Open Interest as of the close yesterday on ALTR calls was through the roof. Nothing to see here. Just another 'normal' day on Wall Street. It's like watching everybody do 85MPH on the California freeway. Everybody driving knows the cops won't ticket any of them. Insiders are having a field day. They know that the SEC will stay soundly asleep when it isn't watching porn or trying to get brass ring jobs at the TBTF banks, as long as the Fed's stock market goes up.
JPM, Citi, and their primary clients are all in the Hamptons lighting cigars and snorting blow with $100 bills and $10K #$%$, courtesy of the grossly mispriced offering that they sold NVAX then immediately locked in with huge short positions. Nobody prices a 10% dilutive offering 22% below the mark unless their broker smells a Birmingham, Alabama-esque sucker at the end of his hook. JPM knows that the Birmingham boys are all in Federal Prison while its grifters got bonuses. Public companies are an even easier mark. JPM & Citi's parasite friends just made a couple dozen million dollars for 2 minutes' "work". Nobody cares. JPM should have priced it at $4.35. Nobody would care. Everybody would applaud Stan's savvy as Wall Street bends him and his existing shareholders over and his amateur board sits doe-eyed in reverence of the pinstriped and perfumed Wall Street brokers like a bunch of awestruck batboys. Carl Ichan on the board would have sent JPM and Citi packing with their balls on fire with that grossly mispriced offering.
Maybe lower. The stock market is at all-time superbubble highs and biotech is at extreme superbubble highs. It was brilliant not to dilute at $2/share like past dilutions. The broker who convinced them to do this was correct. I hope his friends made a fortune shorting NVAX.
The insider must have been right.
Are they still short and trying to convince NVAX to lower the Offering price to $5? LOL!
Tinfoil Hat Off.
That's a rule for you and I, not for Too Big To Jail banks protected by the Federal Reserve, or for the Best Congress that Money Can Buy, who are also exempt from insider trading. This is Animal Farm and we are not the pigs.
$6.75. The biotech bubble is finally bursting. They were 2 weeks too late. $6.75 only if JPM and C can find a new story to tell to pump it up while biotech finally seeks reality.
Surprise, surprise...The book runner pumps his book. Yeah, that's newsworthy. I do think that issuing this offering is brilliant before the bloom comes off what is by far the biggest biotech superbubble in the history of biotechs.
Unprotected by the Federal Reserve, there is only one direction to go.
Central Banks will just shift the price fixing. The China market is too small now. When it gets larger the London banksters will simply open offices over there and continue what they do best. Don't forget that banksters are immune to prosecution, prison or death penalties for corruption, even in China.
Bernanke - Yellen Print/ZIRP Superdebt Superbubble III is dwarfing Greenspan-Bernanke ZIRP Superbubble II and Greenspan Bubble I.
What's going on?
Fed paints itself into a corner again and once again the middle class savers and the frugal will get destroyed while the Banksters count their parasitic bonuses.
Fed moves the goalposts. Bernanke's Frankenstein has gone full circle and accelerated out of control. Now the Fed needs to lie again to fight Bernanke's global currency debauchment wars.
on itself now. Minsky Meltup is Hobson's choice now. Congratulations,. Ben. Greenspan's destruction will be a footnote in history compared with what you have done. You have protected your TBTF banks, your only true mandate, and have painted us into a hyperbolic meltup.
Nobody cares. The TBTF banks through their 'regulator' Federal Reserve, not congress, run the US. The 'government' is only a sideshow created to protect the Wall Street banks.