Meme Stock Movers for 9\/23: AMC, Aterian, BlackBerry, Robinhood
Major U.S. stock indexes closed up about 1% on Wednesday, following the FOMC decision to leave interest rates alone for now and confirmation that the Federal Reserve may begin reducing its asset-buying if the economy continues to grow as expected. The indexes traded higher by about half a percentage point in Thursday’s premarket session.
AMC Entertainment Holdings Inc. (NYSE: AMC) rose by about 3.3% on Wednesday and traded higher Thursday by a similar amount. CEO Adam Aron said Wednesday that the company has to “figure out a way” to accept payment in Dogecoin. With the Fed about to release a report on the costs and benefits of a central bank digital currency (CBDC), according to Chair Jerome Powell, cryptocurrency believers probably have mixed feelings about where the bank is likely to come down on the issue.
Aterian Inc. (NASDAQ: ATER) put up another big gain on Wednesday, closing up about 28.6%. The company has had no specific news for almost a month, and the share price has quintupled in that time. Share price jumps like that have short squeeze written all over them.
BlackBerry Ltd. (NYSE: BB) reported a smaller than expected loss after markets closed on Wednesday and better than expected revenue. On the company’s conference call, CEO John Chen said the recent quarter was BlackBerry’s “low point” for the fiscal year but that significant headwinds remain and the company’s prior full-year revenue guidance was left unchanged. The stock added about 2% ahead of the earnings report and traded up about 7.3% in Thursday’s premarket at $10.26.
Robinhood Markets Inc. (NASDAQ: HOOD) generated significant chatter on social media Wednesday following the company’s announcement that it planned to begin testing a crypto wallet next month. The new app would give people the ability to move digital assets out of the app completely or transfer digital apps from other places onto the Robinhood app, commission-free. This is a big leap for the company and puts Robinhood into direct competition with crypto biggies like Coinbase, which charges fees for some crypto transactions. Typically, converting fiat currencies like dollars or euros into cryptocurrencies comes with a transaction fee.
Robinhood stock gained almost 11% on Wednesday but traded down less than 1% in Thursday’s premarket session.
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