I purchased WYY on a swing but I may hold for a bit. There may be a deal with Samsung on the horizon. 
Boiler Room: The Official Stock Market Discussion
Got ~8000 shares, just waiting for it to popI purchased WYY on a swing but I may hold for a bit. There may be a deal with Samsung on the horizon.
Domingo Halliburton
Handmade in USA
sounds to me like an SEC problem not a computer one. If I lost money yesterday on Avon I'd be ready to sue the SEC.
Avon Manipulation May Have Been Designed For Algorithms, Not Humans
Comment Now
A filing that hit the Edgar system today purporting to be from an entity called PTG Capital Partners Ltd said it had launched a tender offer for Avon at $18.75 a share. Avon stock leaped more than 20% to $8 a share at 11:35 a.m. on the fake news, before falling just as quickly as Avon said there was no such offer. And anybody who actually read the Edgar filing should have known that, as the price was fanciful and whoever wrote the release forgot to spellcheck it for “TPG,” which was interposed several times in language that was hooked from the multibillion-dollar private equity firm’s website.
“This was a fraud designed for algorithmic traders,” said John Fahy, a former SEC enforcement attorney and member of Whitaker Chalk in Fort Worth, Texas, where “PTG’s” lawyer was supposedly located and where TPG is based. “It was not designed to fool anybody who’d actually read it. It was designed to fool some system that scans SEC filings for certain words but doesn’t actually read them.”
That raises a second question, Fahy said: Since securities fraud laws target information that is “material” to investors and this shouldn’t have fooled any human investors, does it still meet that standard?
“I would not be surprised to see someone argue that no reasonable investor could have possibly relied on the filing due to its absurdity and automatic trades by algorithmic trading programs cannot cause a stupid filing to meet the materiality standard,” he said.
“The Supreme Court standard is to `significantly alter’ the total mix of information available to a reasonable investor. Since the algorithms are unreasoning, don’t actually seek to understand the filing, and are just looking for keywords to get a brief time advantage, how can they be deemed to be a `reasonable’ investor?” he asked.
That doesn’t mean the scammer or scammers can’t be brought to justice. It’s still wire fraud to send the SEC a false takeover statement. It can be securities fraud in the form of a “scheme to defraud” to trade on information intended to change a stock’s price on false premises. And misusing the EDGAR system is a criminal offense.
The scam also highlights a potentially critical weakness in the SEC’s electronic filing system. While Edgar requires electronic filers to submit a notarized Form ID, including a tax ID, to obtain a password for placing notices directly on the website, filers can fake the notarization and put zeros in the field for the tax ID to get a temporary pass, Fahy said. The Internal Revenue Service is taking a month or more to provide tax IDs for private companies, he said, while the SEC deadline for filing a Form D for a newly formed business on the sale of securities is only 15 days.
“EDGAR is a remarkably effective way to potentially disseminate fake information,” he said.
According to my colleague Antoine Gara, PTG listed a Michael Trose, of Trose & Cox PLLC as a contact. The address of Trose & Cox was listed as 777 Main Street, Fort Worth, Texas, and with a phone number: (817) 887-8000. A call to the firm was answered by a representative at Atrium Executive Business Centers, who characterized Trose & Cox as “bogus” and not a tenant.
If the SEC were to investigate the Avon matter, Gara says, it might look to afake 2012 December 18 tender for The Rocky Mountain Chocolate Factory.
In that instance, a Kings Cross, London-based firm called PST Capital Group LTD offered to buy the company for $13 a share and listed bogus contacts in the U.K. and California. The ‘About PST Capital’ section of that filing also copied boilerplate language from established PE firm GCTR.
PST Capital is a private equity firm that pioneered “The Leaders Strategy” – finding and partnering with exceptional leaders,” the filing stated, a copy ofGCTR’s website. The fake tender offer from PST, sans typos, caused a spike in the trading volume of Rocky Mountain Chocolate.
Below, the fake EDGAR filing:
http://www.forbes.com/sites/danielf...have-been-designed-for-algorithms-not-humans/
so bad
ADevilYouKhow
Rhyme Reason
Think they'll ban hft eventually or will everything become hft?
Bernie Madoff
Banned
I love itAvon Manipulation May Have Been Designed For Algorithms, Not Humans
Comment Now
A filing that hit the Edgar system today purporting to be from an entity called PTG Capital Partners Ltd said it had launched a tender offer for Avon at $18.75 a share. Avon stock leaped more than 20% to $8 a share at 11:35 a.m. on the fake news, before falling just as quickly as Avon said there was no such offer. And anybody who actually read the Edgar filing should have known that, as the price was fanciful and whoever wrote the release forgot to spellcheck it for “TPG,” which was interposed several times in language that was hooked from the multibillion-dollar private equity firm’s website.
“This was a fraud designed for algorithmic traders,” said John Fahy, a former SEC enforcement attorney and member of Whitaker Chalk in Fort Worth, Texas, where “PTG’s” lawyer was supposedly located and where TPG is based. “It was not designed to fool anybody who’d actually read it. It was designed to fool some system that scans SEC filings for certain words but doesn’t actually read them.”
That raises a second question, Fahy said: Since securities fraud laws target information that is “material” to investors and this shouldn’t have fooled any human investors, does it still meet that standard?
“I would not be surprised to see someone argue that no reasonable investor could have possibly relied on the filing due to its absurdity and automatic trades by algorithmic trading programs cannot cause a stupid filing to meet the materiality standard,” he said.
“The Supreme Court standard is to `significantly alter’ the total mix of information available to a reasonable investor. Since the algorithms are unreasoning, don’t actually seek to understand the filing, and are just looking for keywords to get a brief time advantage, how can they be deemed to be a `reasonable’ investor?” he asked.
That doesn’t mean the scammer or scammers can’t be brought to justice. It’s still wire fraud to send the SEC a false takeover statement. It can be securities fraud in the form of a “scheme to defraud” to trade on information intended to change a stock’s price on false premises. And misusing the EDGAR system is a criminal offense.
The scam also highlights a potentially critical weakness in the SEC’s electronic filing system. While Edgar requires electronic filers to submit a notarized Form ID, including a tax ID, to obtain a password for placing notices directly on the website, filers can fake the notarization and put zeros in the field for the tax ID to get a temporary pass, Fahy said. The Internal Revenue Service is taking a month or more to provide tax IDs for private companies, he said, while the SEC deadline for filing a Form D for a newly formed business on the sale of securities is only 15 days.
“EDGAR is a remarkably effective way to potentially disseminate fake information,” he said.
According to my colleague Antoine Gara, PTG listed a Michael Trose, of Trose & Cox PLLC as a contact. The address of Trose & Cox was listed as 777 Main Street, Fort Worth, Texas, and with a phone number: (817) 887-8000. A call to the firm was answered by a representative at Atrium Executive Business Centers, who characterized Trose & Cox as “bogus” and not a tenant.
If the SEC were to investigate the Avon matter, Gara says, it might look to afake 2012 December 18 tender for The Rocky Mountain Chocolate Factory.
In that instance, a Kings Cross, London-based firm called PST Capital Group LTD offered to buy the company for $13 a share and listed bogus contacts in the U.K. and California. The ‘About PST Capital’ section of that filing also copied boilerplate language from established PE firm GCTR.
PST Capital is a private equity firm that pioneered “The Leaders Strategy” – finding and partnering with exceptional leaders,” the filing stated, a copy ofGCTR’s website. The fake tender offer from PST, sans typos, caused a spike in the trading volume of Rocky Mountain Chocolate.
Below, the fake EDGAR filing:
http://www.forbes.com/sites/danielf...have-been-designed-for-algorithms-not-humans/
so bad
Domingo Halliburton
Handmade in USA
computers are here to stay like 97% of the NYSE is computer trading
Futuristic Eskimo
All Star
Were heading back to the pits breh
Domingo Halliburton
Handmade in USA
Were heading back to the pits breh
where you been?
I've been on the road the last 3 days and I can still comment.
Futuristic Eskimo
All Star
Work, CFAing and drinking have been my life for my last 2 months breh. Im still lurking
Domingo Halliburton
Handmade in USA
Work, CFAing and drinking have been my life for my last 2 months breh. Im still lurking
ill hook you up with my professors
ill be down in Manhattan next week, come down. You're in New York, right? Meet a bunch of hedge fund.a$$holes.
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Great to see you brehs doing this shyt big. Salute
On today, I've dd'd the shyt out of URBN, and I'm going nutz deep in it for earnings after the bell today. Expect a 5%ish pop. Undervalued, stock has went down too much since last ER for no good reason etc.
Take a look and holla if ya feel me
On today, I've dd'd the shyt out of URBN, and I'm going nutz deep in it for earnings after the bell today. Expect a 5%ish pop. Undervalued, stock has went down too much since last ER for no good reason etc.
Take a look and holla if ya feel me
Its hard for me to support any clothing retailer after what @Bernie Madoff predicted with the Kohls drop. If you are confident tho
, this is a swing play for a quick striker...Its hard for me to support any clothing retailer after what @Bernie Madoff predicted with the Kohls drop. If you are confident tho
The clothing retailer sector is a complete bloodbath. URBN however has a solid overall turning point type thing going on with it's business and it's way better positioned to not get fukked by the current environment - in my DD anyway. It also doesn't hurt that it's really oversold.
But again, I'm no Halliburton or Madoff
Looks like something is up with ACHN They cancelled at a conference presentation today and calls increased.
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