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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
Mapping out all the recent key Credit Suisse departures
  + stars: | 2021-06-14 | by ( Dan Defrancesco | Jordan Parker Erb | ) www.businessinsider.com sentiment -1.00   time to read: +2 min
I'm Dan DeFrancesco, and here's what's on the agenda today:We've got a running list of all the recent departures at Credit Suisse, from executives to top traders. Maplelane, one the hedge funds impacted by the GameStop trading frenzy, took a dip in May. Buy now, pay later is one of the hottest trends in payments, but banks are looking to compete with the fintechs by offering merchants an alternative. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. Arnd Wiegmann/Reuters; Skye Gould/InsiderCredit Suisse has been rocked this year by the implosions of Greensill and Archegos.
Persons: I'm Dan DeFrancesco, here's what's, We've, Arnd Wiegmann, Skye Gould, who's, Bauer, Griffin, , Don Arnold Organizations: Finance, Credit Suisse, GameStop, Deutsche Bank, AllianceBernstein, Accenture, Wall, Suisse, Getty
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
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
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
GameStop lures Amazon talent with grand plans and no frills
  + stars: | 2021-06-11 | by ( Svea Herbst-Bayliss | ) www.reuters.com + 0.00   time to read: +6 min
The role would come with no frills, but it would pay off handsomely in GameStop shares if the turnaround was successful. They were the latest Amazon veterans poached by Cohen, the billionaire co-founder of online pet supplies retailer Chewy Inc, who joined GameStop’s board in January. Based in Miami, Cohen called Furlong in Australia and held a series of virtual meetings that later included GameStop’s board members. In his discussions with Furlong, Cohen said previous GameStop executives let order-processing operations and customer service languish, the sources said. Representatives for GameStop, Cohen and Furlong declined to comment.
Persons: Ryan Cohen, Matt Furlong, Dado Ruvic, Cohen, Furlong, Mike Recupero, Jenna Owens, Matt Francis, Elliott Wilke, George Sherman, Sherman, Were Furlong, GameStop . Furlong, , ” Cohen Organizations: Reuters, GameStop, Amazon.com, REUTERS, Wednesday, Chewy Inc, Web Services, Amazon Locations: Australia, Miami, Grapevine , Texas, Chewy, York , Pennsylvania
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
Clover Health joins meme stock club. For these retail investors, meme stocks fulfill three functions:Punishing short sellers. Clover Health short sellers, who believed the stock was overvalued , were down $438 million in mark-to-market losses. Clover Health short sellers, who believed the stock was , were down in mark-to-market losses. Our Digital Health analyst's take: Clover can capitalize on its share price surge to fund product development and expansion.
Persons: Reddit, Clover, Redditors Organizations: Clover Health, Digital Health, Clover ., Intelligence, Bloomberg, Digital, GameStop, Medicare, Medicaid Services, Health, Gamestop, Oscar Health
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
Maplelane's quest to claw back its GameStop losses took a hit in May. The $3 billion hedge fund lost 2.7% last month and is down 39% for the year, sources tell Insider. The firm lost 45% in January thanks to a short position against Reddit favorite GameStop. Melvin Capital also sustained losses in May as it tries to claw its way back from a 53% loss from GameStop short positions, among other shorts. The Financial Times recently reported that Gabe Plotkin's manager lost 4% last month to bring its year-to-date losses to just under 45%.
Persons: , Leon Shaulov, Melvin Capital, Melvin, Gabe Plotkin's, Maplelane Organizations: GameStop, former Galleon Group, Melvin, Bloomberg, Financial Times
The Fed's two-day meeting is the big event for markets in the week ahead. The program was initiated during the pandemic to provide liquidity to the markets and keep interest rates low. Wells Fargo's Schumacher said he is closely watching that inflation forecast, particularly for 2023. Markowska of Jefferies doubts the Fed rate forecast will shift. But the financial sector lost 2.4% as interest rates fell, and it was the worst performing sector this week.
Persons: Jerome Powell, Kevin Lamarque, Scott Redler, Powell, Mike Schumacher, Aneta Markowska, Economists, Wells Fargo's Schumacher, Schumacher, Markowska, Jefferies, Stocks, Russell, REITs, Financials, Joe Biden's, Vladimir Putin Organizations: Federal, Federal Reserve, Reuters Stocks, Jefferies, Fed, Market, Dow, Nasdaq, Tech, GameStop, Treasury, NATO, Wednesday Locations: Washington, Wells Fargo, Treasurys, Europe, Geneva
(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
US STOCKS-Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) 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.) 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. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: , Mark Grant, Ambar Warrick, Maju Samuel Organizations: Boeing, Dow, Nasdaq, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Clover Health, GameStop Corp, Securities and Exchange Commission, Reuters United Airlines, Airbus, Ocugen Inc Locations: Bengaluru
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
US STOCKS-Futures hold steady ahead of inflation data
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
While the Fed has reiterated that the spike in inflation would be transitory, investors fear that a bigger-than-expected surge could push the central bank into tightening policy earlier than signaled. 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. U.S. S&P 500 E-minis were up 3 points, or 0.07% at 06:36 a.m. Dow E-minis were up 81 points, or 0.24%, while Nasdaq 100 E-minis were down 35.75 points, or 0.26%. Focus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Ambar Warrick, Maju Samuel Organizations: Dow, Nasdaq, Reserve, Labor, Fed, Clover Health, GameStop Corp, Boeing, Reuters United Airlines, Airbus Locations: Bengaluru
Wall Street set for flat open as consumer prices jump
  + stars: | 2021-06-10 | by ( Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
Morning sunlight falls on the facade of the New York Stock Exchange (NYSE) building after the start of Thursday's trading session in Manhattan in New York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File PhotoU.S. stock indexes were set for a muted open on Thursday as a surge in consumer prices in May fanned fears of early policy tightening by the Federal Reserve, while another report showed the labor market remained under pressure. The Labor Department said its consumer price index increased 0.6% last month after surging 0.8% in April. A separate report on Thursday from the Labor Department showed the number of Americans filing for jobless claims fell less than expected last week. read moreFocus was also on a major infrastructure spending bill, talks over which hit a deadlock in the Senate.
Persons: Mike Segar, Mark Grant Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Labor Department, CPI, Riley, Fed, Dow E, Nasdaq, Clover Health, GameStop Corp, Securities and Exchange Commission, Boeing, Reuters United Airlines, Airbus, Thomson Locations: Manhattan, New York City , New York, U.S
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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