期权<i>和</i>以明显较低的执行价格卖出看跌期权。这种策略通常有一个优势，即你买入的看跌期权的隐含波动率低于你卖出的看跌期权的隐含波动率。您损失的钱不会超过您为价差支付的借方，但如果股票继续上涨且期权到期时一文不值，您可能会损失100%的借方。</li><li><b>执行价格等于或接近AMC价格的卖出看跌信用利差</b><b><i>先前的</i></b><b>到空头挤压。</b>在最新一轮轧空开始之前，AMC才十几岁。这里的潜在收益将是最初收到的信用，但保证金要求——等于利差中的风险——是罢工的差额，减去收到的信用。对于极其激进的账户，这种策略的一个衍生品是卖出看跌期权（裸），行使价在十几岁。</li></ol>显然，有很多期权组合可以考虑，但这是两种相对简单的价差策略，如果AMC的行为像其他轧空一样，它们将会获得回报：最终股票见顶并开始下跌，但不会下跌太远足以达到“挤压前”水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page\">Market Wacth</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.marketwatch.com/story/whats-the-smart-way-to-play-amcs-stock-try-these-two-options-strategies-11622657539?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105752559","content_text":"AMC shares are super-volatile amid a short squeeze. Options can be a way to capitalize on the moves, with a measure of prudence.AMC Entertainment Holdings shares are once again exploding, having been caught in a short squeeze.The stock’s realized and implied volatilities are soaring. AMC at one point today more than doubled. There are two options strategies, below, to try to capitalize off this uncommon move. (Note that the data in this article are as of the close of trading June 1.)The first chart of AMCAMC,+95.22%,below, tracks two years, showing the stock had been in a general decline through most of 2019. In fact, AMC had been falling since making all-time highs in the mid-$30s in 2015 and 2016.The stock then slumped further due to the pandemic. Things began to change, however, when it rallied amid a short squeeze in late January 2021. The stock exploded from $2 to $20 in less than a month.Now another short squeeze is under way, and the stock has risen from $9 to over $60 in the last month.It is impossible to justify these moves in terms of fundamental or even technical analysis, but there are opportunities presented by the options markets. As might be expected, the options have gotten extremely expensive. The next chart is a one-year, showing thecompositeimplied volatility of AMC options on top and the price of the stock on the bottom. (Composite implied volatility is a weighted volatility of the most active options on AMC.)The composite implied volatility has risen to more than 200%. (Don’t worry about what that means statistically, just use it as a comparative measure — 200% is alothigher than the “normal” volatility, up to four times that of its pre-pandemic level.)So, what option strategies make sense? Simply buying expensive options is justifiable while volatility remains high, believe it or not. The 10-day realized (historical) volatility of AMC is now an astounding 211%. The 20-day historical volatility (HV) is 160%.However, those volatilities will drop quickly if the stock starts to stabilize — wherever that may be. But as long as they hold up, at-the-money options are not a lot more expensive than that, in terms of implied volatility. However,out-of-the-moneyoptions are much more expensive, and those are generally unattractive purchases — certainly not based on a statistical basis.Many traders want to sell the options because they think they are so overpriced. Well, they may be overpriced, but at current volatility levels, the stock can move a great distance and cause ruin for an options-selling strategy.One can see from the one-year chart of AMC that after the last short squeeze, the stock dropped quickly, but never got back to the prices from which the short squeeze was launched. That is typical behavior in a short squeeze.Consider the two following charts — of Riot BlockchainRIOT,+2.74%and GameStopGME,+13.34%— both of which have been short squeezes. RIOT was also a short squeeze when it first came public, in late 2017 (not shown on the chart).In both of those cases, a similar pattern appears: The short squeeze ends, the stock falls, but not all the way back to its “pre-squeeze” price, at least not for a while.Two options strategies could take advantage of this:A bear put spread.Buy puts with striking prices just below the current elevated stock priceandsell puts with a significantly lower strike price. This strategy generally has an advantage in that the implied volatility of the put you are buying is lower than the implied volatility of the put you are selling. You can’t lose more money than the debit you pay for the spread, but you could lose 100% of that debit if the stock continues to rise and the options expire worthless.Sell put credit spreads with strikes at or near the price of AMCpriorto the short squeeze.AMC was in the teens before this latest round of short squeeze began. The potential gain here would be the credit initially received, but the margin requirement — which is equal to the risk in the spread — is the difference in the strikes, less the credit received. A derivative of this strategy, for extremely aggressive accounts, would be to sell puts (naked) with strikes in the teens.Obviously, there are lot of options combinations that could be considered, but these are two relatively simple spread strategies that will pay off if AMC behaves like other short squeezes: Eventually the stock peaks and begins to fall, but it doesn’t fall far enough to reach its “pre-squeeze” levels.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2191,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
