Someone might be a little scared about the short interest dropping so quickly. All the longs from the IPO have been ground out by the daily drag : only the DIE hard longs are left. If Snowball IPOs at the beginning of next year, we may see some heavy hitters (GS/MS) buying RENN stock to curry favor to swing the IPO.
Chen is doing what he does best.. Hundreds of millions made by buying and selling internet companies. Nice to see he has invested again. Companies may have NO positive earnings but BIDU pays hundreds of millions for such companies.. Lucky for RENN. So RENN makes hundred of millions, yet no revenue from operations.. nice way to keep stock low.
Most confusing is that in the last 15 days Renn's short interest dropped by 25% from 6 million short to 4.5 million shares short. This is down from being almost 12 MILLION shares short at the beginning of the year.
But the manipulators that sell CALLS on RENN stock have been able to keep the stock below the OCT 3.50 call price... nice job. not so confusing there.
Think 56 would do great by subtitling or translating the Mandarin(?) to English, at least another billion or two in potential customers. I bet Alibaba translates to English..
When RENN was 3.30 you could buy OCT 3.50 calls for 15 cents, with the run up to 3.55 of RENN stock, you can SELL those options for ..........15cents. (and you lost the time premium too).. RIGGED MARKET!!!
Still don't expect RENN to top 3.65 till after OCT OPEX. (3.50 stock price plus 15 cents - cost of option) the run up makes a good market to sell TONS of calls. Nice... who are the suckers.
Must be nice to be GS/MS and call sellers. Millions of naked short stock to sell and over a million (stock share) calls sold @ 3.50 ...
ya $400 million market cap, 700 times the Option action than RENN, Market makers/ options sellers wet dream come true. That stock will whip lash you out of your money quicker than two flaps of a mosquito wing. Forget NQ.
GS/MS et al, has sold Call options for OCT strike price = 3.50
On just about a MILLION shares of RENN. For each dime RENN goes over 3.65 (strike price + premium) THEY lose $100,000 So don't expect he MASTER manipulators to allow RENN over 3.50 anytime soon.
I must have misunderstood the WSJ article:
WATCH FOR: July Retail Sales (8:30 a.m. Eastern Time): seen +0.2%; previously +0.2%. June Business Inventories (10:00): seen +0.3%; previously +0.5%. Canadian Solar, Cisco CSCO -0.26%, Deere DE -1.05%, Macy's M -4.84%, NetApp, NetEase, Pinnacle Foods PF -0.74%, Renren RENN -1.86% and SeaWorld are among companies scheduled to report quarterly results.
All investors are supposed to know company information at the same time? How did "Steven Russolillo" know earning for RENN were going to reported today? RENN didn't post anything that I know of? DId anyone here know? Beside the INSIDERS!!!! Ya right WS MFs'
The light volume is puzzling, however RENN has gone from 12 Million Shares short at the beginning of the year to 6 Million, as of the last report; so someone is covering their short positions BIG TIME. If RENN was going to drop --- WHY cover the 6 Million shares that were short?
Unless the light volume is Manipulation, not many selling RENN and MM's picking up cheap shares. Would love to buy a few million shares just to see MM's reaction.
Waiting for earnings to come out.. Resistance around the $3.20 level. So the downside is limited, upside has possibilities. Wanted to add to my position when/if RENN dropped below $3 ;But that didn't happen. If earnings are bad it may just dip below $3, If not and Renn jumps, will pick up shares then.
I totally expected for the manipulators (via options puts/calls selling-buying ) to drive RENN below $3. Apparently there was too much buying stock around 3.20 to do that. Still traders made a killing selling Sept calls @ $3.30 strike. If RENN could break even on operations it would still be a great play on currency. Trade US Dollars for CH Yaun via RENN stock, heck RENN made a Million just because of the exchange rate.
RENN makes a hundred million a year on selling pieces, they really need to put more pieces in the hopper to grow and sell.
Still looking for RENN to drop to $3 via manipulation, so I can buy a bunch. Would like to see some heavy hitters buy some stock. Will never be a takeover as long as CHEN controls the majority of votes/shares.
Once again for the slow people in this world: NSA CIA and FBI use information from FAKE BOOK. China would NOT let GOOGLE into the country so why allow FAKEBOOK. Why allow a foreign company to SPY. Germany is half as smart. So no more rumors K?
Follow up to the post "Seen this before" July 3rd. this board.
RENN was at 3.40 and thought about shorting it.. but there was too much risk to reward. I did buy the SDS and QID on July 3rd.
Market is still in a down trend, however Friday is tomorrow and the psycho jobs don't like to scare the LAB RATS (you and me) over the weekend. I'm selling the QID and SDS ($49.26 and 25.33) profit of ($1,100 & $530 or $1,630 total).
I may be right, then I may be crazy.. walk with the cash and strike when everything favors my choice. RENN still headed for the sub $3 level. Chen has no other job than to shut up and ride the Market makers lead. Will post when I pick up Shares of RENN.
Maybe picking SDS and QID up before the close on Friday
Like this level, wait till it drops below $3 so the option sellers (GS/MS) reap their rewards. Got to make enough profit and pay the SEC. Plus any pay off any politicians that mention see-thru trading. Chen cant say anything, why get on the hook for any statements. I play the corruption and manipulation not the fundamentals. btw I'm doing just fine on my picks.