The Intern Who Stayed After Midnight

But he bought call spreads in his personal account: limited risk, defined upside, no margin. He paid $620, more than he should have, less than he wanted to. NorthBridge reported the following Thursday after the close. Revenue was down. Earnings were ugly. Guidance was cautious. But gross margin beat, cash burn slowed, and management announced that lenders had extended the revolver. The stock opened at $18.90. By noon it was above $21 as shorts covered into a market with no natural sellers. Ethan sold the spreads in three pieces. His account rose from $4,200 to $17,860. He sat in a bathroom stall on the thirty-third floor and looked at the number until it stopped looking real. It was not life-changing money.