Charles Payne unloads on Wall Street 'whining' about GameStop, AMC frenzy: 'Now you're losing'
'It's making me sick,' Payne said
FOX Business host Charles Payne on Wednesday condemned Wall Street's "whining" about a market frenzy tied to heavy trading and short-selling in shares of AMC Entertainment, GameStop and BlackBerry.
The "Making Money" host was discussing the dramatic surge in GameStop's stock price after a group of Reddit users and other retail investors teamed up to buy up the struggling retailer's call options – boosting GameStop Corp. shares by 642% since Jan. 12. and hurting market short-sellers.
"First of all, all of the nonsense, all of this noise, all of this whining by Wall Street – it's making me sick," Payne said during an appearance on FOX Business' "Cavuto Coast to Coast" Wednesday, adding that hedge funds were able to short 140% of Gamestop's stock Wednesday.
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"I didn't hear one person on TV complaining about Wall Street trying to crush GameStop," he said. "I told my subscribers: Buy this stock. And they made a fortune."
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He also told his subscribers to buy other stocks, including Virgin Galactic Holdings, National Beverage and Tanger.
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|SPCE||VIRGIN GALACTIC HOLDINGS INC.||3.38||-0.68||-16.77%|
|SKT||TANGER FACTORY OUTLET CENTERS INC.||20.21||+0.27||+1.35%|
"You can't allow Wall Street to short 75% of a stock – and nobody says anything – crush these companies into the dirt, and then when the individual investor makes money, everyone's up in arms," Payne said.
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The FOX Business host added that one of his subscribers bought a house after earning $50,000.
"I am thrilled," Payne said. "If you're going to try to destroy a company by shorting 140% of its stock, you have to accept the fact that individual investors are playing the same game, and now you're losing."