- REAL TIME CURATION
- of financial feeds, Wall Street research, communities, and social media -
- by traders for traders;
- MARKET COMMENTARY:
- Real time alerts on important factors which will affect or are affecting the market including technical factors and floor imbalances;
- ACTIONABLE CONTEXT:
- If applicable, within seconds and minutes, utilizing our real time database of accumulated Wall Street research;
Alerting users with News from Niche Publications
| 01/25/2021
$CCIV (Churchill Capital Group)
Lucid Motors
Monday morning, January 25, 2021 was definitely a day for the ages in the history of the world’s stock markets. Traders awoke to stocks such as Gamestop ($GME), Bed Bath & Beyond ($BBBY) and AMC Entertainment ($AMC) among others ticking higher by steep percentages. The action was attributed to traders from platforms such as Reddit joining together to buy companies known to be heavily shorted in hopes of initiating so-called “short squeezes.” The goal of a short squeeze is to drive a stock price to a level in which short sellers are forced to cover their position, thus, joining in the frenzy of buying due to big losses or a margin call.
One of the stocks also higher by double digits in the pre-market was a SPAC Churchill Capital Ord Shs Class A ($CCIV) or Churchill IV. Churchill IV, rumored to be finalizing a merger with luxury electric vehicle start-up maker Lucid Motors according to anonymous sources in a Bloomberg article from January 8th, , had gained 240% over the 2-week period. On Monday morning, Churchill IV shares were up another 20% in the pre and early market trading due to continued euphoria over the potential merger.
Fifteen minutes prior 11 AM, the Hammerstone team was alerted to an article published by Wccftech, a leading technology publication, stating the Churchill and Lucid Motors may have to delay their official merger announcement due to negotiations over a proposed Saudi Arabian factory. Churchill IV shares were trading +13% on the day when Hammerstone alerted subscribers to the Wccftech’s article. $CCIV shares quickly sold 7% lower on Hammerstone’s breaking news before shares were halted due to volatility. Upon re-opening 4 minutes later and briefly trading back to the level where Hammerstone originally posted, Churchill IV shares tumbled 24.6% over the next 15 minutes including 3 more trading halts (from $25 to just under $19) as the negative breaking news disseminated across Wall Street. While these traders were hearing about the Wccftech article up to 25minutes later, Hammerstone’s users were armed with this knowledge prior to dissemination at much higher prices.
HsMkt (10:44:55 am): $CCIV neg – Lucid Motors and the SPAC Churchill Capital Corp. IV (CCIV) May Have To Delay Their Merger Agreement Until Negotiations Over a Saudi Production Facility Conclude
HsMkt (10:44:58 am): $CCIV getting hit a bit, remains +12%
HsMkt (10:47:59 am): $CCIV halted for volatility
HsMkt (10:49:47 am): $CCIV remains halted for volatility after quick drop, remains +0.54% on day
HsMkt (10:54:21 am): $CCIV upon resuming trading, shares retrace, up 10%
HsMkt (11:10:05 am): $CCIV shares halted again, now down -15% on day
