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1:00 pm: Chanos says he is still ‘maximum short’ Tesla even with drop in last month
Short seller Jim Chanos said on Thursday that he is still betting against Tesla, even after the electric automaker’s stock fell dramatically in the past month. Since hitting that peak Tesla’s stock has fallen more than 51%. “We are still basically maximum short Tesla. It’s still one of my favorite positions,” Chanos told CNBC’s “Halftime Report.” “Nothing’s changed in my viewpoint here … It will lose money this year.” Chanos said his firm warned clients that Tesla’s recent rally from about November to February wouldn’t last. The stock more than doubled during that period, surging above $950 a share and peaking in early February. ″[That] was one of the craziest periods I’ve ever seen in my 40 years on Wall Street,” Chanos said. — Sheetz
12:45 pm: Chanos says beware the ‘virus stocks’ like Peloton, Zoom benefiting temporarily from lockdowns
Short seller Jim Chanos warned investors about piling into “virus stocks” benefiting from the coronavirus lockdown. “One area I would warn people about for example is the virus stocks,” Chanos said on Thursday on CNBC’s “Halftime Report.” They are “doing well right now in this enforced lockdown. A lot of these companies are really not structurally growth stocks that are trading at 30, 40, 50 times earnings because they are going to do well in the first and second quarters of 2020.” The founder of Kynikos Associates listed Zoom Video,