FXCM rebounds from all-time low
Shares of FXCM rose as much as 65% to $8.14 after the forex broker announced after the close on Friday that it's negotiating to restructure its financing deal with Leucadia.
Shares of the company have been absolutely torched since the SNB pulled the floor on EUR/CHF. They fell to an all-time low of $5.26 on Friday compared to a split-adjusted $172 before the SNB. Its market cap was just $35 million at the lows.
Today's 65% rally is incredible but only takes the shares back to where they were on Nov 18.
The news isn't really anything. It's not a deal, just a hint there will be a deal. But it also announces that insiders are buying shares. I suspect shorts are getting squeezed hard today.
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