© Reuters.
By Dhirendra Tripathi
Investing.com – Most meme stocks were down more than half-way through Wednesday’s session even as GameStop (NYSE:), the original favorite that started the mania, was up more than 4% ahead of its quarterly results.
The omnichannel retailer of video games is seen reporting a loss of 67 cents a share on revenue of $1.13 billion for the first quarter. It had reported net sales of $1.02 billion for the same quarter ended May 2 last year and a loss per share of $2.57.
GameStop will report earnings after trading hours.
Stocks in which the Wall Street biggies are heavily short become the target of Reddit groups like WallStreetBets, creating a short squeeze that forces the bears to quickly cover their positions.
What started with GameStop as a sort of fun exercise is now a serious business, with the list of such meme stocks only getting longer.
Workhorse Group (NASDAQ:), one of the new recruits, was up 4%.
AMC Entertainment (NYSE:), the first to replace GameStop as the Reddit favorite, was down 10%. The Wendy’s (NASDAQ:) was down more than 11%.
Clover Health (NASDAQ:), the latest hot-shot that has had a fabulous run up in the last two days, tumbled 13% on Wednesday.
Virgin Galactic (NYSE:) fell 3%. BlackBerry (NYSE:) was down short of 1%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment