Investing
Midday Meme Stock Report for 8/9: AMC, Clover Health, DraftKings, Meta Materials
Published:
Several heavily traded stocks, including an icon of the meme stock crowd, are set to report earnings this week. But that’s not all the action we’re looking forward to.
AMC Entertainment Holdings Inc. (NYSE: AMC) is reporting second-quarter results after markets close Monday. The company is expected to report a much narrower loss than in the same quarter last year, along with a boost of 150% from 2020’s dismal quarterly results. We previewed AMC’s report last Friday.
DraftKings Inc. (NASDAQ: DKNG) may not be a meme stock in the technical sense, but it is pretty heavily traded. The company announced an all-stock acquisition valued at around $1.56 billion of another online gambling platform. After an early share price bump, DraftKings stock traded down slightly by noon.
Meta Materials Inc. (NASDAQ: MMAT) had posted the largest daily gain of any meme stock halfway through Monday’s trading. Last week, the company announced an acquisition valued at around $72 million of Canada-based Nanotech Security of anti-counterfeiting solutions. But the big driver of the share price appears to be hope that the short squeeze on predecessor Torchlight Energy will still deliver a special dividend to holders of Torchlight stock at the time of the reverse merger in late June.
Clover Health Investments Corp. (NASDAQ: CLOV) saw a solid gain Monday morning to trade at a three-week high. Yet, the stock still has a ways to go to recover from a drop of nearly 40% in July. The company is scheduled to report second-quarter results after markets close on Wednesday. No big upside surprises are expected.
In the noon hour Monday, AMC stock traded up 1.6%, at $33.22 in a 52-week range of $1.91 to 72.62. About 35 million shares had traded thus far, well below the daily average of around 178 million shares.
DraftKings stock traded up less than 1% to $51.70, in a 52-week range of $30.51. The average daily trading volume of around 15.7 million shares was already in the rear-view mirror, with 15.9 million shares traded.
Meta Materials traded up 10%, at $3.63 in a 52-week range of $0.42 to $21.76. The average daily trading volume is about 23.4 million shares, and 12.6 million had changed hands. On June 29, when the reverse merger with Torchlight was completed, the shares traded at $4.95.
Clover Health traded up about 6.3% to $8.58, in a 52-week range of $6.31 to $28.85. The average daily trading volume is around 53.7 million shares, and nearly 18 million had changed hands so far on Monday.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
