Tag: Not Sports But Whatever

5 times the sports world crossed over with the GameStop and Reddit madness

What a week it’s been.

Well. It was quite a week, wasn’t it?

This whole GameStop stock market madness was everywhere, with people trying to understand how a bunch of investors on Reddit made some stocks attached to struggling companies go way, way WAY up. Investing app Robinhood made headlines as well, and yeah, it feels like this story is far from over.

It was so much in the news that the sports world was even buzzing about it or joking about the “STONKS” memes that were popping up on all corners of the internet. So here’s a roundup, starting with Kansas City Chiefs QB Patrick Mahomes mentioning it to reporters.

The latest Robinhood news has GameStop stock exploding again

Another chapter in this saga.

If you’ve been following the GameStop stock saga — which is what I’m calling it but it’s really a stock market saga involving a bunch of companies and some investors on Reddit who are driving prices up all over the place — you know the latest chapter was investment app Robinhood restricting trades of certain stocks, including GameStop.

That might have led to the already huge price of GameStop dipping a bit on Thursday, but still at pretty extraordinary values.

But now there’s some reports about what’s next for Robinhood: per the New York Times, it raised $1 billion from its investors after all this “activity [that] has put a strain on Robinhood, which has to pay customers who are owed money from trades while posting additional cash to its clearing facility to insulate its trading partners from potential losses.”

Now, CNBC reports that Robinhood “said it will resume limited trading of previously restricted securities” after that influx of cash.

And that, in turn, sent pre-market prices of GameStop shooting up:

GameStop shares shot up 75% to trade at $339 in premarket trading, after closing down 44% to $193.60 during regular hours Thursday. The stock’s high for the week is $483.

The site also reports AMC and Bed Bath and Beyond — among the other stocks targeted for similar reasons — are up before the market opens on Friday morning.

So … this madness continues.

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The Robinhood stock app restriction on GameStop and others, explained

Another chapter in this wild saga.

Welcome to FTW Explains, a guide to catching up on and better understanding stuff going on in the world. Today, we’re catching you up on the latest chapter in the stock market saga that has GameStop and other companies suddenly seeing their prices go up, and it involves an app.

This week, we’ve explained what the heck is going on with this madness on the stock market, in which investors on Reddit have flocked to various stocks that are being “short sold” and pumping up the value. It’s had a ripple effect that’s included New York Mets owner Steve Cohen infusing money into a firm hit hard by this. It’s pretty wild.

But something happened on Thursday morning that has social media abuzz and it involves something call Robinhood.

Dude, that’s a typo. It’s Robin Hood.

Oh, you must be confused. Robin Hood is the English legend of the guy who took from the rich and gave it to the poor.

Robinhood is a stock trading app that touts “commission-free investing.”

And what’s going on with them?

Seems like a lot of people have been using it to trade stocks like GameStop, AMC Theaters, Nokia and other apps that have been discussed by Redditors.

So what happened Thursday morning?

In a blog post, the app announced it was restricting transactions for many of the stocks being targeted — AMC, BlackBerry, Bed Bath and Beyond, Express Inc, GameStop, Koss Corporation, Naked Brand and Nokia.

What?! Does that mean people are stuck with that stock?

No. Users are allowed to sell them only, but they can’t do anything else with them.

What did they say about it?

Here are excerpts:

Our mission at Robinhood is to democratize finance for all. We’re proud to have created a platform that has helped everyday people, from all backgrounds, shape their financial futures and invest for the long term.

We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities. …

We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures.

I can’t imagine people were happy about this.

You would be correct:

Those are the ones we could print.

So what are these investors going to do now?

They’re trying to find other apps to do their buying and there’s A LOT of social media chatter on how those who own these stocks should NOT sell them.

It sounds pretty chaotic right now.

Yup.

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AMC and 4 other stocks being bought like GameStop

This is nuts.

Something absolutely stunning is happening with the stock market this week, as a group of investors on Reddit helped drive up the price of GameStop stock, leading to some firms who were invested in it getting hit hard (New York Mets owner Steve Cohen reportedly helped bail out one of those firms).

But on Tuesday and Wednesday, we’ve seen other stocks getting this kind of boost. The top United States trend on Wednesday morning was #SaveAMC as investors rallied to buy into the theater chain that has taken a hit during the COVID-19 pandemic, apparently using a similar strategy that was used to drive up the price of GameStop (at least that’s my understanding of it!).

Here are some of the stocks experts see as getting that treatment:

The GameStop stock explosion, explained

This is wild.

Welcome to FTW Explains, a guide to catching up on and better understanding stuff going on in the world. Today, we’re covering GameStop’s stock price going absolutely wild in the last few days.

It’s what I said above — you may have seen some news about GameStop and its stock price fluctuating like crazy (mostly up, for a couple of days!) or seen a chart that shows skyrocketing value.

Are you confused about a video game and electronics retail chain suddenly getting a huge boost in the middle of a pandemic? That’s where this explainer comes in. Let’s jump in with the first question:

What’s this now about GameStop?

GameStop Corp. has, per their site, over 5,000 stores across the United States with an HQ in Texas. They sell video games and hardware, along with other game-related stuff like collectibles, board games and toys.

Why are they in the news?

On Friday, their stock price began climbing steadily, starting at over $45. By the end of that day’s trading, it was up to over $61.

Doesn’t seem like a big deal. Stocks go up and down all the time?

True. But there’s an explanation for this that’s pretty wild.

Oh?

Yeah. On Thursday, an author and investor named Andrew Left from Citron Research posted a video about GameStop stock, touting that the price would fall back and would reward those who sold short on it.

That came after Ryan Cohen, who had founded Chewy, was appointed to the company’s board and there was hope he could save the struggling company. resulting in an increase in the stock price in recent days.

Left and others believed the price going up was too good to be true.

What’s that about “selling short?”

That’s a way to invest in the stock market. And the best explanation I’ve seen for it comes from The Verge:

Some investors, known as shorts, essentially bet that a company’s stock will fall. These investors borrow stock from other investors and sell it — with plans to buy it back when the prices fall and then return it to the original owner.

And when they return the stock at a lower price to the original owner, they make money off of the difference in stock price.

But what happens if the stock price goes up?

AHA! Good question! That’s what creates what’s called a “short squeeze.” From CNN:

That’s a risky strategy: If a stock suddenly spikes higher, short sellers may have to rush en masse to buy back shares or risk losing their shirts. The more that a shorted stock goes up, the bigger the losses become if a short seller doesn’t buy back (or cover) their position. That creates the squeeze.

So that’s how did the price went up so high on Friday?

Yup.

Who was investing all that money?

It’s thanks to Reddit.

Seriously?

Well, not the company. But a group of investors on r/wallstreetbets rallied together and bought into GameStop stock … and the price rose 51 percent on one day of trading on Friday, with trading halted briefly.

Left wrote in a since-deleted tweet that he and his company were harassed and threatened by investors after posting his video.

What happened on Monday?

The stock went even higher — per CNBC, it got up to $159.18 with more halts due to volatility. As of near 3 p.m. ET on Monday, the price dropped and was at around $82 per share.

Wild.

Isn’t it?

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Darth Spreader! Scotland has the funniest names for its fleet of snow plows

So many good ones!

As someone who loves punny dad jokes, the thing that the internet discovered this week is right in my wheelhouse.

A Twitter user discovered that Scotland snowplows — known as “gritters,” as I just learned on Friday — have actual names attached to them.

And those names are gold Jerry, GOLD!

There’s Mr. Plow (that name again is Mr. Plow), Ice Destroyer, BFG — Big Friendly Gritter, Yes Sir Ice Can Boogie, Sir Salter Scott and For Your Ice Only.

I’ve spent about an hour chuckling at the full list (see below). This is just the best and now I want to name my own snow plow if I owned one.

And now I have this stuck in my head the rest of the day:

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Memorial Day 2020: 8 fun things to do on the holiday

How to celebrate this weekend.

It may have sneaked up on you given what we’re dealing with right now in the United States, but yes: Monday, May 25, 2020 is Memorial Day.

That may have put a damper on your normal plans during the holiday weekend. Still, the hope is — wherever you are — you can do something to enjoy the time off if you have it.

That’s what this is list is for: some ideas for activities despite the fact that we’re still practicing social distancing and quarantining. Many of them will sound obvious and familiar, but it’s a good time to modify them.

So here’s what we’ve come up with:

1. Grill it up (indoors or outdoors)

If you’re stuck inside, this is where you get creative: use a grill pan or — if you don’t have one — anything else lying around to cook up whatever your traditional Memorial Day feast is. Then, spread out a blanket in your living room, open the windows and enjoy.

If you can get outdoors? I’m taking the advice from UMass Dartmouth Biology Professor Erin Bromage, who told CNN if you’re inviting family or neighbors over, “It’s bring your own food.” So have everyone BYOF and sit distanced from each other.

2. Follow the rules of your local beaches

The state-to-state policies differ, so if you’re intending on going to the beach, check your local laws.

3. Go for a hike

This has been my favorite thing to do during this time.

4. Go for a bike ride

Same.

5. Run a virtual race

I’ve seen a few of these around. If you’re used to running, say, a 5K on that Monday, you can challenge yourself and time your run.

6. Do a marathon binge watch

This is my own idea, because I’m a couch potato. Wake up, eat breakfast, and off you go to watch a series you’ve been thinking about tackling. Or you could do a movie marathon with flicks from one of the streaming services like Hulu, Amazon, or Netflix.

7. Enjoy a “live” performance

The New York Times has a good list of what will be live-streaming this weekend.

8. Watch a commemoration

Memorial Day honors those who died serving in the U.S. armed forces. Although some memorials are closed, events like the National D-Day Memorial online commemoration will stream on Monday.

Stay safe!!

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Cleveland news station’s ‘What Day is It?’ segment is what we’re all feeling right now

We all need this right now.

Let’s face it: time is a flat circle (I’m not even sure I’m using that right, but whatever!) as we wake up each morning and wonder exactly what day it is.

Well, the good folks at FOX8 in Cleveland have a feature they’ve started doing every morning that’s a public service for everyone watching.

It’s called “What Day is It? With Todd Meany,” and let me tell you, it’s a delight. It both helps you remember what day it is and it’s hilarious as Meany simply tells the world what day it is and leaves some dead air. This will never, ever get old for me. It all started on April 1 (that was a Wednesday):

And here are some more:

Bravo.

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What is ‘Zoom bombing’ and how can you prevent it?

A new, not-so-great trend.

Welcome to FTW Explains: a guide to catching up on and better understanding stuff going on in the world.

While we’re all stuck at home during social distancing and isolation during the coronavirus pandemic, hopefully you’ve discovered the joys of having conversations — or playing online games — with loved ones, family and friends on video conferencing services like Zoom and Google Hangouts.

But there’s a trend that’s become a problem for Zoom users called “Zoom bombing.” If you’ve heard about it and are looking for ways to prevent it, you’ve come to the right place. Here’s a breakdown and explanation of the trend:

What is Zoom?

It’s a leading video conference service that allows many users to chat with each other at once.

What is Zoom bombing?

It turns out a complete stranger can actually come into your meeting or chat and wreck havoc.

Oh, like photobombing?

Well, it’s a lot worse than that.

… What do you mean by that?

Those strangers are sometimes sharing pornographic images, or using threatening or hate language. Imagine if your young kids were on, say, a school meeting and suddenly it was interrupted that way.

Yikes.

Yep. It’s gotten so bad that, as Newsweek reported, “the FBI has warned the public of the potential for ‘Zoom-bombing,’ after two schools saw their online classes get hijacked on the popular video conferencing app Zoom.

So how do you prevent this from happening?

I’ve seen a number of suggestions I’ll throw in here. The first is from The Verge, which gives you this instruction:

 If you schedule a meeting from the web interface, you won’t see the option to disable screen sharing. Instead:

  • Click on “Settings” in the left-hand menu
  • Scroll down to “Screen sharing” and under “Who can share?” click “Host Only”
  • Click on “Save”

From a mobile device, you can tap the “MORE (…)” button in the bottom right corner and turn off sharing in “Meeting settings.”

Business Insider suggested to go to “account management > account setting,” find the “waiting room” button and turn it on. That way, the host can allow in participants who are invited and weed out uninvited guests who will sit in the queue.

And then there’s a quote from a Zoom spokesperson given to Forbes:

“For those hosting private meetings, password protections are on by default and we recommend that users keep those protections on to prevent uninvited users from joining. We also encourage users to report any incidents of this kind directly so we can take appropriate action.”

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Everyone is pulling the same silly toilet prank on each other during social distancing

This is EVERYWHERE.

With everyone stuck in their houses, pulling pranks can’t be easy (and it’s a high-stress time, so not everyone is going to take those well).

But folks have found a silly, very innocent prank to pull off while in isolation as the coronavirus pandemic continues: they’re turning their toilet bowls into funny faces.

Let me explain further: you take a pair of toilet paper rolls and put them on top of the lid to make eyes. Then, you take an empty cardboard roll (it can be from toilet paper or paper towels) and stick it between the lid and seat.

Finally, you scream out, “THE TOILET IS SMOKING!” Someone(s) inevitably come running in a panic and they see this:

Seriously, EVERYONE is doing this:

There are like 10,000 more of these. You get the picture. For the record, I think it’s hilarious.

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