Mar. 5 at 12:26 PM
$STUB If you've been paying any attention to the economic data, you know over the last two years the American consumer has been running out of money. Credit card, auto and mortgage delinquencies have been rising. Hardship withdrawals from 401ks are at record levels. There is no job market to speak of, layoffs are accelerating, the housing market has essentially frozen. The amount of people that have money to throw around on overpriced luxuries is declining. This directly translates into lower revenue and profits for businesses based on soaking the consumer like Stubhub. This negative earnings was inevitable and it will only get worse from here. That's why I confidently held bets against companies like Stubhub. You guys who thought that this would go to 30, on the other hand, seem to be some of the dumbest people on earth and are probably going to loes most of the money you put into this.
