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Goldman sees hedge fund exposures close to records, ongoing sell-off risk after GameStop swings

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FILE PHOTO: A man wears a protective mask as he walks on Wall Street during the coronavirus outbreak in New York
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NEW YORK (Reuters) - U.S. hedge funds last week bought and sold the most stock in more than 10 years amid wild swings in GameStop Corp shares that many had bet against, but their market exposure to stocks is still near record levels, according to an analysis by Goldman Sachs Inc.

"According to Goldman Sachs Prime Services, this week represented the largest active hedge fund de-grossing since February 2009. Funds in their coverage sold long positions and covered shorts in every sector," the investment bank wrote in a note late Friday.

"Despite this active deleveraging, hedge fund net and gross exposures on a mark-to-market basis both remain close to the highest levels on record, indicating ongoing risk of positioning-driven sell-offs."

(Reporting by Joshua Franklin in Miami and Alden Bentley in New York; Editing by Lisa Shumaker)

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    Robinhood added additional restrictions to trades on its platform late Friday. The restrictions include the ability to only buy one share of GameStop Corp (NYSE: GME), one of the hottest stocks this week and one that has led to a major short squeeze. See also: Robinhood Alternatives Robinhood also placed restrictions on Thursday that halted the buying of certain stocks. The list of stocks that now have limited restrictions has climbed to 50, according to CNBC. Here is a look at the 50 stocks with restrictions on Robinhood and the current limit on the number of shares and options you can purchase. American Airlines Group Inc (NASDAQ: AAL): 1 share, 10 options Aurora Cannabis (NYSE: ACB): 1 share, standard limits First Majestic Silver Corp (NYSE: AG): 1 share, standard limits AMC Entertainment (NYSE: AMC): 1 share, 10 options Advanced Micro Devices Inc (NASDAQ: AMD): 1 share, standard limits BlackBerry Ltd (NYSE: BB): 1 share, 10 options Bed Bath & Beyond Inc (NASDAQ: BBBY): 1 share, 10 options BYD Co (OTC: BYDDY): 1 share Beyond Meat (NASDAQ: BYND): 1 share, standard limits Churchill Capital Corp IV (NYSE: CCIV): 1 share, standard limits Clover Health (NASDAQ: CLOV) 1 share, standard limits Curis (NASDAQ: CRIS): 1 share, standard limits Castor Maritime Inc (NASDAQ: CTRM): 5 shares Express Inc (NYSE: EXPR): 5 shares, 10 options EZGO Technologies (NASDAQ: EZGO): 5 share General Motors Corporation (NYSE: GM): 1 share, standard limits GameStop Corp: 1 share, 5 options Gran Tierra Energy (NYSE: GTE): 5 share, standard limits Hims & Hers Health (NYSE: HIMS): 1 share, standard limits Inovio Pharmaceuticals Inc (NASDAQ: INO): 1 share, standard limits Social Capital Hedosophia Holdings Corp V (NYSE: IPOE): 1 share, standard limits Social Capital Hedosophia Holdings Corp VI (NYSE: IPOF): 1 share, standard limits Jaguar Health Inc (NASDAQ: JAGX): 5 share, standard limits Koss Corp (NASDAQ: KOSS): 1 share Lianluo Smart (NASDAQ: LLIT): 5 share Moderna Inc (NASDAQ: MRNA): 1 share, standard limits Naked Brands Group (NASDAQ: NAKD): 5 shares The9 Ltd (NASDAQ: NCTY): 1 share Nokia Oyj (NYSE: NOK): 5 shares, 10 options Novavax Inc (NASDAQ: NVAX): 1 share, standard limits Opendoor Technologies Inc (NASDAQ: OPEN): 1 share, standard limits Rocket Companies Inc (NYSE: RKT): 1 share, standard limits RLX Technology (NYSE: RLX): 1 share, standard limits Rolls-Royce Holdings (OTC: RYCEY): 5 shares, standard limits Starbucks Corp (NASDAQ: SBUX): 1 share, standard limits Shoals Technologies Group (NASDAQ: SHLS): 1 share Siebert Financial Corp (NASDAQ: SIEB): 1 share, standard limits iShares Silver Trust (NYSE: SLV): 1 share, standard limits Sundial Growers Inc (NASDAQ: SNDL): 5 shares, 10 options Direxion Daily Semiconductor Bull 3x Shares (NYSE: SOXL): 1 share, standard limits Sorrento Therapeutics Inc (NASDAQ: SRNE): 1 share, standard limits Star Peak Energy Transition Corp (NYSE: STPK): 1 share, standard limits Tengasco (NYSE: TGC): 5 shares Tian Ruixiang Holdings (NASDAQ: TIRX): 1 share Tootsie Roll Industries (NYSE: TR): 1 share, 10 options Trivago (NASDAQ: TRVG): 55 shares, 10 options Workhorse Group (NASDAQ: WKHS): 1 share, standard limits Qualtrics International (NASDAQ: XM): 1 share, standard limits Zomedica Corp (NYSE: ZOM): 5 shares Why It’s Important: The list includes many of the high-flying popular among retail traders. Today’s list puts restrictions on several blue chip stocks for the first time, with stocks like General Motors and Starbucks having purchase limits. SPACs are also among the stocks restricted by Robinhood, including some completed SPAC merger companies, SPACs with pending deals and SPACs searching for targets hit by the restrictions. Disclosure: Author is long shares of CCIV, NAKD, SNDL. Related Link: Robinhood CEO On Trading Halts: 'We Made The Correct Decision' Photo courtesy of Robinhood. See more from BenzingaClick here for options trades from BenzingaBetter Christmas Present: New Video Game Or GameStop Stock?Citron Research No Longer Publishing Short Reports, Switches Focus To Multibaggers© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Barron's Latest Picks And Pans: Roundtable Picks, Quantumscape, Commodities And More

    This weekend's Barron's cover story explains why the online renegades that took the investing world by storm are just getting started. Other featured articles offer Barron's Roundtable stock picks for 2021, examine how retail has changed over the past century and ponder what's ahead for the markets in February. Also, the prospects for an EV battery maker, infrastructure stocks, commodities and more. Cover story "The GameStop Revolt Has Just Begun" by Avi Salzman and Connor Smith discusses how a band of online renegades took the investing world by storm. Investors can ignore some of the silliness surrounding AMC Entertainment Holdings Inc (NYSE: AMC), Bed Bath & Beyond Inc. (NYSE: BBBY), GameStop Corp. (NYSE: GME) and others, says the article, but the market may never be the same. Lauren R. Rublin's "Roundtable: 22 Ways to Invest in the Future" features the favorite stock picks for 2021 from Barron's Roundtable members. See why those recommendations include Boston Beer Company Inc (NYSE: SAM), Deere & Company (NYSE: DE) and Prologis Inc (NYSE: PLD). In "Commodities Are Starting to Rally. Play It With These Stocks and Funds," Andrew Bary makes the case that energy, metals and agriculture are poised to gain as global economies reopen and inflation stirs. Time to take a look at Freeport-McMoRan Inc (NYSE: FCX) or Newmont Corporation (NYSE: NEM)? Lithium-ion battery maker Quantumscape Corp (NYSE: QS) has a pioneering battery technology. So says "EV Battery Start-Up QuantumScape Is Driven Solely by Promise" by Al Root. What it will not have for five years is much revenue, and yet the share price has risen well more than 300% since August. In Kenneth G. Pringle's "From Dry Goods to Dot-Coms, How Shopping Has Changed Over the Past Century," the focus is on how the arrival of nationwide chains and department stores in the early 1900s changed the nature of shopping in America and the landscape of its communities, much as Amazon.com, Inc. (NASDAQ: AMZN) is doing now. "As GameStop and the Little Guys Soar, Big Tech Gets Forgotten" by Eric J. Savitz points out that earnings from Apple Inc (NASDAQ: AAPL) and Microsoft Corporation (NASDAQ: MSFT) confirmed their dominance. Still, market reaction suggests that there is some concern about these stocks. See also: Benzinga's Bulls And Bears Of The Week: Apple, Boeing, Netflix, Starbucks And More Infrastructure, including utilities, toll roads, airports and renewable energy, can offer some nice yields if investors look in the right places, according to Lawrence C. Strauss's "Infrastructure Stocks and Funds Offer Solid Dividend Yields. Here's Where to Look." Is Crown Castle International Corp (NYSE: CCI) worth a look? How about NextEra Energy Inc (NYSE: NEE)? In "Investors Who Own Blacklisted Chinese Stocks May Be in Limbo," Reshma Kapadia examines the options that smaller investors with American depositary receipts of blacklisted Chinese companies have as they try to divest their shares. Ben Levisohn's "It's Been a Rough January. Get Ready for an Even Worse February" says that this was supposed to be the Teflon stock market, able to absorb political turmoil, a resurgent virus and mediocre data to keep on rising. Then Reddit came along. What's next for the likes of Johnson & Johnson (NYSE: JNJ) and Facebook, Inc. (NASDAQ: FB)? Also in this week's Barron's: The surge in volatility as a warning sign for small investors Why investors are happy with Biden's patience on China After GameStop and WallStreetBets, the new rules for stock trading How investors can play a Reddit-driven market How small-cap fund managers are navigating the GameStop mess Whether more COVID-19 manufacturing partnerships are imminent Looking for a turnaround in gold's lackluster prices Whether it is time for climate risk disclosures Why fixing the wealth gap isn't one challenge but many interconnected ones Women making waves in the spirits world At the time of this writing, the author had no position in the mentioned equities. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter. Photo by M. B. M. on Unsplash. See more from BenzingaClick here for options trades from BenzingaBenzinga's Bulls And Bears Of The Week: Apple, Boeing, Netflix, Starbucks And MoreNotable Insider Buys Seen In The Past Week: Green Brick, Intel, Teledyne And More© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • 10 Ways to Reduce Your 401(k) Taxes

    How you take a 401(k) distribution can greatly impact your taxes. Read about 10 ways to help reduce the taxes you pay on 401(k) withdrawals.

  • The Upcoming Catalyst That Could Move Chinese EV Stocks Nio, Xpeng, Li Auto

    Chinese electric vehicle stocks have seen some moderation in momentum in recent sessions. One upcoming catalyst could lift the stocks out of this lackluster phase: the January delivery numbers that are due next week. Finding The Sweet Spot In China's EV Market: China is a hot EV market, both from the perspective of the addressable market opportunity and supply. "China is a greenfield EV market opportunity for many well positioned auto players as we believe overall EV sales can potentially double in the region over the next few years given the pent-up demand for EV vehicles from customers across all price points," Wedbush analyst Daniel Ives said in a note. Goldman Sachs analyst Fei Feng estimates EV penetration, including battery electric and plug-in hybrid vehicles, will increase from 5% in 2020 to 20% in 2025, 53% in 2035 and 80% in 2050. Xu Haidong, the deputy chief engineer of China Association of Automobile Manufacturers, said in a summit late last year that China's EV sales might reach 1.8 million units in 2021 — up 40% from a year earlier — thanks to stable economic growth, continuous stimulus policies on vehicle consumption and sales promotions by manufacturers. Yet the supply side is crowded with homegrown startups, international pure-play EV company Tesla Inc (NASDAQ: TSLA) and traditional automakers all vying for a piece of cake. Among the players in China, the standouts include Nio Inc – ADR (NYSE: NIO), Xpeng Inc – ADR (NYSE: XPEV), Li Auto Inc. (NASDAQ: LI) and WM Motors, backed by both Baidu Inc (NASDAQ: BIDU) and technology conglomerate Tencent Holdings ADR (OTC: TCEHY). Deutsche Bank Securities analyst Edison Yu said the firms are collectively the "Fab Four" of the China EV market. Nio On Record Streak: Nio, which has a premium positioning in the China EV market, has been reporting record delivery numbers of late. After the COVID-19 pandemic affected sales in the first two months of 2020, the company acquitted itself credibly through a series of innovative measures and technological enhancements. The company ended 2020 on a high, having delivered a record 43,728 vehicles for the year. It has been churning out record monthly numbers since August 2020. In December, Nio delivered a record 7,007 vehicles, comprising 2,009 ES8s, 2,493 ES6s, and 2,505 of the company's newly launched EC6s. Deliveries are sitting at a not-so-robust pace of 1,598 in January 2020. Given that Nio announced it would make good the reduction in government subsidies for vehicles purchased through Jan. 10 and a limited period zero down payment option, the pace of sales will likely have accelerated further. Nio's battery-as-a-service scheme has already begun to show a positive impact on sales. Related Link: Nio Analyst Sees Meaningful Tailwinds For EV Brand's Sales Volume Xpeng Makes The Right Noises: Xpeng, which listed its ADSs on the NYSE in late August, has also joined the party. "XPeng is well positioned to take market share in the mid-tier and lower premium market, delivering a tech-centric 'smart' experience through pushing the limits of its ADAS features and cockpit user interface functionality, especially in voice recognition," Deutsche Bank's Yu said in a note. Xpeng — which sells the G3, an EV SUV and the P7, an all-electric sedan — is expected to launch a new sedan with lidar technology this year. Earlier this week, the company launched a major over-the-air upgrade for its P7 sedan customers in China, delivering a new version of XPeng's operating system, Xmart OS 2.5.0. In December, Xpeng delivered a record number of 5,700 vehicles, a 326% increase year-over-year and a 35% increase month-over-month. For the year, the company delivered a total of 27,041 vehicles, a 112% increase year-over-year. Li Auto's Robust Performance: Li Auto also turned in a stellar December performance, with deliveries of 6,126 Li ONEs in December and 14,464 units for 2020. The monthly performance represented increases of 31.9% month-over-month and 529.6% year-over-year. Chinese EV Stock Performance: Nio shares ran up to record highs of $66.99 Jan. 11, reacting to the Nio Day event held Jan. 9. Since then, the stock has pulled back. Xpeng, meanwhile, peaked at $74.49 Dec. 24 before pulling back. After moving roughly sideways thereafter, the stock has staged a comeback in recent sessions. Li Auto is witnessing a lean patch after it hit an all-time high of $47.70, also on Dec. 24. The upcoming week's delivery numbers and the imminent fourth-quarter results could be the key to determine which way the stocks are headed. Photo courtesy of Nio. See more from BenzingaClick here for options trades from BenzingaBreaking Down Novavax's Coronavirus Vaccine Data: 2 Analyst TakesJohnson & Johnson's COVID-19 Vaccine Data: What You Need to Know© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • The Reddit Army Bailout: Desperate Companies Get New Lifelines

    (Bloomberg) -- It’s the kind of rescue that the most indebted companies in America can only dream of: a fresh injection of cash that doesn’t hurt their already depressed stock price or load even more costly debt onto their balance sheet.Yet thanks to the army of day traders who use Reddit to tout and bid up out-of-favor stocks and squeeze short sellers, firms such as American Airlines Group Inc. and AMC Entertainment Holdings Inc. have found themselves on the receiving end of just such a lifeline.Both took steps over the past week to sell hundreds of millions of dollars worth of shares and secure much-needed liquidity. Besides the companies themselves, there’s perhaps no bigger winner from the massive stroke of good fortune than their creditors. Just weeks ago many were staring at the possibility of significant losses as pandemic-fueled slumps had traders betting up the odds of default. Now the companies are suddenly in a position to raise fresh piles of cash to weather the storm, and could even use the funds to start paying down debt.“We certainly didn’t have a row for ‘surprise equity offering’ in our AMC model,” said Bill Housey, a senior portfolio manager at First Trust Advisors, who used to own AMC debt but fully sold out of his position in recent days. “Companies that were otherwise facing real financial challenges are finding an unexpected source of capital.”American Airlines declined to comment on their share sale beyond a Friday regulatory filing, while AMC didn’t respond to requests seeking comment.It’s no coincidence that some of the most troubled borrowers are now the ones benefiting the most from the retail-driven rallies. Their huge debt loads, combined with the devastating impact that Covid-19 has had on their ability to generate revenue, were among the reasons their stocks were so heavily shorted in the first place.American Airlines revealed plans on Friday to sell as much as $1.1 billion of stock through what is known as an at-the-market program, which allows companies to issue additional shares at market prices. The announcement came after their stock was up as much as 38% at its peak last week.Just a couple days earlier, AMC said it had raised more than $300 million through a similar program. Investment firm Silver Lake, one of the company’s main creditors, also seized on AMC’s surge to convert $600 million of bonds into equity, before selling the shares in the open market for a gain of over $100 million.The movie theater operator, whose stock soared 278% last week, is considering additional share sales, Bloomberg previously reported.Facing pressure to address the recent moves, the U.S. Securities and Exchange Commission on Friday said it’s evaluating the “extreme price volatility” of certain stocks and is working to identify potential wrongdoing. It added that companies “must ensure compliance with federal securities laws for any contemplated offers or sales of their own securities.”Most companies benefiting from the surge in their stock prices should consider taking similar steps, especially if they face near-term debt maturities or have liquidity challenges, according to Lloyd Sprung, head of debt advisory and restructuring at UBS Investment Bank.“They can use the cash to pay down debt, selectively fund open-market debt repurchases, tenders or targeted exchange offers,” he said.American Airlines, the most indebted major U.S. carrier, paid 11.75% in June to raise $2.5 billion via the bond market, and resorted to equity offerings and convertible notes to raise billions of dollars of additional liquidity.AMC, for its part, earlier this month secured a 400 million pound ($547 million) loan tied to its Odeon Cinemas unit that pays a rate of 10.75% in the first year before climbing to 11.25%. The deal is part of the $917 million the company has assembled since mid-December as it tries to stay solvent until vaccines bring back moviegoers.After rallying the past four days, American Airlines’ 5% unsecured notes due June 2022 now yield less than 1,000 basis points more than similar-maturity Treasuries for the first time since March 2020. AMC’s benchmark 12% bonds due 2026, meanwhile, have climbed from about 22 cents on the dollar at year-end to 74 cents on Friday, though they still yield over 18%.Traders are now keeping their eyes on other Reddit picks, such as GameStop Corp., Express Inc., Bed Bath & Beyond Inc., and Naked Brand Group Ltd., for potential stock sales after shares further extended run-ups on Friday.“It’s just so fortuitous,” said First Trust’s Housey. “While the trades may have hurt the shorts, in many names they helped the creditors.”(Updates with SEC statement in 10th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • After 10 Years of Underperformance, Commodities Are Set to Boom. Here’s How to Play the Rally.

    Commodities are starting to revive after a 10-year bear market. The recovery in commodity prices, Goldman Sachs analysts say, “will actually be the beginning of a much longer structural bull market” that could rival that of the 1970s, when gold rose 25-fold, and the mid to late 2000s, when oil peaked at over $140 a barrel. Global economies look poised to revive in the second half of 2021 as pandemic restrictions ease.