The unfolding theatrics in a publicly traded outfit that catapulted 80% last friday and enjoyed more fast and furious trade today was pure entertainment to the trade oriented investor. Odyssey Marine Exploration (symbol OMR) claims to have found a sunken treasure of more than 500,000 coins at a secret location in the Atlantic Ocean. Some suggest in the English Channel, others think they found the loot off the coast of Spain. Either way, some heavy duty hedge funds are in (or were in the stock until it zoomed 80+% in the past 2 trading sessions), and it was disclosed today that Walt Disney is a business partner with OMR. Click here for the coincidental story about hedgies and Disney in on the action. Spanish authorities came out today with their own version of the situation and seek to claim any loot for themselves. We'll watch closely to see how this investment unfolds. There are 42mm shares in the float and almost 1/2 of them traded today, so i bet many of the hedge funds were unloading their positions onto unsuspecting retail investors.
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