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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
(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
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. 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.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, other "meme stocks" falter after big runups
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell more than 17% on Thursday and other so-called meme stocks also declined, setting the stage for another roller-coaster session for stocks favored by retail investors on social media platforms. AMC shares were off around 11%. 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.
Persons: Carlo Allegri, Inc's, Edward Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Wedbush Securities, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop falls 25% on potential share sale, other 'meme stocks' falter
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 25% on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favored by retail investors on social media platforms. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run up,” Ablin said. 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.
Persons: Carlo Allegri, Inc's, Jack Ablin, ” Ablin, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset Capital, , Wedbush Securities, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
S&P 500 closes at record high as long-term inflation fears abate
  + stars: | 2021-06-10 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermidWall Street stocks ended firmer on Thursday, with the S&P 500 (.SPX) 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 (.IXIC) out front. Unofficially, the Dow Jones Industrial Average (.DJI) rose 12.21 points, or 0.04%, to 34,459.35, the S&P 500 (.SPX) gained 19.71 points, or 0.47%, to 4,239.26 and the Nasdaq Composite (.IXIC) added 106.86 points, or 0.77%, to 14,018.61. Among the 11 major sectors of the S&P 500, healthcare (.SPXHC) enjoyed the largest percentage gains.
Persons: Brendan McDermid, Ryan Detrick, Detrick, Joe Biden's Organizations: New York Stock Exchange, REUTERS, Nasdaq, Labor, Financial, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO, Boeing Co, Reuters, United Airlines, Boeing, Airbus, Pfizer Inc, Thomson Locations: St, New York City, U.S, Charlotte , North Carolina, United
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. Worries that other companies could leverage recent stock price gains by announcing share sales may be rippling out to the broader meme stock universe, said Jack Ablin, chief investment officer at Cresset Capital. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run-up,” Ablin said. GameStop will likely sell all 5 million new shares but that amount only represents a “modest” dilution of 7%, Wedbush analysts wrote. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday, matching their January peak.
Persons: Carlo Allegri, Jake Dollarhide, Jack Ablin, ” Ablin, Inc's, GameStop's, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Longbow Asset Management, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset, , Wedbush Securities, U.S . Securities, Exchange Commission, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
Recent retail flows into meme stocks hit January peak levels - Vanda Research
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.95   time to read: +2 min
REUTERS/Carlo AllegriNEW YORK (Reuters) - Retail traders have put as much money into so-called meme stocks over the past two weeks as they did at the peak of the frenzied GameStop rally in January, analysts at Vanda Research said on Wednesday. Meme stocks are companies that see their value fueled by social media attention. The amount of cash flowing into meme stocks has been larger than any single sector or industry, even surpassing the S&P tech sector, according to Vanda, which tracks retail flows. What sets these meme stocks apart, “is that they are absolutely hated by the hedge fund community, who have been piling into short bets for some time,” Vanda researchers said. Sectors currently seeing higher retail participation include cannabis stocks and gaming stocks, while electric vehicle and space exploration companies, as well as cryptocurrencies have seen waning retail interest, Vanda said.
Persons: Carlo Allegri, Vanda, ” Vanda Organizations: AMC, REUTERS, Retail, GameStop, Vanda Research, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings Locations: Manhattan, New York City , New York, U.S
Business · 10:15 AM UTC Reddit darling Clover Health set for record high in latest 'meme stock' rallyShares of Clover Health Investments Corp (CLOV.O) jumped 18% and were on course to hit an all-time high on Wednesday, with individual traders on online discussion forums pumping up the stock a day after they sent it soaring about 86%.
Organizations: Clover Health Investments Corp
New Reddit darling Clover Health jumps 13%
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.93   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo(Reuters) - Shares of Clover Health Investments Corp jumped 13.3% in early deals on Wednesday, a day after small-time traders on online discussion forums sent its stock zooming 86% to a record high. Medicare-backed insurance seller Clover Health, among the most shorted stocks across U.S. exchanges, has emerged as the new favorite of individual traders who had previously hyped shares of AMC Entertainment Holdings Inc and GameStop Corp in forums such as Reddit’s WallStreetBets. Clover Health was one of the most heavily traded stocks before the bell after logging its highest trading volume on U.S. exchanges on Tuesday. Shares of video game retailer GameStop were up 2.3%, while AMC and U.S.-listed shares of BlackBerry Ltd fell 4.1% and 1.0%, respectively.
Persons: Carlo Allegri Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover Health, AMC Entertainment Holdings Inc, GameStop Corp, GameStop, AMC, BlackBerry Ltd Locations: Manhattan, New York City , New York, U.S
Reddit darling Clover Health set for record high in latest 'meme stock' rally
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Medicare-backed insurance seller Clover Health is a new favorite of small-time traders who had previously sent shares of GameStop Corp and AMC Entertainment Holdings soaring using social media channels such as Reddit’s WallStreetBets. On trading-focused site Stocktwits, message volume related to Clover Health more than doubled and 95.4% of the messages reflected a positive sentiment toward the heavily shorted stock. Clover Health was also among the most traded stocks premarket after logging the highest trading volume on U.S. exchanges on Tuesday. Among other “meme stocks”, shares of video-game retailer GameStop were up 2.7% on Wednesday, while AMC and security solutions provider BlackBerry’s U.S.-listing fell 7.4% and 5.4%, respectively.
Persons: Carlo Allegri, Melvin Capital Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover, GameStop Corp, AMC Entertainment Holdings, Clover Health, GameStop, AMC, Lordstown Motors Corp Locations: Manhattan, New York City , New York, U.S
(Reuters) - Serial dealmaker Chamath Palihapitiya’s $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer’s shares. FILE PHOTO: Chamath Palihapitiya, founder and CEO of Social Capital, speaks during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. A third of Palihapitiya’s stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.
Persons: Palihapitiya, Brendan McDermid Clover, Clover Organizations: Reuters, Clover Health Investments Corp, Social Capital, Investment, REUTERS, Hindenburg Research, U.S . Department of, U.S . Securities, Exchange Commission, Credit Suisse, Clover Health, Finance Technologies, Virgin Galactic Holdings Inc, Technologies Locations: New York City, U.S
Palihapitiya's $16 mln bet on Clover worth $682 mln on Reddit rally
  + stars: | 2021-06-08 | by ( Anirban Sen | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Brendan McDermidSerial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp (CLOV.O) public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares. Clover shares ended trading up 86% on Tuesday as it became the latest 'meme stock' to capture the imagination of amateur investors on Reddit and other social media platforms. A third of Palihapitiya's stake in Clover is pledged as collateral to Credit Suisse for a loan, a regulatory filing shows. Palihapitiya took Clover Health public through a $3.7 billion merger that closed in January. Earlier in June, Palihapitiya launched four new, warrant-less SPACs that are looking to raise a total of $800 million through IPOs, with a focus on buying biotech firms.
Persons: Chamath Palihapitiya, Brendan McDermid, Clover, Palihapitiya Organizations: Social Capital, Investment, REUTERS, Clover Health Investments Corp, Hindenburg Research, U.S . Department of, U.S . Securities, Exchange Commission, Credit Suisse, Clover Health, Finance Technologies, Virgin Galactic Holdings Inc, Technologies, Thomson Locations: New York City, U.S
Futures dip with inflation in focus, Tesla gains on strong China sales
  + stars: | 2021-06-08 | by ( Ambar Warrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) - U.S. stock index futures fell on Tuesday as investors stepped back ahead of key inflation data later in the week, while Tesla gained on strong sales in China, a major market for the electric carmaker. REUTERS/Eric Thayer/File PhotoTesla’s shares rose 2.6% in premarket trade after sales of its China-made electric vehicles surged 29% in May, data showed. Investors were now awaiting further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday. ET, U.S. E-minis stocks futures were down 0.24% at 4,215.5 points. Dow E-minis were down 140 points, or 0.4%, while Nasdaq 100 E-minis were down 8.75 points, or 0.06%.
Persons: Tesla, Eric Thayer, Dow Organizations: Reuters, New York Stock Exchange, REUTERS, Clover Health Investments Corp, AMC Entertainment, GameStop, Investors, Federal Reserve, Fed, KKR, Independence Energy LLC, Contango, & Gas Co, Nasdaq, & $ Locations: China, New York, U.S
Tesla set to boost Nasdaq; S&P, Dow to open flat
  + stars: | 2021-06-08 | by ( Ambar Warrick | Shashank Nayar | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -The S&P 500 and the Dow were set to open flat on Tuesday as investors stepped back ahead of key inflation data later in the week, while Tesla was on track to boost the Nasdaq on strong sales in China, a major market for the electric carmaker. FILE PHOTO: A street sign is seen in front of the New York Stock Exchange on Wall Street in New York, February 10, 2009. U.S. shares of Chinese electric vehicle makers NIO Inc, Li Auto Inc and Xpeng Inc rose between 1.6% and 2.2%. Investors are now awaiting further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday. Dow E-minis were down 22 points, or 0.06%, while Nasdaq 100 E-minis were up 69.5 points, or 0.5%.
Persons: Tesla, Eric Thayer, , , Sean O’Hara Organizations: Reuters, Dow, Nasdaq, New York Stock Exchange, REUTERS, NIO, Li Auto Inc, Xpeng, Investors, Federal Reserve, , Fed, Boeing, Southwest Airlines, Clover Health Investments Corp, KKR, Independence Energy LLC, Contango, & Gas Co, & $ Locations: China, New York, Malvern , Pennsylvania, U.S
Tesla’s shares rose 2.6% in premarket trade after sales of its China-made electric vehicles surged 29% in May, data showed. Investors were now awaiting further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday. The U.S. economy is set for a sharp bounceback from a COVID-induced slump, with recent inflation data indicating as much. ET, U.S. E-minis stocks futures were down 0.24% at 4,215.5 points. Dow E-minis were down 140 points, or 0.4%, while Nasdaq 100 E-minis were down 8.75 points, or 0.06%.
Persons: Tesla, Dow, Ambar Warrick, Shashank, Maju Samuel Organizations: Dow, Nasdaq, Clover Health Investments Corp, AMC Entertainment, GameStop, Investors, Federal Reserve, Fed, KKR, Independence Energy LLC, Contango, & Gas Co, & $ Locations: China, U.S, Bengaluru
read moreTesla (TSLA.O)was also among the top boosts to the Nasdaq (.IXIC) after sales of its China-made electric vehicles surged 29% in May from the prior month, data showed. read moreU.S. shares of Chinese electric vehicle makers NIO Inc (NIO.N), Li Auto Inc and Xpeng Inc (XPEV.N) rose between 1.7% and 7%. The U.S. economy is set for a sharp bounceback from a COVID-induced slump, with recent inflation data indicating as much. read moreAdvancing issues outnumbered decliners by a 1.10-to-1 ratio on the NYSE, and by a 1.81-to-1 ratio on the Nasdaq. The S&P index recorded 25 new 52-week highs and one new lows, while the Nasdaq recorded 72 new highs and five new lows.
Persons: Eric Thayer, Dow Jones, China's CATL, Sean O'Hara Organizations: New York Stock Exchange, REUTERS, Nasdaq, Reuters, NIO Inc, Li Auto Inc, Xpeng Inc, Netflix, Investors, Federal Reserve, Fed, Dow Jones, Boeing, Southwest Airlines, Clover Health Investments Corp, NYSE, Thomson Locations: New York, China, Malvern , Pennsylvania, U.S
Clover Health jumps 13% as 'meme stock' rally builds
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS/Carlo Allegri/File PhotoShares of Clover Health Investments Corp (CLOV.O) and other "meme stocks" jumped in premarket trading on Tuesday as small-time individual investors again piled into some of the most heavily shorted U.S. stocks. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. read moreClover's shares were last up 13.3% at $13.50 after jumping 32% on Monday. Workhorse shares gained 2.5%, while AMC and GameStop rose 4.1% and 3.5%, respectively.
Persons: Carlo Allegri, Clover Organizations: AMC, REUTERS, Clover Health Investments Corp, AMC Entertainment Holdings Inc, GameStop Corp, U.S . Securities, Exchange Commission, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S
Clover Health soars 49% as 'meme stock' rally powers on
  + stars: | 2021-06-08 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
An AMC theatre is pictured amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. read moreMedicare-backed insurance seller Clover and electric-truck maker Workhorse Group Inc (WKHS.O) are among the most shorted stocks across U.S. exchanges, with Clover being the target of short seller Hindenburg in February. Clover's shares were last up 49% at $17.74 after earlier hitting a record high of $18.92. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Workhorse shares gained 10.0%, while AMC and GameStop rose 4.9% and 11.0%, respectively.
Persons: Carlo Allegri, Clover, Thomas Hayes, Chamath Palihapitiya Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally gathers steam
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +3 min
Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. Today' peak gamma is at $16 and there isn't much gamma between $16 and $20 to drive it higher," Wolberg said. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Wendy's (WEN.O) was also jumping in high volume, and its shares were last up 15.8%. Workhorse (WKHS.O) shares gained 17.4%, while AMC was up 3.9%, GameStop rose 11.7% and Carlotz (LOTZ.O) was up 24.6%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Great, Capital, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health soars as 'meme stock' rally expands
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +4 min
read moreShort interest in Clover Health is at 49.10 million shares, or 43.5% of the float, Ihor Dusaniwsky, managing director of predictive analytics at S3 said on Tuesday. Shorts have been building their position in Clover Health as its stock price has been rallying, Dusaniwsky said. Call options speculating on the stock climbing all the way to $30 were among some of the most heavily traded contracts in recent days. With Clover options trading in heavy volume, the gamma picture can quickly change as investors take new positions. Electric-truck maker Workhorse Group Inc (WKHS.O) shares gained 17.4%, while AMC was down 0.8%, and Carlotz (LOTZ.O) climbed 23.3%.
Persons: Carlo Allegri, Clover, Thomas Hayes, Dusaniwsky, , Jay Wolberg, Wolberg Organizations: AMC, REUTERS, Clover Health Investments Corp, Medicare, Great, Capital, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Clover Health, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, New York
Clover Health shares surge as 'meme stock' rally expands
  + stars: | 2021-06-08 | by ( ) www.reuters.com + 0.00   time to read: +4 min
Clover Health shares, which closed up 85.8% at $22.15 after earlier hitting a record high of $24.93, had the highest trading volume on U.S. exchanges Tuesday. More than 700 million shares changed hands versus their roughly 30 million average for the last 10 days. Clover Health shares shorted increased by 4.5 million shares, worth $54 million, over the last week, based on research from S3 Partners. By comparison, Clover Health shares shorted increased by 9.7 million shares, worth $115 million, over the last 30 days. Short interest in Clover Health is at $585 million, with 49.10 million shares shorted, or 43.5% of Clover's float, he said.
Persons: Carlo Allegri, Jay Wolberg, Clover, Wolberg, Dusaniwsky Organizations: AMC, REUTERS, Clover Health Investments Corp, Traders, Clover Health, GameStop Corp, AMC Entertainment Holdings Inc, U.S . Securities, Exchange Commission, Partners, S3 Partners, Trade, Clover, GameStop, Thomson Locations: Manhattan, New York City , New York, U.S, Wendy's
Clover Health’s Stock Price Surges After Becoming New Reddit Darling
  + stars: | 2021-06-08 | by ( Anna Hirtenstein | ) www.wsj.com sentiment -1.00   time to read: +1 min
Shares of Clover Health Investments Corp. soared after emerging as the latest target for retail traders on Reddit forums. The healthcare company’s share price rose over 32% Monday and is up another 30% on Tuesday in premarket trading. Clover Health went public Jan. 8 by merging with a special-purpose acquisition company, or SPAC. The firm’s share price came under pressure several weeks later after Hindenburg Research put out a report alleging that it misled investors. If the share price rises significantly instead, short investors may be forced to buy the stock to cover their positions, which could accelerate the stock upward.
Persons: Clover, SPACs Organizations: Clover Health Investments Corp, Clover Health, Hindenburg Research Locations: premarket
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