📈 Meme stocks like AMC, BBBY and GME soar - and markets are nervous

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بواسطة Markus Heitkoetter، اكتشفه Player FM ومجتمعنا ـ حقوق الطبع والنشر مملوكة للناشر وليس لـPlayer FM، والصوت يبث مباشرة من خوادمه. اضغط زر الاشتراك لمتابعة التحديثات في Player FM، أو ألصق رابط التغذية الراجعة في أي تطبيق بودكاست آخر.

Today, stocks are opening sharply lower.

Here's what is happening in the markets today, Thursday, June 3rd.

Why are stocks lower?
Maybe it’s a continuation of the holiday week relaxation,
Or maybe it’s the typical slower June.
Or maybe it’s because the S&P 500 continues to struggle to reach a new all-time high.
Or maybe it’s AMC?

Most of the early market action centered on meme stock and theater chain AMC Entertainment (AMC). The stock was up as much as 20% in premarket trading after practically doubling in the prior session. Reminiscent of what occurred earlier this year, retail traders rallying together on Reddit have triggered a short squeeze in the stock.

AMC filed to sell up to 11.55 million common shares “from time to time,” according to a DEC filing, but cautioned against investing in the stock due to recent moves “unrelated to our underlying business.”

Other Meme stocks jumped as well, including Bed Bath & Beyond (BBBY), which finished 62% higher as well as Blackberry (BB), whose stock rose almost 32%. GameStop (GME) surged 33.2%.

Earnings News:
The apparel retailer Express (EXPR) reported a quarterly loss of $0.55/ share, smaller than the 58 cents a share that analysts were expecting. Revenue topped Street forecasts and Express said it expects sequential comparable sales improvement throughout this year. Its shares fell 7.1% in the premarket after an initial jump higher.

Dogecoin, the crypto based on a joke, popped more than 30% yesterday in anticipation of Coinbase (COIN) allowing it to be traded on its Pro platform. With a market cap of about $54 billion, it’s now the sixth-most valuable crypto.

The weekly unemployment report will be released.

Amazon (AMZN) sets Prime Day for June 21-22.

This wraps up today's stock market news.

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