Today's absurd pop of the day award goes to $TMST (Timken Steel stock). It reported good earnings but squeezed up +60% at the intraday peak. Financially, $TMST is strapped for cash and still has a negative EBIDTA = burning what little cash they have left on the books. We were thinking an equity raise would be prudent for them to do on this insane pop so decided to give this stock a short play.
We shorted it from $7.37 all the way up to $7.98 and covered it on the slow death down as low as $7.09. We rode the stock down a bit more than usual because the tape told us to still stay short as buyers were sparse and sellers were whacking every bounce easily.
Net profit on this trade: $2,706.