Charles Payne unloads on Wall Street 'whining' about GameStop, AMC frenzy: 'Now you're losing'
'It's making me sick,' Payne said
FOX Business host Charles Payne on Wednesday condemned Wall Street's "whining" about a market frenzy tied to heavy trading and short-selling in shares of AMC Entertainment, GameStop and BlackBerry.
The "Making Money" host was discussing the dramatic surge in GameStop's stock price after a group of Reddit users and other retail investors teamed up to buy up the struggling retailer's call options – boosting GameStop Corp. shares by 642% since Jan. 12. and hurting market short-sellers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 27.27 | -1.78 | -6.13% |
| AMC | AMC ENTERTAINMENT | 5.04 | +0.09 | +1.82% |
| BB | BLACKBERRY LTD. | 2.56 | -0.01 | -0.39% |
"First of all, all of the nonsense, all of this noise, all of this whining by Wall Street – it's making me sick," Payne said during an appearance on FOX Business' "Cavuto Coast to Coast" Wednesday, adding that hedge funds were able to short 140% of Gamestop's stock Wednesday.
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"I didn't hear one person on TV complaining about Wall Street trying to crush GameStop," he said. "I told my subscribers: Buy this stock. And they made a fortune."
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He also told his subscribers to buy other stocks, including Virgin Galactic Holdings, National Beverage and Tanger.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 7.30 | +0.27 | +3.84% |
| FIZZ | NATIONAL BEVERAGE | 49.39 | -0.21 | -0.42% |
| SKT | TANGER INC. | 36.97 | -0.13 | -0.35% |
"You can't allow Wall Street to short 75% of a stock – and nobody says anything – crush these companies into the dirt, and then when the individual investor makes money, everyone's up in arms," Payne said.
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The FOX Business host added that one of his subscribers bought a house after earning $50,000.
"I am thrilled," Payne said. "If you're going to try to destroy a company by shorting 140% of its stock, you have to accept the fact that individual investors are playing the same game, and now you're losing."