legendary trader

Chapter 854 855 Closing Positions
The three of Chen Fan stared dumbfounded at the spectacle of Enron's stock price crash. In fact, there were similar trends before. When He Li and the others crazily smashed Qualcomm, the situation was also similar, but they didn't feel it when they were in the game. Because the operation was about to end, Chen Fan didn't care about it.

Moreover, of course, the stock price plummeted from more than 60 yuan to 50 yuan, at least the stock price still looks high.

However, at this time, Enron's stock price was crazily approaching the number 0.

Just yesterday, in this place, around this time, Chen Fan and Lin Hong were still a little anxious because Enron's stock price could not completely get rid of the attraction of 5.5 yuan, discussing whether they should consider stopping.

However, only one day later, Enron's stock price has already approached 2 million yuan, and the price has fallen by 3 million yuan.

Fold in half, it's more than that.

"Isn't it time for Enron to file for bankruptcy next week?"

Lin Hong suddenly asked at this time. Of course, the person he asked should be Zhang Quan, definitely not Chen Fan.

Of course, Chen Fan also had self-knowledge, so he didn't answer.

But Zhang Quan just nodded, because Chen Fan and Lin Hong still looked at him because he didn't speak, so Zhang Quan had no choice but to continue nodding.

Seeing Zhang Quan like this, Chen Fan couldn't help laughing, "Okay, this is a good thing, it's only been a while, and we've earned more than 6 million yuan, haha"

With Chen Fan's hearty laughter, the tense atmosphere in the trading room completely relaxed, and almost everyone had smiles on their faces.

Before, it was just because the stock price collapsed too much that everyone was frightened, and they didn't turn around for a while. The more they collapsed, the more they actually made, which is a good thing.

When Enron's stock price barely stabilized its downward trend at around 2 yuan and started to move sideways, in fact, at this time, it did not mean that the stock price had bottomed out, but that Enron's stock price had fallen too much in a short period of time. Faced with such a terrible loss , all shareholders have been dumbfounded by the stock price drop.

In the trading room of Oak Tree Capital, Zhang Quan's cell phone rang again, and everyone's eyes turned to him at the moment the phone rang.

Zhang Quan smiled, then picked up the phone, and after a few words, he put down the phone quickly and said to Chen Fan: "Moody's Investors Service also made the same decision to downgrade Enron's credit rating to junk status. Fitch is left, and I don’t know when the news will be released.”

This time, the attitude of the people in the trading room was of course not as bad as before. Earlier, Zhang Quan had mentioned that the other two companies might follow up and announce the downgrade of Enron's debt.

"When will you leave?"

Lin Hong suddenly asked.

Chen Fan exhaled after hearing the words, and looked at Enron's stock price, which was only 2 yuan left. There was not much room for further decline, and he had no interest in staying in it.

Although I don't know who the person behind the scenes is, but judging from the continuous shots, it should be a very powerful character, and Chen Fan is a little respectful.

I can't afford it, I can run away after eating some meat, there is no need to continue wading through the muddy water.

Although he didn't know what the other party's goal was, Chen Fan had already started to retreat, so he naturally wouldn't hesitate.

"Look at where Enron's stock price will fall this time, it is estimated that the three tricks will be about the same."

Chen Fan said relaxedly, "Wait a little longer and let them do it. After playing for so long, it's time to move on."

What Chen Fan was talking about was that the few traders who took the initiative to suppress the stock price before, they operated more, but after Enron's stock price fell below 40 yuan, Chen Fan was cautious and reduced the deliberate suppression in the market. After the movement of the stock price, they began to relax.

But of course this has nothing to do with the traders. Before, they were always worried that someone would enter the market at a low position to grab funds, so they reduced their actions to suppress the stock price, fearing that they would be attacked.

But by this time, Chen Fan had roughly understood what the other party meant, basically he wanted Enron to go bankrupt, although he didn't know the reason.

"By the way, who has such a big enmity with Enron? Created such a big scene?"

Chen Fan said casually, but after the words came out, Chen Fan suddenly remembered the analysis he had asked Zhang Quan to do before, and then turned to Zhang Quan and asked: "I asked someone to analyze the assets of Enron Company before, did there be any results? What does Enron Company have? nice one."

Zhang Quan shook his head, "Enron's main assets are power plants and natural gas pipeline assets, and there are a bunch of other investment projects, but these projects have not found any hidden value. If there is, it is 'Enron Online' which is a little better. After all, it has almost monopolized the electricity and natural gas market transactions in the United States."

Before Chen Fan could speak, Lin Hong suddenly interjected: "The trading platform is a good thing, and it is a project that can continue to make stable profits."

"Huh? Then you should start a family too."

Chen Fan joked.

"If I have the conditions, I will definitely do it."

Lin Hong said.

"This kind of platform is very profitable? It seems that the profitability is only average."

Chen Fan hesitated.

"Drought and flood guaranteed income, boss, and the platform is in your hands, so you have a certain right to speak if the price goes up or down. The platform of Enron is similar to the market maker system. As for other companies who want to engage in similar transactions The platform, if it was available, someone would have already used it.”

Lin Hong replied immediately.

"That platform is not profitable on the surface, but the performance of Enron's trading department has always been very high. In fact, the benefits of the platform have been realized and directly transferred to the trading department."

Zhang Quan also said at this time, "Actually, in the United States, many people complained about Enron's control of this trading platform before."

"Stable profit, if you think about it this way, it is indeed a good thing."

Only now did Chen Fan feel that it was true. On the surface, Enron Online was not profitable and waived transaction fees, but in fact, only they knew what was going on.

Maybe it's the reason why I want to eat this cake all by myself.

Chen Fan suddenly had this idea, thinking that maybe it was true, Enron Company controlled the price of electricity and natural gas in the United States through Enron Online, and wanted to own the cake, so it was messed up.

It is not good to eat alone.

"Is there any way to get Enron Online from Enron?"

Chen Fan suddenly asked, but what he said was unintentional, and he didn't expect any good solution. At least Chen Fan knew in his heart at the moment that if he didn't have enough strength, even if he got Enron, he would probably become Enron's No. [-] up.

"Don't be afraid of death, just accept all of Enron's shares and privatize it. But those hidden debts are not sure how big they are, and will they blow up."

Zhang Quan also said casually.

Just as I was talking about this, Enron's stock price once again showed a trend of large-scale decline, and the 2-meter stock price fell below without any support.

They were all unintentional words, but they made Chen Fan more determined not to touch An Ran.

Indeed, at such a low stock price, why is there no institution to take over Enron? To put it bluntly, a few hundred million yuan can complete the complete control of Enron, but what about the future?
You also have to face the debt trap of not knowing how deep it is, and that is the real bomb.

Look how long it has been since the US SEC took the information, and they haven't come to a conclusion about it, so you should think of something.

At this time, Chen Fan couldn't help but think of what was exposed by the "Wall Street Journal" before, the contract that Enron signed with that trust fund, this kind of contract may not have exploded before, but at this time, I'm afraid it will.

Chen Fan was only thinking about this matter in his mind, and the news from Zhang Quan also came.

Because Enron's corporate credit rating was downgraded to "junk debt", the terms of the contract signed between Enron and its affiliated companies, Marin II and Scavenger Trust Fund were triggered, and Enron must immediately repay the loans borrowed through these two affiliated companies. 34 billion yuan in debt.

"Hehe, Enron can't get out the previous 6 million yuan, how can I get the money to pay back the 34 billion yuan, haha"

Chen Fan was feeling a little gleeful for no reason at the moment. Fortunately, he just thought about it and never planned to acquire Enron, otherwise he would cry right now.

If there are no accidents, if Enron can still survive until the end of the year, this year's financial report loss figure will add the 34 billion yuan.

And this is just the contract that has been exposed, how many more have not been exposed, Chen Fan doesn't want to think about it anymore.

And the efficiency of the market was also brought into full play at this time. According to the information monitored by Zhang Quan, in just over half an hour, the news of the first bomb explosion after Enron's rating dropped spread to every corner of the market. .

By this time, almost everyone has realized how bad the contracts signed by Enron were.

When Enron was developing smoothly, these contract clauses were really harmless at all, but once there was a problem with the company's operations, it would undoubtedly become the last straw that broke the camel's back.

The panic in the market was quickly magnified again amidst the spread of the news. This time, the last line of defense on Enron's stock price was the last integer mark. Yes, the stock price of 1 million yuan. According to the regulations of the York City Stock Exchange, if the stock price is lower than 1 million yuan within 30 trading days, then Enron's stock will be warned, and there may be a risk of delisting at that time.

Of course, in fact, except for the company’s major problems and the exchange directly delisting, very few companies are delisted because the stock price is lower than 1 million yuan. After all, there are policies and countermeasures. Can be used universally.

In the United States, once the stock price falls below 1 million yuan, as a listed company, it will often try to make the stock price rise again, even if it is only a short-term breakthrough of 1 million yuan, and let the stock price stay above this for a few days. At least the calculation cycle will restart.

For listed companies that really have no other options, they will resort to the big move of joint stock, and several shares will be merged into one stock to prop up the stock price again.

Of course, such listed companies often have completely lost hope in their operations, and they only operate in this way when there is really no other way.

Correspondingly, for those companies with good business performance, the stock price of the company continues to rise. For the sake of market liquidity, they will choose the opposite operation, that is, stock splits. Investors can participate in the company's stock transactions.

Although there are odd-lot transactions in the rice stock market, and some brokerages even offer smaller stock units for trading, it is still different after all.

However, not all high-priced stocks will choose to split their shares. In fact, there are some stocks in the rice stock market that do not split their shares, but there are not many.

But turning back to the topic, it seems that the problems Enron is facing now cannot be solved by a joint stock company. The problems at the company level are too big, and investors seem to have smelled the smell of being delisted.

Yes, with one bomb going off, most investors in the market have already felt that Enron's delisting may be a foregone conclusion, which cannot be changed at all, unless someone takes action to acquire Enron at this time.

But no one is a fool. Deneng Company terminated the acquisition negotiation with Enron. Their concerns have been well known in the market. At this moment, who else would dare to take action against Enron.

Enron's stock price did not have the slightest support. Under the influence of the bad news, it dived directly, and fell below the price of 1 meter without any suspense. The continuous selling stopped slightly after Enron's stock price fell below 1 meter.

Diving from 2 meters to 1 meter seems to have only dropped 1 yuan, but in terms of magnitude, it is already a [-]% discount.

For investors who do not have Enron stock in their hands, of course they are sitting on the sidelines and eating melons at the moment. This is the decision of most investors. They dare not touch Enron stock, but the market is never short of top iron buyers.

After Enron's stock price fell below 1m yuan, the selling orders in the market decreased significantly, while the buying orders that appeared below showed a trend of rapid increase.

"Short-term funds have entered the market."

Lin Hong noticed the changes in Enron's market, and whispered to Chen Fan, he knew that Chen Fan had little experience in watching the market, and he probably had never seen a similar trend, so he reminded him to prevent Chen Fan from mistakenly thinking that the market had bottomed out. The buy orders entering the market at this moment look a little scary.

Chen Fan smiled and nodded when he heard the words, indicating that he understood.

After Enron's stock price hit 0.962 yuan, the stock price rebounded slightly driven by the continuous entry of buy orders. It once broke through the 1 meter mark, but then encountered more selling attacks, and the stock price soon fell below 1 yuan. Mi Yuan, continue to sink.

By this time, after a 2-minute break, the investors holding Enron stock have regained their senses. After seeing the thrilling diving trend of Enron stock price before, they have recovered their calmness. The subsequent decision is still to sell, and they cannot stay An Ran's broken ship is on board.

Soon, those short-term funds who entered the market to buy a rebound were overwhelmed by a huge amount of selling orders, and Enron's stock price hit a new low again, directly rushing to 0.9 yuan.

"Nine gross receipts of 9 million shares."

Just as everyone was sitting leisurely in front of the computer watching Enron's stock price dive, Chen Fan's voice suddenly reached everyone's ears.

(End of this chapter)