GameStop beats quarterly revenue estimates, turns profit
The company has been shoring up its online sales capabilities in a bid to transform itself into a digital behemoth from its current mainstay of brick-and-mortar stores. Net profit for the quarter ended Jan. 31 was $48.2 million, compared with a loss of $1...
This is likely the nail in the coffin for all the hedge funds & banks that shorted them AND the BIG banks that are trying to gobble up the failing banks. They are all circling the drain and can't delay their collapse much longer.
CS held a lot of the swaps used to short GME and now they've been absorbed by UBS.
Correct. Credit Suisse was "counterparty" to an estimated 50% of the derivatives created to short GME and other "meme stonks". When counterparty goes bust, it makes it very difficult to continue creating derivatives, AND even if shorts are right, they may not be able to get paid now.
Couterparty = the one selling the "insurance" for payout when GME stock price goes down (per hedge fund manipulation via creation of fake shares they then sell short). Insurance policies cancelled? Unknown, but certainly disrupted.