the end is near. i'll try to catch it when it is finally delisted.
So, if you hadn't shorted them but had bought them, you would probably own the last place, right?
How will it work with you shorting them as they bankrupt out?
@MsMorrisine said:
once delisted due to all operations ceased and shareholders wiped out, then the value is at $0 and stays there. it's a 100% gain at that point.
Delisting can occur without a cease of operations and without a value of $0. Most exchange delistings occur because the stock price dropped below a require threshold, usually a couple of dollars. Such stock normally then moves to the pink sheets or OTC.
@MsMorrisine said:
once delisted due to all operations ceased and shareholders wiped out, then the value is at $0 and stays there. it's a 100% gain at that point.
Delisting can occur without a cease of operations and without a value of $0. Most exchange delistings occur because the stock price dropped below a require threshold, usually a couple of dollars. Such stock normally then moves to the pink sheets or OTC.
This is why stocks approaching the delisting price will do a reverse split - to bring the price up.
@Wingsrule said: @Ms. Morrisine pretty much locked in his double with Friday's announcement.
In real life the shorting of a stock that is likely to go bankrupt would not be as profitable as a 100% gain. The person shorting the stock would have to pay a borrow fee. The borrow rate Pier 1 on an annual basis has been in excess of 100%. So if the trade was closed out today they would be lucky to have achieved a small profit.
@OPA said:
This has got to be the most quiet summary in years with only one having more than a 3 point move...What happened to streeter's pick?
I fully intend to investigate my last place standing but the pubs just reopened so it'll have to wait a bit. I'm hoping it is just a decimal error because nothing much has changed.
Issuer of my fantasy pick, TVIX, will be delisting it July 2 which will send it to the over the counter pink sheets. While I've collected my profits on it a few times in the real world we will most likely see it end up at the bottom of the contest by year's end. It's been a good real world ride, hope others got on and then off the train at the right times.
Concerning, TVIX
Will this still be tracked on pink sheets untill dec31? Or will the price at delisting stick for the contest.
I have heard pink sheet buy/sells are hard to gauge at times with liquidity.
Just curious, and congrats @derryb for the time you spent as #1
As part of its continuing effort to monitor and manage its suite of exchange traded notes, Credit Suisse AG has decided to delist the foregoing ETNs with a view to better align its product suite with its broader strategic growth plans. Accordingly, Credit Suisse AG anticipates that (x) the NYSE ETNs will continue to trade on NYSE Arca up to and including July 10, 2020 and (y) the Nasdaq ETNs will continue to trade on The Nasdaq Stock Market up to and including July 2, 2020 . The delisting of the ETNs will become effective on July 12, 2020 . In addition, Credit Suisse AG will suspend further issuances of the NYSE ETNs effective June 22, 2020 , and will suspend further issuances of the Nasdaq ETNs effective July 3, 2020 .
Following their delisting, the ETNs will remain outstanding, though they will no longer trade on any national securities exchange. The ETNs may trade, if at all, on an over-the-counter basis.
It is possible that this announcement and the delisting and suspension of further issuances of the ETNs, as described above, may influence the market value of the ETNs. For example, delisting the ETNs will remove the primary source of liquidity for the ETNs and investors may not be able to sell their ETNs in the secondary market at all. In addition, suspending further issuances of the ETNs may further adversely affect liquidity for any secondary market that may develop following a delisting. Credit Suisse AG cannot predict with certainty what impact, if any, these events will have on the public trading price of the ETNs. Investors are cautioned that paying a premium purchase price over the indicative value of the ETNs could lead to significant losses. An investor that pays a premium for the ETNs, for example, may suffer significant losses if the investor is unable to sell the ETNs in the secondary market, if the investor sells at a time when the premium has declined or is no longer present or if Credit Suisse AG accelerates the ETNs at its option. Even if investors do not pay a premium over the indicative value of the ETNs, investors could still suffer substantial losses because of the illiquidity associated in the secondary market. For instance, investors may not be able to sell the ETNs readily and may suffer substantial losses and/or sell the ETNs at prices substantially less than their intraday indicative value or closing indicative value, including being unable to sell them at all or only sell them for a price of zero in the secondary market.
@derryb said:
Why would Credit Suisse make such a move? I assume it's got to be bad for the share price.
" better align its product suite with its broader strategic growth plans. "
not enough money in it?
Or too much risk: Unlike ETFs, ETNs are unsecured debt obligations issued by banks that are backed by the issuer rather than the assets the product is linked to.
While it's price peaked back in mid-March the number of TVIX holders recently spiked to new highs. Maybe CS is positioning itself to avoid an expected spike in volatility that would most likely be caused by a major Wall St. index decline.
@derryb said:
Why would Credit Suisse make such a move? I assume it's got to be bad for the share price.
" better align its product suite with its broader strategic growth plans. "
not enough money in it?
From what I gather, CreditSuise makes about 25 million a year through decay fees on the ETN
One part of the above press release "if Credit Suisse AG accelerates the ETNs at its option."
Does that mean they can accelerate the decay of outstanding shares?
Also I heard the prospectus was rewritten very recently here... This is definitely a strange move
@derryb said:
Issuer of my fantasy pick, TVIX, will be delisting it July 2 which will send it to the over the counter pink sheets. While I've collected my profits on it a few times in the real world we will most likely see it end up at the bottom of the contest by year's end. It's been a good real world ride, hope others got on and then off the train at the right times.
Although 1/3 of my $$$ in this contest is in TVIX, I make it a habit not to invest personally in any of my picks. Thank God...saved my ars many a times over the years.
"Bongo drive 1984 Lincoln that looks like old coin dug from ground."
@derryb said:
Issuer of my fantasy pick, TVIX, will be delisting it July 2 which will send it to the over the counter pink sheets. While I've collected my profits on it a few times in the real world we will most likely see it end up at the bottom of the contest by year's end. It's been a good real world ride, hope others got on and then off the train at the right times.
Although 1/3 of my $$$ in this contest is in TVIX, I make it a habit not to invest personally in any of my picks. Thank God...saved my ars many a times over the years.
TVIX has served me well in the real world. The secret is short term trading, not long term hold as is required by this contest.
The following nine Credit Suisse AG exchange-traded notes (ETNs) will be delisted effective July 12, 2020. Those listed on the Nasdaq® will trade through Thursday, July 2, and those listed on the NYSE® Arca will trade through Friday, July 10. Afterward, they will no longer trade on any national securities exchange. If they trade at all, it may be in the over-the-counter (OTC) markets.
In addition, Credit Suisse AG suspended further issuances of the NYSE Arca-listed ETNs on June 22, 2020, and will suspend further issuances of the Nasdaq-listed ETNs on July 3, 2020.
9 Credit Suisse VelocityShares™ ETNs set to stop trading as soon as end-of-day 7/2
UGLD, USLV, DGLD, DSLV, ZIV, VIIX, and TVIX will no longer trade on any national securities exchange after July 2. UGAZ and DGAZ will stop trading after 7/10. They will be delisted on 7/12 and there will be no further issuances of these ETNs.
Comments
1/3 of us are ahead of the game.
https://www.cbsnews.com/news/pier-1-close-all-540-stores/
the end is near. i'll try to catch it when it is finally delisted.
So, if you hadn't shorted them but had bought them, you would probably own the last place, right?
How will it work with you shorting them as they bankrupt out?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
once delisted due to all operations ceased and shareholders wiped out, then the value is at $0 and stays there. it's a 100% gain at that point.
Yep
Delisting can occur without a cease of operations and without a value of $0. Most exchange delistings occur because the stock price dropped below a require threshold, usually a couple of dollars. Such stock normally then moves to the pink sheets or OTC.
Give Me Liberty or Give Me Debt
This has got to be the most quiet summary in years with only one having more than a 3 point move...What happened to streeter's pick?
Man I picked a couple of absolute dogs this year, ouch.
This is why stocks approaching the delisting price will do a reverse split - to bring the price up.
Give Me Liberty or Give Me Debt
@Ms. Morrisine pretty much locked in his double with Friday's announcement.
In real life the shorting of a stock that is likely to go bankrupt would not be as profitable as a 100% gain. The person shorting the stock would have to pay a borrow fee. The borrow rate Pier 1 on an annual basis has been in excess of 100%. So if the trade was closed out today they would be lucky to have achieved a small profit.
https://iborrowdesk.com/report/PIR
Looks like I fell back by 2 again! LOL
my broker does not charge to borrow short
Sorry about that, Streeter! Decimal point issue.
We have a contest again at the top as derryb's pick continues to lose gorund.!
I fully intend to investigate my last place standing but the pubs just reopened so it'll have to wait a bit. I'm hoping it is just a decimal error because nothing much has changed.
Ya might wanna look a few posts up first...
Wingsrule, you've done a TERRIFIC job organizing and tracking all this for us this time around! Thanks!
Here's a warning parable for coin collectors...
I'm coming for the goat!!
Good luck...tough act to beat.
only because blind faith in the FED is temporarily gaining ground.
Give Me Liberty or Give Me Debt
Or could it be that the "doomsayers" are beginning to see the light at the end of the tunnel?
Call them what you want but facts remain facts.
Give Me Liberty or Give Me Debt
check out PIRRQ chart over the past 5 days
Just sold all my stocks.
Buying low and selling high is harder than I thought!
(It was starting to feel like irrational exuberance).
Here's a warning parable for coin collectors...
or HTZ, CHK or any of those other (almost) BK companies...
CHK my 70% long. someone once said "It's a long way to the top if you want to rock n' roll" lol
The whole worlds off its rocker, buy Gold™.
Moving on... , as it were.
Half the crew is now positive for the year, with the average portfolio in the black (just barely).
41 seems off...
booger was 100% short BYND, which has more than doubled YTD. And I apparently didn’t include pragmaticgoat in my data set for sorting.
Issuer of my fantasy pick, TVIX, will be delisting it July 2 which will send it to the over the counter pink sheets. While I've collected my profits on it a few times in the real world we will most likely see it end up at the bottom of the contest by year's end. It's been a good real world ride, hope others got on and then off the train at the right times.
Give Me Liberty or Give Me Debt
Concerning, TVIX
Will this still be tracked on pink sheets untill dec31? Or will the price at delisting stick for the contest.
I have heard pink sheet buy/sells are hard to gauge at times with liquidity.
Just curious, and congrats @derryb for the time you spent as #1
It's all about what the people want...
I would not count TVIX out just because they move it OTC.
The company will suspend any new issuances although existing shares will remain available on the over-the-counter (OTC) market.
no new issuances is not good, but they have to manage what they've got outstanding.
:
:
In addition, Credit Suisse is axing ETNs linked to gold, silver and natural gas as well.
https://www.thestreet.com/etffocus/market-intelligence/tvix-gets-delisted-a-few-days-after-its-the-most-added-security-on-robinhood
Why would Credit Suisse make such a move? I assume it's got to be bad for the share price.
Give Me Liberty or Give Me Debt
As part of its continuing effort to monitor and manage its suite of exchange traded notes, Credit Suisse AG has decided to delist the foregoing ETNs with a view to better align its product suite with its broader strategic growth plans. Accordingly, Credit Suisse AG anticipates that (x) the NYSE ETNs will continue to trade on NYSE Arca up to and including July 10, 2020 and (y) the Nasdaq ETNs will continue to trade on The Nasdaq Stock Market up to and including July 2, 2020 . The delisting of the ETNs will become effective on July 12, 2020 . In addition, Credit Suisse AG will suspend further issuances of the NYSE ETNs effective June 22, 2020 , and will suspend further issuances of the Nasdaq ETNs effective July 3, 2020 .
Following their delisting, the ETNs will remain outstanding, though they will no longer trade on any national securities exchange. The ETNs may trade, if at all, on an over-the-counter basis.
It is possible that this announcement and the delisting and suspension of further issuances of the ETNs, as described above, may influence the market value of the ETNs. For example, delisting the ETNs will remove the primary source of liquidity for the ETNs and investors may not be able to sell their ETNs in the secondary market at all. In addition, suspending further issuances of the ETNs may further adversely affect liquidity for any secondary market that may develop following a delisting. Credit Suisse AG cannot predict with certainty what impact, if any, these events will have on the public trading price of the ETNs. Investors are cautioned that paying a premium purchase price over the indicative value of the ETNs could lead to significant losses. An investor that pays a premium for the ETNs, for example, may suffer significant losses if the investor is unable to sell the ETNs in the secondary market, if the investor sells at a time when the premium has declined or is no longer present or if Credit Suisse AG accelerates the ETNs at its option. Even if investors do not pay a premium over the indicative value of the ETNs, investors could still suffer substantial losses because of the illiquidity associated in the secondary market. For instance, investors may not be able to sell the ETNs readily and may suffer substantial losses and/or sell the ETNs at prices substantially less than their intraday indicative value or closing indicative value, including being unable to sell them at all or only sell them for a price of zero in the secondary market.
" better align its product suite with its broader strategic growth plans. "
not enough money in it?
i wonder if they'll manage what's left. i don't know.
Investor Contacts Credit Suisse ETN Desk , etn.desk@credit-suisse.com
The price will continue to be reported at the last sale, just like every other pick, regardless of the exchange.
Or too much risk: Unlike ETFs, ETNs are unsecured debt obligations issued by banks that are backed by the issuer rather than the assets the product is linked to.
While it's price peaked back in mid-March the number of TVIX holders recently spiked to new highs. Maybe CS is positioning itself to avoid an expected spike in volatility that would most likely be caused by a major Wall St. index decline.
Give Me Liberty or Give Me Debt
From what I gather, CreditSuise makes about 25 million a year through decay fees on the ETN
One part of the above press release "if Credit Suisse AG accelerates the ETNs at its option."
Does that mean they can accelerate the decay of outstanding shares?
Also I heard the prospectus was rewritten very recently here... This is definitely a strange move
It's all about what the people want...
Although 1/3 of my $$$ in this contest is in TVIX, I make it a habit not to invest personally in any of my picks. Thank God...saved my ars many a times over the years.
TVIX has served me well in the real world. The secret is short term trading, not long term hold as is required by this contest.
Give Me Liberty or Give Me Debt
ez come ez go.
The whole worlds off its rocker, buy Gold™.
CHK just filed BK. Looks like a couple folks will be vying for my last place ASE prize.
Strange times.
The following nine Credit Suisse AG exchange-traded notes (ETNs) will be delisted effective July 12, 2020. Those listed on the Nasdaq® will trade through Thursday, July 2, and those listed on the NYSE® Arca will trade through Friday, July 10. Afterward, they will no longer trade on any national securities exchange. If they trade at all, it may be in the over-the-counter (OTC) markets.
In addition, Credit Suisse AG suspended further issuances of the NYSE Arca-listed ETNs on June 22, 2020, and will suspend further issuances of the Nasdaq-listed ETNs on July 3, 2020.
9 Credit Suisse VelocityShares™ ETNs set to stop trading as soon as end-of-day 7/2
UGLD, USLV, DGLD, DSLV, ZIV, VIIX, and TVIX will no longer trade on any national securities exchange after July 2. UGAZ and DGAZ will stop trading after 7/10. They will be delisted on 7/12 and there will be no further issuances of these ETNs.
Some shuffling at the top!!
No matter what your picks were, hope your own portfolios are doing better than here. Stay safe and enjoy this holiday weekend.