And just as we were thinking of buying some deep OTM calls...
From the WSJ:
Money manager Whitney Tilson was famously the lone man willing to say the Netflix emperor had no clothes. Now, he sees the emperor in all his finery.
Tilson was shorting Netflix last year, before the company’s well publicized stumbles formed a lovely crater in the stock price. Tilson was very, very early (or wrong) about his Netflix short, which cost him gobs of money.
But today, in the wake of a staggering 36% one-day stock price drop, Tilson told our Heard on the Street colleague John Jannarone that he opened a long position in Netflix stock.
So first he was short NFLX, then he covered ($100 higher) then he did nothing as it plunged $225, and now he is long...
Oh yes, sorry any new or legacy longs.