Meme Stock Movers for 10/20: BlackBerry, Camber Energy, Tilray, Vinco Ventures

Investing

Published: October 20, 2021 8:04 am

U.S. markets closed higher Tuesday on the coattails of strong earnings reports from the likes of Johnson & Johnson, Travelers and Procter & Gamble, all members of the Dow 30 club. P&G ultimately saw its share price slip after saying it expected higher expenses going forward due to supply chain issues and inflation. For some reason, the weak report on housing starts doesn’t appear to have figured into investors’ thinking.

Winners outnumbered losers Tuesday among our basket of meme stocks. The big winner was Camber Energy Inc. (NYSEAMERICAN: CEI). The oil and gas producer was trading up more than 26% at noon Tuesday but pared the gain to about 21.5% at the closing bell. The shares traded up about 4% in Wednesday’s premarket. Camber has issued a blizzard of federally required forms in the past week, most related to reducing debt by hiving off assets. Investors who like the stock think the company is going to focus on its ESG business. Short sellers, of whom there are plenty, see a different company.

Another big mover Tuesday was BlackBerry Ltd. (NYSE: BB). The stock rose by 14% on heavy volume (34.5 million shares traded versus a daily average of 9.5 million). The company had no news, and the shares didn’t begin their upward move until the afternoon. At 12:57 p.m., the shares were up just 1.3%, and the rocket ship took off shortly thereafter.

The Tuesday chart for cannabis grower and product developer Tilray Inc. (NASDAQ: TLRY) has virtually the same shape as BlackBerry’s. The only differences are the take-off time (12:42 p.m. for Tilray) and the eventual finish (Tilray closed up nearly 16%). The company did have some news, however. Tilray appointed retail executive Blair MacNeil as president of its Canada business. The press announcement came at 5:30 a.m. and the share price took seven hours to react? It’s probably safe to say that Mr. MacNeil’s appointment had little to do with the price movement.

Vinco Ventures Inc. (NASDAQ: BBIG) saw its share price sink by about 6.5% on Tuesday. In Wednesday’s premarket session, the stock traded down by another 16%. The company has announced that it will change its name to Zash and executive management will play musical chairs. The sell-off of Vinco shares appears to be a short-seller conspiracy of some sort, according to WallStreetBets apes.

ALSO READ: 5 Dividend-Paying Technology Stocks Could Be Huge Q4 Winners

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