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'Meme stock' rally pauses, Redditors focus on biotech stocks
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
Slideshow ( 2 images )(Reuters) - Small-time stock traders turned their attention to the biotech and healthcare sectors on Monday, lifting shares of some by as much as 10%, while the rally in stocks that were favored in recent weeks appeared to fade. Video game retailer GameStop Corp and cinema operator AMC Entertainment, which were at the center of the so-called “meme stock” rally this year, have seen their share price soar more than 1,100% since the end of December. AMC shares were up 3.5% in early deals after jumping more than 300% in the past three weeks. GameStop shares rose 1.1%, while Vaxart was up 1.6%. The company - which has a short interest of 18.25% of free float, according to Refinitiv data - was the top trending stock on Stocktwits, with a 26.9% jump in message volume.
Persons: Vaxart Organizations: Novavax Inc, Vaxart Inc, COVID, GameStop Corp, AMC Entertainment, AMC, GameStop, Corsair Gaming Inc Locations: U.S
Shares in meme-stock favorite AMC have seen some explosive price moves in the past few weeks and traders are constantly on the look-out for the next big stock to short. Researcher Fintel.io has come up with a shortlist of five candidates that look ripe for a squeeze this week. The company has developed an algorithm that provides investors and traders with data to help quantify the short squeeze risk for a particular company. Many recent stocks that have been pumped higher by social media-savvy traders have been far more under the radar. Fintel.io lists a series of existing meme stocks along with some little-known names that boast hefty short interest and could be prone to big rallies:
Persons: Fintel.io, Reddit's Organizations: BriaCell Therapeutics, AMC, GameStop, Nokia
‘Meme stock’ rally pauses, Redditors focus on biotech stocks
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
The Reddit logo is seen on a smartphone in front of a displayed Wall Street Bets logo in this illustration taken January 28, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoSmall-time stock traders turned their attention to the biotech and healthcare sectors on Monday, lifting shares of some by as much as 10%, while the rally in stocks that were favored in recent weeks appeared to fade. AMC shares were up 3.5% in early deals after jumping more than 300% in the past three weeks. GameStop shares rose 1.1%, while Vaxart was up 1.6%. The company - which has a short interest of 18.25% of free float, according to Refinitiv data - was the top trending stock on Stocktwits, with a 26.9% jump in message volume.
Persons: Dado Ruvic, Vaxart Organizations: REUTERS, Novavax Inc, Vaxart Inc, COVID, GameStop Corp, AMC Entertainment, AMC, GameStop, Corsair Gaming Inc, Thomson Locations: U.S
High-Speed Trader Virtu Fires Back at Critics Amid Meme-Stock Frenzy
  + stars: | 2021-06-13 | by ( Alexander Osipovich | ) www.wsj.com sentiment -0.99   time to read: +1 min
High-speed trader Virtu Financial Inc. is pushing back against critics in Washington who say the stock market is rigged against small investors. The review will include a practice known as payment for order flow, in which brokerages send many of their customers’ orders to trading firms in exchange for cash payments. Payment for order flow has existed for decades and has come under scrutiny before. They say small investors benefit from the practice because it results in better prices than they would get at public exchanges like the New York Stock Exchange and the Nasdaq Stock Market . Collectively, that saves investors billions of dollars a year, industry data show.
Persons: Gary Gensler, brokerages, Gensler’s, Sean Casten Organizations: Virtu Financial, AMC Entertainment Holdings Inc, GameStop Corp, Securities and Exchange Commission, SEC, GameStop, Markets, New York Stock Exchange, Nasdaq Locations: Washington
Stablecoins as the future, plus a dissection of AMC's options frenzy
  + stars: | 2021-06-13 | by ( Joe Ciolli | ) www.businessinsider.com sentiment -0.96   time to read: +1 min
Hello and welcome to Insider Investing. I'm Joe Ciolli, and I'm here to guide you through the current market and investing landscape. Here's what's on the docket:If you aren't yet a subscriber to Insider Investing, you can sign up here. Investors are flocking to stablecoins, and governments around the world are creating their own versions. He broke down 3 potential drivers of AMC's almost 2,500% surge this year, and discussed how long the retail-fueled rally might last amid frenetic options activity.
Persons: Joe Ciolli, what's, Samantha Lee, Gary Hershorn, Steve Sosnick, who's, Keith Parker, Parker Organizations: Investors, Interactive Brokers, UBS, Fidelity . Locations: Timber
U.S. stock futures are flat with the S&P 500 at a record high
  + stars: | 2021-06-13 | by ( Maggie Fitzgerald | ) www.cnbc.com + 0.00   time to read: +3 min
U.S. stock futures were steady in overnight trading on Sunday as investors digested the S&P 500's record level heading into a week with a key Federal Reserve meeting. S&P 500 futures rose 0.09% and Nasdaq 100 futures added 0.14%. U.S. stocks ended last week with a record closing high for the S&P 500 and the beginning of a rotation back into growth names. Last week, the 30-stock Dow Jones Industrial Average fell 0.8%, but the S&P 500 rose 0.4%, for its third straight positive week. "Because the S&P 500 Index reached yet another new record high last week, investors will be watching to see if this signals even higher levels near term," said Paulsen.
Persons: Jerome Powell, Jim Paulsen, Paulsen, Elon Musk, Bitcoin, CNBC's Patti Domm Organizations: New York Stock Exchange, Reserve, Dow, Nasdaq, telltale, Leuthold, CNBC, Dow Jones, Treasury, Metrics, AMC Entertainment, Clover Health Investments, GameStop, CNBC Pro
Whatever the group is doing is then interrupted by Allison (Annie Murphy), the classically attractive wife, who pauses their fun with her desire for a little more stereotypical domesticity. When “KCFH” was initially announced back in 2018, multiple outlets immediately connected it to the then-recently canceled sitcom “Kevin Can Wait,” starring Kevin James. Kevin isn’t just an overgrown man-child: He’s a domestic abuser who spent 10 years first grooming and then isolating Allison. It’s hard to know if “KCFH” will be AMC’s first nonzombie show to hit big since “Breaking Bad” ended. And, as the show goes on, the ironic “sitcom” sequences do get harder to sit through.
Persons: Kevin, , It’s, Eric Petersen, Pete, Brian Howe, Neil, Alex Bonifer, Patty, Mary Hollis Inboden, Allison, Annie Murphy, Allison gets, , Kevin James, James ’, Queens, Murphy, she’d, Allison —, Kevin isn’t, He’s, Sabrina ”, Wanda, he’s, , it’s, doesn’t, Allison isn’t, “ KCFM, Lyz Lenz Organizations: AMC Locations: Paris, Hell,
Insider asked two financial experts to watch and review nine popular TikTok investing videos with questionable advice. The investing side of TikTok, better known as "StockTok", is ballooning, with the TikTok hashtag "#investing" garnering over 2.8 billion views. Thirty-six-year-old Douglas Boneparth, who provides investing advice to Millennials through his firm Bona Fide Wealth, said he loves the greater attention given to the world of investing through social media. Insider asked three market experts for their take on nine popular TikTok investing videos with questionable advice. "Anyone who believes that a particular asset class 'always goes up' deserves to lose money," Stovall said.
Persons: there's, Douglas Boneparth, Sam Stovall, Kris Kohn's, TikTok Kris Krohn, Krohn, I've, Boneparth, Sam Stoval, Stovall, It's, Warren, Tik, that's, tdorriz, he's, bitcoin Organizations: AMC, TikTok, AMC Entertainment, Berkshire Hathaway Locations: CEO's
US STOCKS-S&P ekes out gains to close languid week
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) Economically sensitive smallcaps and transports notched solid gains, outperforming the broader market. For the week, the S&P and the Nasdaq advanced from last Friday’s close, while the Dow posted a weekly loss. Much of the focus centered on Thursday’s consumer price data, which eased jitters over the duration of the current inflation wave. Among the 11 major sectors in the S&P 500, healthcare suffered the biggest percentage drop.
Persons: Dow, ” Oliver Pursche, ” Pursche, Stephen Culp, Ambar Warrick, Devik, Matthew Lewis, Cynthia Osterman Organizations: U.S . Federal Reserve, Nasdaq, Wealthspire Advisors, Federal Reserve, University of Michigan’s, Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment Locations: New York, Bengaluru
So-called meme stocks like U.S. video-retailer Gamestop Corp and AMC Entertainment Holdings saw record inflows fuelled by retail investors sharing investment strategies on social media. Trading in Europe is more fragmented given the number of different stock exchanges in the region. Still, the share of total trading carried out by retail investors jumped to nearly 7% by mid-2020 from 2% in 2019, before settling at around 5% currently, Euronext said. Meanwhile, the number of retail investors has doubled over the past 18 months on Euronext, the exchange’s CEO Stephane Boujnah told Reuters. “It is a bit of a mishmash and in my view, the European retail trading landscape is ripe for change,” he said on condition of anonymity as he is not authorised to talk to the media.
Persons: Dado Ruvic, Jefferies, Daniel Fannon, Stephane Boujnah, Boujnah, Schwab, Organizations: GameStop, REUTERS, Gamestop Corp, AMC Entertainment Holdings, Reuters, Borsa Italiana, Fidelity, Social Finance Inc Locations: Europe, United States, Paris, Amsterdam, Lisbon, Dublin, U.S
Wall Street ekes out gains to close languid week
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
The Nasdaq gained the most among the three major indexes, while the bellwether S&P 500 squeaked its way to a second straight record closing high. For the week, the S&P and the Nasdaq advanced from last Friday’s close, while the Dow posted a small weekly loss. FILE PHOTO: The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. Among the 11 major sectors in the S&P 500, rebounding financial stocks and tech led the gainers, while healthcare suffered the biggest percentage drop. The S&P 500 posted 33 new 52-week highs and one new low; the Nasdaq Composite recorded 108 new highs and 16 new lows.
Persons: Dow, ” Oliver Pursche, ” Pursche, Brendan McDermid Organizations: YORK, U.S . Federal Reserve, Nasdaq, Wealthspire Advisors, Federal Reserve, University of Michigan’s, New York Stock Exchange, REUTERS, Brendan McDermid Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, NYSE Locations: New York, New York City, U.S
Meme Stocks’ Latest Frenzy Isn’t About a Short Squeeze
  + stars: | 2021-06-11 | by ( Anna Hirtenstein | ) www.wsj.com + 0.00   time to read: +6 min
Meme stocks have made a comeback, with one big change: this time around, short sellers aren’t a big player in the market. In the latest bout of frenetic trading in unlikely momentum stocks, there appear to be far fewer opportunities for a short squeeze. For AMC Entertainment Holdings Inc., another meme stock that has surged over 1900% this year, the picture is more cloudy. “It creates these crash-up, crash-down cycles.”Many Reddit users show no signs of worrying that the upward trajectory of meme stocks may abruptly reverse. Meanwhile, the potential to engineer a precipitous decline in some meme stocks is making bearish wagers more tempting for some investors.
Persons: Helen Thomas, , Charlie McElligott, mamagpepper, Clover, John Smith, Lorenzo Di Mattia, Sibilla’s Mr, Di Mattia, Anna Hirtenstein Organizations: GameStop Corp, , Wall, GameStop, Clover Health Investments Corp, Clean Energy Fuels Corp, IHS, AMC Entertainment Holdings Inc, Investors, Nomura Holdings, Clover Health, WallStreetBets, Sibilla, AMC, Beyond Inc, Bed Locations: U.K
AMC Bet by Hedge Fund Unravels Thanks to Meme-Stock Traders
  + stars: | 2021-06-11 | by ( Matt Wirz | Juliet Chung | ) www.wsj.com + 0.00   time to read: +7 min
A multipronged bet on AMC Entertainment Holdings Inc. AMC 12.84% boomeranged this month on Mudrick Capital Management LP, the latest hedge fund to fall victim to swarming day traders. But he also sold call options, derivative contracts meant to hedge the fund’s exposure to AMC should the stock price founder. Day traders took their first run at AMC shares in late January. Meanwhile, investors who bought AMC stock at the start of the year and held on have gained about 2000%. Theater attendance, already under pressure, had disappeared almost entirely amid Covid-19 pandemic lockdowns, and AMC stock traded as low as $2.
Persons: Jason Mudrick, Bing Guan, Mudrick, Mudrick’s, Adam Aron, — Alexander Gladstone, Soma Biswas, Matt Wirz, Juliet Chung Organizations: AMC Entertainment Holdings Inc, AMC, Mudrick Capital, GameStop Corp, Bloomberg, Mudrick, Bloomberg News, U.S . Securities, Exchange Commission, GameStop, NJOY Holdings Inc, Globalstar Inc, HSBC Alternative Investment, Federal Reserve, Capital Locations: Mudrick
We list 40 stocks with high "small lot" trading volumes, according to Goldman Sachs analysts. The retail trading mania that captured the attention of global investors in January has returned in full force. This led us to estimate the proportion of retail trading using our 'small lot' trading methodology." Retail trading stocks to watchGoldman Sachs identified 100 stocks with high "small lot trading" activity in shares and options based on the research. Insider lists the top 20 "small lot trading" activity in shares and top 20 "small lot trading" activity in options from their report, which is based on data as of June 6.
Persons: Goldman Sachs, WEN, John Marshall, Marshall Organizations: Clover Health, Energy Fuels, Barclays, Goldman, Gamestop, AMC
Take a look at some of the biggest movers in the premarket:Snowflake (SNOW) – Snowflake shares fell 3.7% in premarket trading, following the cloud computing company's presentation of financial targets at its Investor Day meeting. Chewy (CHWY) – Chewy earned 9 cents per share for its latest quarter, compared to consensus forecasts for a 3 cents per share loss. Royal Caribbean lost 1.3% in premarket trading. Callaway slid 3.7% in premarket trading, while Apollo surged 11.9%. Livent (LTHM) – The lithium power specialist's shares fell 2% in the premarket after announcing a public offering of 13 million shares at $17.50 per share.
Persons: Snowflake, – Chewy, Chewy, Buster's, Dave, Bernstein, – Tesla, Goldman Sachs, – Callaway, GrubHub, Callaway Organizations: Vertex Pharmaceuticals, Royal, Royal Caribbean, UBS, Food, AMC Entertainment, GameStop, Clover Health, AMC, Plaid, American Airlines, Airlines, Aerospace, Callaway, GrubHub, Apollo Medical, Apollo Locations: Royal Caribbean, Fremont , California, ELY, Israel
AMC shares rose as much as 8% early Friday after S&P Global Ratings raised the company's credit rating. The credit rating was upgraded to CCC+ from CCC- but leaves the rating still within a speculative grade. AMC shares climbed Friday, bolstered by an upgrade of its credit rating at S&P Global Ratings which said fundraising by the company should help put the movie-theater chain on steadier financial footing. S&P Global said AMC had a monthly cash burn of $120 million in the first quarter of this year. Renewed interest in AMC's stock was ignited in late May after its largest shareholder, private Chinese conglomerate Dalian Wanda Group, sold almost all of its remaining stake.
Persons: Scott Zari Organizations: AMC, P Global, Global, Mudrick Capital Management, Bloomberg, Securities and Exchange Commission, Dalian Wanda Group, Retail
Check out the companies making headlines in midday trading. Dave & Buster's — Dave & Buster's shares fell about 2% midday after trading higher in premarket action. On Thursday, the company reported first-quarter earnings of 40 cents per share, surprising analysts who expected a loss of 16 cents per share. Reddit favorites — Stocks popular among retail investors flocking to Reddit's WallStreetBets forum were volatile in midday trading after massive rallies in recent weeks. Meanwhile, GameStop shares declined more than 2%, ContextLogic shares fell more than 5% and shares of Clean Energy Fuels slid nearly 2.5%.
Persons: Buster's, Dave, Biogen, Bernstein, , — CNBC's Pippa Stevens, Yun Li, Maggie Fitzgerald, Jesse Pound, Tom Franck Organizations: Chewy, New York Stock Exchange, Vertex Pharmaceuticals, Wall, Drug Administration, RBC, AMC Entertainment, Clover Health Investments, GameStop, Clean Energy Fuels Locations: Thursday's
The retail trading mania that captured the attention of global investors in January has returned in full force. The analysts examine the case studies of four popular retail stocks and their small-lot trading volumes to understand how retail trading can influence profit and loss even for bigger investors. This led us to estimate the proportion of retail trading using our 'small lot' trading methodology." Retail trading stocks to watchGoldman Sachs identified 100 stocks with high "small lot trading" activity in shares and options based on the research. Insider lists the top 20 "small lot trading" activity in shares and top 20 "small lot trading" activity in options from their report, which is based on data as of June 6.
Persons: Goldman Sachs, WEN, John Marshall, Marshall Organizations: Clover Health, Energy Fuels, Barclays, Goldman, Gamestop, AMC
S&P ekes out gains to close languid week
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
For the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave. The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. Unofficially, the Dow Jones Industrial Average (.DJI) rose 14.41 points, or 0.04%, to 34,480.65, the S&P 500 (.SPX) gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite (.IXIC) added 49.09 points, or 0.35%, to 14,069.42. Among the 11 major sectors in the S&P 500, healthcare suffered the biggest percentage drop.
Persons: Dow, Oliver Pursche, Brendan McDermid, Pursche, Biogen Organizations: U.S . Federal Reserve, Nasdaq, Wealthspire Advisors, Federal Reserve, University of Michigan’s, New York Stock Exchange, REUTERS, Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, Thomson Locations: New York, New York City, U.S
Wall Street muted as eyes turn to next week's Fed meeting
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
"We had a big inflation number this week and the markets seem to be taking it in stride." The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid"I don’t expect any surprises but I believe the Fed is certainly under a microscope so people will try to ascertain the duration of the current dovish policy," Keator added. Among the 11 major sectors in the S&P 500, rebounding financial stocks (.SPLRCT) and tech (.SPLRCT) were leading the gainers, while healthcare suffered the biggest percentage drop. The S&P 500 posted 29 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 97 new highs and 12 new lows.
Persons: Dow, Matthew Keator, Brendan McDermid, Keator Organizations: U.S . Federal Reserve, Nasdaq, Dow, Keator, Federal Reserve, University of Michigan's, New York Stock Exchange, REUTERS, Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, NYSE, Thomson Locations: Lenox , Massachusetts, New York City, U.S
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.) (Updates to market close)June 10 (Reuters) - Wall Street stocks ended firmer on Thursday, with the S&P 500 hitting a record closing high, as economic data appeared to support the Federal Reserve’s assertion that the current wave of heightened inflation will be temporary. All three major U.S. stock indexes advanced, with market-leading megacap stocks putting the Nasdaq out front. Unofficially, the Dow Jones Industrial Average rose 12.21 points, or 0.04%, to 34,459.35, the S&P 500 gained 19.71 points, or 0.47%, to 4,239.26 and the Nasdaq Composite added 106.86 points, or 0.77%, to 14,018.61. Among the 11 major sectors of the S&P 500, healthcare enjoyed the largest percentage gains.
Persons: smallcaps, , Ryan Detrick, Detrick, Joe Biden’s, Stephen Culp, Ambar Warrick, Richard Chang Organizations: Nasdaq, Labor, Financial, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO Group, Boeing, Reuters, United Airlines, Airbus, Pfizer Inc Locations: Charlotte , North Carolina, United
S&P 500 headed for record high as inflation seems temporary
  + stars: | 2021-06-10 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - Wall Street stocks rose on Thursday, with the S&P 500 on course to hit an all-time closing high, as the much-anticipated consumer price index report signaled that the current inflation wave will be transitory. REUTERS/Brendan McDermidAll three major U.S. stock indexes were higher, with market-leading megacap stocks putting the Nasdaq out front. The Dow Jones Industrial Average rose 126.15 points, or 0.37%, to 34,573.29; the S&P 500 gained 25.09 points, or 0.59%, at 4,244.64; and the Nasdaq Composite added 108.76 points, or 0.78%, at 14,020.51. Among the 11 major sectors of the S&P 500, healthcare enjoyed the largest percentage gains. The S&P 500 posted 57 new 52-week highs and no new lows; the Nasdaq Composite recorded 92 new highs and 11 new lows.
Persons: Brendan McDermid, , Colin Asher, ” Asher, Joe Biden’s, decliners Organizations: Reuters, New York Stock Exchange, REUTERS, Nasdaq, Labor, Mizuho, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO Group, Boeing Co, United Airlines, Boeing, Airbus, Pfizer Inc, NYSE Locations: St, New York City, U.S, London, United
The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. The labor market and inflation are two key factors for the Fed to consider tightening, and while inflation has risen, recent payrolls data was underwhelming. ET, the Dow Jones Industrial Average (.DJI) was up 230.84 points, or 0.67%, at 34,677.98, the S&P 500 (.SPX) was up 27.27 points, or 0.65%, at 4,246.82. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 38 new 52-week highs and no new low, while the Nasdaq recorded 58 new highs and six new lows.
Persons: Mike Segar, Mark Grant, Scott Brown, Raymond James Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley Financial, Fed, Dow Jones, Nasdaq, Clover Health, AMC, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, St . Petersburg , Florida
S&P 500 brushes off rising inflation to hit record high
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Mike Segar/File PhotoU.S. stocks rose on Thursday and the S&P 500 hit a record intraday high as investors juggled signs of a swift economic recovery with concerns over the Federal Reserve tapering its massive monetary stimulus. The S&P 500 (.SPX) hit a record high of 4,249.74. ET, the Dow Jones Industrial Average (.DJI) was up 123.39 points, or 0.36%, at 34,570.53 and the S&P 500 (.SPX) was up 18.18 points, or 0.43%, at 4,237.73. read moreAdvancing issues outnumbered decliners by a 2.55-to-1 ratio on the NYSE and a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 48 new 52-week highs and no new lows, while the Nasdaq recorded 72 new highs and nine new lows.
Persons: Mike Segar, Mark Grant, Christine Lagarde Organizations: New York Stock Exchange, REUTERS, Labor Department, CPI, Riley, Dow Jones, Nasdaq, European Central Bank, Clover Health, AMC, GameStop Corp, SEC, Boeing, Reuters United Airlines, Airbus, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, Clover Health rises in 'meme stock' rollercoaster
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
June 10 (Reuters) - Shares of GameStop fell 7.6% and Clover Health Investments jumped 5.9% in early deals on Thursday, setting the stage for another rollercoaster session for stocks favored by small-time investors on social media platforms. Clover Health, which had a short interest of 43.5% of free float as of Tuesday, was up 5.9% at around $17.92 before the bell. In the past two weeks, the so-called “meme stocks” have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price. Shares of AMC Entertainment were down 6.0%, while prison operator Geo Group - the latest “meme stock” - slumped 8.5% after surging 38% on Wednesday.
Persons: Vanda, Sagarika, Sriraj Kalluvila Organizations: GameStop, Clover Health Investments, Wednesday, Medicare, Clover Health, AMC Entertainment, U.S . Securities, Exchange Commission, SEC, Vanda Research, Geo Locations: Bengaluru
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