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As Best Buy's Chairman Loses Almost Half A Billion In Two Hours, Here Are The Other Biggest Losers From Today's Mauling

Tyler Durden's picture





 

With Best Buy stock now down almost 15% for the day, it is not a good day for holders of the name, starting at the very top with Chairman Richard Schulze, whose 67.5 million shares in stock are now worth $400 million less than they were about two hours ago. And of course, with holdings of 22.5 million shares, expect Black Rock's Bob Doll to make 5 surprise appearances on CNBC explaining to the infidels one last time (expect for the next "last" time) how he expects the S&P to print at 10,000 in the next 12 months. That said, it is a little surprising to find none other than Hussman in spot 34 with 1.5 million shares.

 


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Tue, 12/14/2010 - 10:42 | Link to Comment SheepDog-One
SheepDog-One's picture

What? Schulzie wasnt dumping shares hand over fist along with all the other insiders?

Wed, 12/15/2010 - 00:06 | Link to Comment dehdhed
dehdhed's picture

it's gotta really suck to be him.  wish i had 400 million to lose and still have 85% left.  hell, i wish i had 67 million shares of a penny stock.

Tue, 12/14/2010 - 10:44 | Link to Comment Vergeltung
Vergeltung's picture

can't spin this too easily.....

Tue, 12/14/2010 - 10:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

They did already. The financial headlines are that retail sales are up up up. Ignore that ugly Best Buy behind the curtain until after Christmas.

http://finance.yahoo.com/news/Stocks-open-higher-on-strong-apf-531592874.html?x=0&sec=topStories&pos=main&asset=&ccode=

Tue, 12/14/2010 - 11:11 | Link to Comment SWRichmond
SWRichmond's picture

I saw that: Bloomberg has it up above their "Best Buy stinking" headline on their site

Tue, 12/14/2010 - 11:20 | Link to Comment Agent P
Agent P's picture

From Bloomberg (terminal) top stories:

4) U.S. Retail Sales Rise More Than Economists Forecast as Consumers Recover

 

5) Best Buy Cuts Annual Forecast as Profit Misses Estimates; Shares Retreat

I always find it funny when conflicting headlines are right next to each other.

Tue, 12/14/2010 - 11:23 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I always find it funny when conflicting headlines are right next to each other.

Systemic Cognitive Dissonance

Tue, 12/14/2010 - 11:37 | Link to Comment Agent P
Agent P's picture

Just humor (vs. struggle) in reconciling the contradiction.

Tue, 12/14/2010 - 22:58 | Link to Comment StychoKiller
StychoKiller's picture

Robots/software has no problems with DoubleThink!

Tue, 12/14/2010 - 12:28 | Link to Comment RmcAZ
RmcAZ's picture

From CNBC:

Retail Sales Strong Even as Inflation Gauge Shows Rise
...
Best Buy Earnings Miss on Surprise Sales Weakness

 

Tue, 12/14/2010 - 10:45 | Link to Comment jus_lite_reading
jus_lite_reading's picture

THAT is gonna be a doozy to spin. But they'll try, and some sheeple will believe it.

Tue, 12/14/2010 - 10:46 | Link to Comment Arius
Arius's picture

never bet against the american consumer!

 

Tue, 12/14/2010 - 10:47 | Link to Comment SheepDog-One
SheepDog-One's picture

Easy bet when the 'american consumer' is stone dead broke.

Tue, 12/14/2010 - 11:04 | Link to Comment doomandbloom
doomandbloom's picture

surely they can borrow some more....

Tue, 12/14/2010 - 11:22 | Link to Comment Ripped Chunk
Ripped Chunk's picture

No, not as much as this pyramid needs to keep from crumbling.

Tue, 12/14/2010 - 11:19 | Link to Comment Arius
Arius's picture

yeah, BUT we can print to infinity...and dump it out of helicopters...

Tue, 12/14/2010 - 10:46 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

They drank the grape cool aid.  Now they have purple lips.

Tue, 12/14/2010 - 11:38 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture
It is by will alone I set my mind in motion. It is by the juice of sapho that thoughts acquire speed, the lips acquire stains, the stains become a warning. It is by will alone I set my mind in motion.
Tue, 12/14/2010 - 10:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

And of course, with holdings of 22.5 million shares, expect Black Rock's Bob Doll to make 5 surprise appearances on CNBC explaining to the infidels one last time (expect for the next "last" time) how he expects the S&P to print at 10,000 in the next 12 months.

I'm always amazed how Doll's style of pump and dump is legal, yet those who pump the penny stocks are hung from the rafters. Do you suppose it has anything to do with political influence and being part of the "RICO" crowd.

Nah, I didn't think so. :>)

http://en.wikipedia.org/wiki/Racketeer_Influenced_and_Corrupt_Organizations_Act

Tue, 12/14/2010 - 11:20 | Link to Comment Ripped Chunk
Ripped Chunk's picture

R - Real

I - Insiders

C - Copping

O - Outrageous Wealth

Everyone else gets stripped of all assets and thrown in jail for 10 or 20 years.

 

Tue, 12/14/2010 - 10:51 | Link to Comment TexDenim
TexDenim's picture

Poor schmuck. But will it affect his quality of life?

Tue, 12/14/2010 - 11:00 | Link to Comment MaxVernon
MaxVernon's picture

great tits!

Tue, 12/14/2010 - 11:10 | Link to Comment TexDenim
TexDenim's picture

But what about my mind?

Tue, 12/14/2010 - 11:53 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

It it's as nice as the tits, I'll expect you to solve cold fusion and world hunger by lunch.

Tue, 12/14/2010 - 10:52 | Link to Comment virgilcaine
virgilcaine's picture

Maybe we see a chart of BBY today?  just follow the charts..

Tue, 12/14/2010 - 10:58 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

BBY 5 day chart. Watch out for that first step.

 

BBY 1 Year Chart

Tue, 12/14/2010 - 11:13 | Link to Comment Boilermaker
Boilermaker's picture

CD,

Can you post IYR???  Check that out.

Tue, 12/14/2010 - 11:31 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Thank God real estate is OK. Right? It's gonna be OK, right? Can someone give me a right......please?

 

 

Tue, 12/14/2010 - 11:41 | Link to Comment Boilermaker
Boilermaker's picture

Thanks...

BTW, it's still chugging upward after it's 'unexpected' clothes-line drop today.  I guess the BestBuy mushroom cloud was just dandy for CRE values and REITS.

REITS are so propped up now it's actually (or should be) embarrassing to those doing it.

Tue, 12/14/2010 - 10:58 | Link to Comment njdoo7
njdoo7's picture

It's unfortunate that many people lost pension and retirement investment, but it's fucking awesome to see agents of the oligarchs lose large sums of money.

Tue, 12/14/2010 - 11:00 | Link to Comment redpill
redpill's picture

Best Buy the fucking dip? I think I'll pass.

Tue, 12/14/2010 - 11:26 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Where the fuck is Harry Wanger?

Tue, 12/14/2010 - 11:31 | Link to Comment TWORIVER
TWORIVER's picture

Seems Harry is a West Coast guy, shows up around 9am out there.

Tue, 12/14/2010 - 11:51 | Link to Comment shortus cynicus
shortus cynicus's picture

he has a meeting with Johny Bravo

Tue, 12/14/2010 - 11:01 | Link to Comment Cdad
Cdad's picture

Oh, now Tyler, I almost feel like you are jerking my chain trying to get a rise out of me referencing Black Rock's Bob Dahl and his propensity to appear perpetually to say the same thing over and over.

Why I suspect that even if Tokyo was to suddenly disappear in a mushroom cloud, Bob would suggest going long "cloud" stocks because of the obvious connection between mushroom and server CLOUDS.

I suspect many of my ZH brethren are also feeling the chain jerk there, and rest assured that I will immediately commence with my next tome about how the criminal syndicate known as Wall Street must first be purged of folk like old Bob [and K. Langone]...because that would be the key to even thinking about starting in a tiny tiny way...to reconstruct something called integrity on Wall Street.  That whole criminal syndicate thing really needs some work...

But as for the CNBC part, I think the only way to fix that is for Comcast to decide that it does not want NBC to lose money in perpetuity, as GE seemed to be comfortable with for reasons I don't really understand, and market prices should do the work from there.

But what do I know...just mentioning a broker by name gets me all pissed off.

In the meantime, folk seem to be starting to figuring out now that oil is on longer the S&Ps bff...as I thought folk well might start figuring...eventually.

Tue, 12/14/2010 - 11:01 | Link to Comment wiskeyrunner
wiskeyrunner's picture

Oh look the stock indexes are up again, so much for yesterday late day selloff, must have been a glitch, now were back to the usual rising overbought market.

Tue, 12/14/2010 - 11:05 | Link to Comment Boilermaker
Boilermaker's picture

Look at IYR...

Commercial RE just did the biggest clothes-line reversal I have ever seen...

Un...be...lieve..able.

Tue, 12/14/2010 - 11:09 | Link to Comment Cdad
Cdad's picture

Ummmm...you might check the volume on your "clothes-line" reversal because, if you do, I think you will be comforted in the knowledge that this move, so early in the morning on a day when Cdad thinks things are probably going to get quite a bit more stressed....you'll see that the lie detector of volume is flashing...and those little lines are really jumping up and down.

Tue, 12/14/2010 - 11:42 | Link to Comment Boilermaker
Boilermaker's picture

Well, Christ, the entire 'market' is running on vapors.  It's the 'new normal'.

IYR now up 2.25%...and climbing unabated.

Low volume or not, this is laughable and pathetic.

Tue, 12/14/2010 - 11:51 | Link to Comment Cdad
Cdad's picture

Ummmm....well....I agree with the frustration, but I also know what I think I know even though I clearly know less than most people here.

I know that the criminal syndicate known as Wall Street may well hold those ETFs up there for a bit this morning.  It isn't because the RIETs are a great buy this morning [because even the syndicate must know by now that many malls are going to be dark by March], but rather they must whip the poor ETF managers up so that the syndicate can vomit the underlying stock into the gaping maw of, in this case, the IRY.

I think it will pass.  What is left to do, IMO, is to find an nice RIET that is priced for stupid and short it.  That is what I would do, anyway.

But you don't have to listen to me...when I say...that the ETF crisis will be next...sometime in 2011....when creation units machines making infinity shares will be revealed for what they truly are...now that the criminal syndicate known as Wall Street has put ETFs in the portfolios of the few average Joes still left in this market...

Tue, 12/14/2010 - 11:06 | Link to Comment jimgcpa
jimgcpa's picture

Hussman is dumb money.  His performance has been terrible in recent years.  However, I think he personally pockets around $50 million per year.  LMAO!!

 

Tue, 12/14/2010 - 11:07 | Link to Comment No Mas
No Mas's picture

If I recall, the market is not the economy.

Please note that BBY is not the market.  If you care to notice, it's all green this morning for each index.  Strong market this morning gentlemen.

But you doomer gloomers know that the market could care less about one stock; the recovery is here and Ben is putting big money into the stream.

Fight it here if you like, but I wouldn't try it out in real money land.  The climb will stop when the Chairman says it is to stop and not one minute before.

I understand that it frustrates the morals to know one man has this kind of power.  But indeed he does.  He will inlflate the US out of this mess and leave the other side of the pond(s) sucking wind.

And buy the way, no collapse is coming.  Those without will adjust to having less.  No biggie I promise.

Merry Christmas to all!!

Tue, 12/14/2010 - 11:12 | Link to Comment SheepDog-One
SheepDog-One's picture

'Its all green' OK genius lets remove Bernank's 0% free money printing and free pass to manipulate at will and see what we've got m'kay?

Tue, 12/14/2010 - 11:43 | Link to Comment Kali
Kali's picture

Precisely.  For those of us in the real world some news from my little corner of the world.

1.  Friend of mine who is a planner for a county government reports building permits (for anything, houses, barns, commercial, major remodels/repairs) have fallen off a cliff.  I laugh, cuz this friend always makes fun of my rantings about gov/wall street/silver/gold.  Now is freaking.  Thought she was safe working for gov and her outlandish bennies.  Even though high on the seniority food chain, is now worried about layoffs, bennie reductions.  Sucker.  I told her 2 years ago to cash out her whopper retirement account.  She still believes it will all be there in 20yrs when she retires.

2.  Pretty much final numbers for the year in for my biz.  In last 6 years was seeing 25-50% growth every year. (Started my own biz 6 yrs ago Jan. 1, not retail, engineering services, mostly).  Down 30% this year.  Even took me by surprise, I thought we would end up even for the year.

3.  Friend of mine who gets bulk of income from county contracts, not getting paid, one county 2 months behind in end of year payments.  Those big end of year payments is what pays his taxes and liability insurances.  Guess what is not getting paid until/if counties don't pay up?

4.  Retailers dropping like flies around here.  The increase in empty storefronts seems to be speeding up in last few weeks.

5.  I am on road a lot.  Traffic is down big time.  Guess those unemployed can't afford to ride around all day anymore.

Happy Holidays!

Tue, 12/14/2010 - 11:59 | Link to Comment shortus cynicus
shortus cynicus's picture

Can we please suspend real economy news until end of hollidays?

I don't want to see reality, at least for some days.

Tue, 12/14/2010 - 12:31 | Link to Comment bulldung
bulldung's picture

Kali, What is your part of country?I am in Southeast and things seem to be moving. I am in a service industry and up about 5%. Real estate values are also stable, as I have been hunting bargains for past year without success. All anectdotal impressions except my 5%. Before I get accused of being Harry Wanger in a pseudonym, my disclaimer, I am in High Grade bonds, emerging mkts,PM,inverse long bonds, TWM(killing me),paid for rental property, and I love ZH,enough to have donated a meager amount.

What's with the easy captcha, gave me a chance to post?

Tue, 12/14/2010 - 13:07 | Link to Comment Kali
Kali's picture

Biz is nationwide and international.  International is only "growing" part of biz, but costs are going up to travel to those money makers and I don't like being away from home much anymore, am getting more and more paranoid by the day.  I don't "invest" in anything anymore except hard assets like PMs and soon, more ag land.  My neighbors by my country property (which I consider home and do farming/livestock, almost totally off grid now, not finished yet) are all going broke and selling their properties.  I do not run my biz  "mainstream", do not believe in debt financing of any kind.  My biz owes no one anything.

What is your service?  I produce actual "things", energy efficiency/environmental health systems and a small developing product line (energy efficency related) that has been put on hold for this year.  See no reason to "produce" anything when the mostly small bizzes who use my services are cutting back and holding onto cash, if they are surviving at all.  I am retrenching, liquidating inventory and holding onto my valuable employees.  If not for them, I would close up shop, not worth working my ass off for nothing, but will need them if/when things get better, cannot replace them. 

 Am selling my lone "city" property that I use for lodging while in "town", the increases in property taxes and maintenance are not worth it.  Bought it over 10 yrs ago, will still make money on the prop, for now, if I can find buyer, will see.

Other anecdotals from city and country friends/personal observations spread across PNW and Mountain West.

I have a hard time believing anything is doing well in Florida.  I avoid it like the plague.

Tue, 12/14/2010 - 11:18 | Link to Comment Gimp
Gimp's picture

Yes, Benny and the jets keep putting liquidity into the market and are causing commodity and input costs to businesses to increase. There is no demand to absorb  the rising costs as can be seen with BBY. This is not going to end well even though we all want to be rah, rah cheerleaders 24/7.

BTW - Was in a BBY this weekend, lots of traffic but no buyers. The most popular item the Xbox 360 Kinetic version was sold out. Plenty of TV's and laptops available.

Tue, 12/14/2010 - 11:42 | Link to Comment SilverRhino
SilverRhino's picture

CompUSA crashed and was picked up by Tiger Direct.  

Best Buy can crash and get picked up by NewEgg or JR perhaps.  

Tue, 12/14/2010 - 12:18 | Link to Comment HarryWanger
HarryWanger's picture

Doesn't seem to be having any affect on AAPL - just about flat. 

Tue, 12/14/2010 - 12:27 | Link to Comment Bilderbugger
Bilderbugger's picture

A shame that this man has 67.5 million shares.

Tue, 12/14/2010 - 13:18 | Link to Comment squexx
squexx's picture

"Just buy the fucking dip!" Broccoli Man.

Tue, 12/14/2010 - 13:18 | Link to Comment squexx
squexx's picture

"Just buy the fucking dip!" Broccoli Man.

Tue, 12/14/2010 - 19:36 | Link to Comment Hicham
Hicham's picture

Fuck it I'm going to buy the dip!  Seriously ill just buy a few hundred and hope for just a little up move. Then get the hell out of dodge~

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