This is what this company ALWAYS does. Uninformed retail buyers get lured into paying outlandish prices for this stock without doing any serious DD. They get burned every time. Professional Con men buy loads of stock at cheap prices, pump it up on vapor non-news, then sell it to retail buyers while shorting at the same time. This is what you are seeing now before your very eyes.
I said as much in a post yesterday which was met with much negativity from the giddy longs who think they're about to strike gold. I've watched this stock on and off for many years and the outcome of every spike is the same pump and dump. Took some short today above 7.40 with a tight stop. Momo is losing strength and I expect to be adding short shares in the near future. I have no ill will towards those who bashed my post, we are all merely posting an opinion.
they almost always spike the price like this just before announcing a private placement or secondary offering. This company burns cash at a rapid rate and must periodically rape the market to secure funds to continue.
I've shorted this dog many times over the years whenever it gets above $7 and have never lost.
Not many shorts are buying this phony shuffling of the cards. I was hoping to add to my short position but still I could find no shares to borrow. And I have an account at 3 different brokers.
MM's are just working the stock as market conditions allow. DOW up 600pts in two days.....not good atmosphere for short positions. If you truly believe, as I do, that CZR's bankruptcy is inevitable, then these last two days should make no difference to the final outcome. Short shares haven't been available for some time now, so most of the shorts should be in good money right now. I got all my shares above $17 so riding this out is no problem.
It MUST have been true ... it was on the...INTERnet...right?
Quite often message boards are good for entertainment purposes only.
they can't pay what they don't have. Look for a close Monday below $10.
when these things get started, they develop rather quickly.
Only downside from on out.
Next stop = ZERO!!
I'm not sure I agree with your valuation. IMO, at m$5 per share, CZR would be overvalued by approximately...$5 per share!!
Take it to the bank....Cha CHING!!!!
The fun is just beginning ... cover today for nice profit..or...hold until bk for HUGE profits!!!
This is what we've been waiting for. Very possible we could cover for pennies a share!!
Buy and Hold strategy has now turned into Buy and HOPE!!
Soon to be turned into Holding with NO Hope!!
They have a $225 million interest payment due next week. If they miss it, as expected, there should be a lot of downside movement. Until then should continue trading in the current range.
Bankruptcy won't be announced until after it happens. The most recent example that come to mind is GTAT. That stock was trading normally and suddenly it was halted for "news pending". When trading resumed after the bk announcement, longs saw their value drop 90% with no way out. CZR has an interest payment of $225 million due in ten days, which it is expected to skip. If it does, then look for bankruptcy announcement in 30 days.
Looks like the beginning of the end now. Motley Fool just put out an article predicting CRZ will be forced into bankruptcy next month. Our short shares will become ever more profitable as more and more see the inevitable writing on the wall. The last coup[le days the mm's were able to dump shares by running up the price in the early hours before selling it off later in the day. Today the best they could do was push it to 16.14 for a couple hundred shares. If you were wise enough to acquire a short position, don't cover. You are holding a 90 - 99%% profit potential when the financial dam holding CZR together finally busts wide open.
no surprise. CZR is expected to skip a @225M interest payment later in the month and seek Chap 11 BK next month.