Our overall portfolio of meme stocks trended down at noon Monday, with just a half dozen stocks showing a gain for the day. A look at Fidelity\u2019s order book for Monday, however, indicates that buy orders are significantly more frequent than sell orders.<\/p>\n
Excluding the SPY index fund, the most frequently mentioned stock on r\/wallstreetbets Monday was AMC Entertainment Holdings Inc. (NYSE: AMC). Daily mentions are up 360%, and the share price was increasing too, although by a more modest amount. Earlier in the morning, theater advertising group National CineMedia reported that a recent survey of 1,311 moviegoers showed 79% were not overly concerned with the Delta variant of COVID-19, 82% were fully vaccinated and 87% have been to a movie theater this year, and the same percentage plan to go again.<\/p>\n
ContextLogic Inc. (NASDAQ: WISH) posted quarterly results last Thursday that disappointed investors on at least four counts: new app installs, a drop in time spent on the company\u2019s e-commerce site, a 6% drop in revenue, and a 10-fold increase in quarterly net loss. That sent shares plunging Friday, along with five analyst downgrades, comprising four reductions from the equivalent of Buy to Hold and one from Hold to Sell.<\/p>\n
Robinhood Markets Inc. (NASDAQ: HOOD) is scheduled to report quarterly earnings later this week. We will have a more complete look at what to expect in Tuesday\u2019s earnings preview, but for now, we note the quarterly revenue expectations range from around $521 million to around $560 million and the per-share loss is expected to be around $0.26.<\/p>\n
Nio Inc. (NYSE: NIO) shares dropped sharply from Friday\u2019s close to Monday\u2019s opening following reports that one of the company\u2019s cars was involved in a crash that killed a 31-year old Chinese entrepreneur. The crash and a similar fatal accident in July involving the Nio\u2019s self-driving system led the government\u2019s business newspaper to suggest that more regulations would be imposed if automakers fail to pay more attention to safety.<\/p>\n
In the noon hour Monday, AMC traded up about 5.4%, at $35.28 in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 174 million, and about 59 million had traded so far on the day.<\/p>\n
ContextLogic\u2019s stock was down about 10% to $6.78, in a 52-week range of $6.69 to $32.85. The average daily trading volume is 71.4 million, and 52.7 million had changed hands already.<\/p>\n
Robinhood traded down about 6.3% to $47.45m in a post-IPO range of $33.25 to $85.00 The average daily volume is around 57 million shares, and about 7.3 million had traded.<\/p>\n
Nio stock traded down about 6.3% Monday, at $38.47 in a 52-week range of $13.06 to $66.99. The average daily trading volume is about 58.4 million shares, and 48.7 million had traded already.<\/p>\n<\/p>\n