{"id":7836,"date":"2011-10-27T21:10:18","date_gmt":"2011-10-28T01:10:18","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=7836"},"modified":"2011-10-27T21:10:18","modified_gmt":"2011-10-28T01:10:18","slug":"ceo-hastings-wins-big","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/10\/27\/ceo-hastings-wins-big\/","title":{"rendered":"CEO Hastings Wins Big Even As NFLX Continues Erasing Its Multi-Year Rally"},"content":{"rendered":"

This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

December 10, 2010<\/strong>
\nNetflix (NFLX) closed at $194.63.
\nCEO Reed Hastings scolds famous investor Whitley Tilson for shorting Netflix stock in “Netflix CEO Reed Hastings Responds to Whitney Tilson: Cover Your Short Position. Now.<\/a>“:<\/p>\n

{snip}<\/p>\n

In less than a year since advising shorts like Tilson to cover, NFLX lost 60% in value while Hastings grossed at least another $40M. Hastings still owns 1.1M shares<\/a> and lost about $46M in paper wealth on Tuesday. Yet, he clearly comes out the clear winner in this mess. NFLX could trade to zero, and he will still live quite well, forever and a day. <\/p>\n

{snip}<\/p>\n

According to Jim Cramer, the green side of the mountain bears the painful signature of massive short-covering<\/a>:<\/p>\n

{snip}<\/p>\n

I do have a quibble with the specifics of Cramer’s characterization of the role of shorts in this mess given the data do not quite match his claims. Over the past year, shorts did decline about 24%. However, most of that decline occurred over just two months in the summer, one month before and after NFLX hit its all-time peak. Before and after this period, shorts held steady in absolute terms bouncing within a range of 2M shares.<\/p>\n


\n
\"NFLX<\/a>
NFLX shorts exited during the summer<\/figcaption><\/figure>
\nSource: NASDAQ.com<\/a><\/strong>
\n<\/center><\/p>\n

As of September 30, shorts were still 16% of the float<\/a> with 8.1M shares short. So, I find it a bit odd that Cramer goes on to blame a lack of short interest for the vacuum in buying interest that sucked NFLX down so far on Tuesday.<\/p>\n

{snip}<\/p>\n


\n
\"Will<\/a>
Will NFLX eventually return ALL its gains from its breakout or point of lift-off?<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

Be careful out there!<\/p>\n

This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"

This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece.) December 10, 2010 Netflix (NFLX) closed at $194.63. CEO Reed Hastings scolds famous investor Whitley Tilson for shorting Netflix stock in “Netflix CEO Reed Hastings Responds to Whitney Tilson: Cover Your Short Position. Now.“: {snip} … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[220],"tags":[713,404,405,419],"class_list":["post-7836","post","type-post","status-publish","format-standard","hentry","category-earnings","tag-jim-cramer","tag-netflix","tag-nflx","tag-short-interest"],"yoast_head":"\nCEO Hastings Wins Big Even As NFLX Continues Erasing Its Multi-Year Rally - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/10\/27\/ceo-hastings-wins-big\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CEO Hastings Wins Big Even As NFLX Continues Erasing Its Multi-Year Rally - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"This is an excerpt from an article I originally published on Seeking Alpha. Click here to read the entire piece.) December 10, 2010 Netflix (NFLX) closed at $194.63. CEO Reed Hastings scolds famous investor Whitley Tilson for shorting Netflix stock in “Netflix CEO Reed Hastings Responds to Whitney Tilson: Cover Your Short Position. Now.“: {snip} ... 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