Will Golden Nugget follow Penn & GameStop into Parabola Land?
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The capital markets are crazy. The stocks of nearly bankrupt companies are acting like vapid viral tweets. High-school graduates are day trading high-tech companies. GameStop experienced a historic short squeeze and went up 900% in three weeks to a high of $159.18. Gamestop lost $1.15 billion over the last two years. Golden Nugget is going to follow Penn & Gamestore into Parabola Land. It's like watching a wrestling match that starts off staged and gets out of control by accident.
GameStop and Penn National Gaming hit new all time highs yesterday. GameStop was ripe for a short squeeze, but Penn has only 9% of its float trading short. Golden Nugget Online Gaming from Tilman Fertitta's latest IPO could be a good match for the next bout of parabolic insanity. The new Golden Nggl's name reminds me of empty shell companies adding the word "Blockchain" to their names. It could literally be only one influential tweet away from being chased by young frenetic chip rollers looking for their next big online gaming capital gains jackpot. iReport.com:
