Investing
Meme Stock Movers for 10/22: AMC, Camber Energy, Greenidge, Vinco Ventures
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Major U.S. stock indexes closed with a new record high in the books for the S&P 500, which helped lift the index by 0.3% for the day. The Nasdaq Composite closed up 0.6%, and the Dow Jones industrial average was essentially flat. Friday’s premarket session was mixed, with the Dow and the S&P 500 up slightly while the Nasdaq lagged. U.S. 10-year Treasury yields dipped by just one basis point, while crude oil traded up less than 1% at $83.19.
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Thursday’s big news was the announcement by former President Trump that his social media company has agreed to a SPAC merger with Digital World Acquisition Corp. (NASDAQ: DWAC). Digital World’s stock, warrants and units all soared Thursday, and also traded higher Friday morning. A halo effect showered Austin, Texas-based Phunware Inc. (NASDAQ: PHUN), which added more than 45% to its share price Thursday and was up 300% in Friday’s premarket at around $6.07. Phunware is rumored to be the company that will build and host Trump’s social media site. Who knows?
As for the meme stocks, AMC Entertainment Holdings Inc. (NYSE: AMC) dropped 4% on Thursday and traded down nearly 3% early Friday at around $38.10. On Wednesday, CEO Adam Aron told CNBC that the company is considering issuing its own cryptocurrency:
There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency. That’s just one of half a dozen ideas that we’re working on right now.
Aron didn’t expand on this comment.
Camber Energy Inc. (NYSEAMERICAN: CEI) dropped 10.5% on Thursday and traded down another 10.5% in Friday’s premarket to $1.45. The company had no specific news. Trading volume of 7.5 million shares in Friday’s premarket session is third highest, trailing both Phunware (71.5 million) and Digital World (8 million).
Vinco Ventures Inc. (NASDAQ: BBIG) closed down more than 6% on Thursday and was down another 7.2% in Friday’s premarket at $5.56. The media company had no specific news. Earlier this week, the company postponed the record date for its CrypTyde spin-off dividend until 60 days after the outcome of a “standalone audit” that it expects to complete next week.
Bitcoin miner Greenidge Generation Holdings Inc. (NASDAQ: GREE) announced Thursday that it is purchasing a 175-acre site in South Carolina for $15 million. The site includes more than 750,000 square feet of buildings and, combined with sites in Texas, adds 3,000 megawatts to the company’s electricity supply. By 2023, the company said, it expects to have 5,000 megawatts of available capacity. Greenidge currently owns and operates a 45-megawatt plant in upstate New York that has come under fire from state officials and Senate Majority Leader Chuck Schumer.
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