Last year, Virtu Financial (NASDAQ:VIRT) filed an S-1 that included the following hilarious graphic:
Click to enlarge
(Chart: Virtu)
See anything strange there?
It turns out frontrunning everyone on the way to scalping pennies off bid-asks is a damn good trading model. So good in fact, that the company managed to make money on every single trading day but one for five consecutive years.
Obviously that's absurd on its face. I'm not saying it isn't true, only that it quite clearly belies the simple fact that HFT is cheating - or something akin to cheating.
Top Warren Buffett Stocks To Watch Right Now: Astro-Med, Inc.(ALOT)
Advisors' Opinion: - [By Monica Gerson]
Astro-Med, Inc. (NASDAQ: ALOT) is projected to post its quarterly earnings at $0.21 per share on revenue of $25.50 million.
Bellatrix Exploration Ltd (NYSE: BXE) is expected to post a quarterly loss at $0.10 per share on revenue of $71.27 million.
Top Warren Buffett Stocks To Watch Right Now: Portola Pharmaceuticals, Inc.(PTLA)
Advisors' Opinion: - [By Lisa Levin]
Portola Pharmaceuticals Inc (NASDAQ: PTLA) shares dropped 23 percent to $21.92 after announcing Phase III Betrixaban results.
Shares of Spark Energy Inc (NASDAQ: SPKE) were down 16 percent to $20.43. Spark Energy reported Q4 GAAP EPS of $(0.01) and adjusted EBITDA of $16.3 million.
- [By Lisa Levin]
Portola Pharmaceuticals Inc (NASDAQ: PTLA) shares dropped 30 percent to $20.08 after announcing Phase III Betrixaban results.
Shares of Spark Energy Inc (NASDAQ: SPKE) were down 14 percent to $20.96. Spark Energy reported Q4 GAAP EPS of $(0.01) and adjusted EBITDA of $16.3 million.
Top Warren Buffett Stocks To Watch Right Now: Xenon Pharmaceuticals Inc.(XENE)
Advisors' Opinion: Top Warren Buffett Stocks To Watch Right Now: H&R Block, Inc.(HRB)
Advisors' Opinion: - [By Lisa Levin]
H & R Block Inc (NYSE: HRB) was down, falling around 14 percent to $20.42 as the company reported a disappointing tax season. The company announced plans to lower 13 percent of its workforce. Oppenheimer downgraded H&R Block from Outperform to Perform.
- [By Scott Rubin]
Equity gainers on the day included Chico's FAS, Inc. (NYSE: CHS), which surged more than 12 percent on the day, and Himax Technologies (NASDAQ: HIMX), which climbed almost 9 percent in the wake of an afternoon rally. Losers included NCI Building Systems Inc. (NYSE: NCS), which fell 15 percent after earnings, and H&R Block inc (NYSE: HRB), which fell almost 11 percent on the day after its Q1 results.
- [By Ben Levisohn]
H&R Block (HRB) has climbed 3.1% to $22.20 after beating earnings forecasts by a penny and hiking its dividend.
Cliffs Natural Resources (CLF) has gained 1.2% to $5.16 after getting upgraded to Outperform from Market Perform at Macquarie.
Top Warren Buffett Stocks To Watch Right Now: Mitcham Industries Inc.(MIND)
Advisors' Opinion: - [By Monica Gerson]
Mitcham Industries, Inc. (NASDAQ: MIND) is projected to post a quarterly loss at $0.36 per share on revenue of $10.99 million.
Sinovac Biotech Ltd. (NASDAQ: SVA) is expected to post its quarterly earnings.