The day's big meme winners were Palantir and SmileDirect
The mother and father meme stocks often move in tandem with one another, but this is ridiculous.
Shares in GameStop (GME) and AMC Entertainment (AMC), both closed down 0.62% for the day, a rare case of identical losses for the most popular names in meme stocks.
Both stocks fought off morning dives to flirt with ending the day in the green. AMC even had brief gains in the later hours of trading as the broader markets surged, ending with gains for the day, as investors turned optimistic about debt-ceiling negotiations.
Just as morning trading predicted however, the big meme winners on Wednesday were Palantir (PLTR), which locked in a 1.4% gain after soaring Tuesday on news that it signed a massive new contract with the U.S. Army, and SmileDirect Club (SDC), which popped almost 15%.
SmileDirect, which was the most trending name on investing social media for the day, capitalized on good news about its mobile SmileBus product. It also appeared to benefit from scuttlebutt on Reddit that hedge funds would fight back against any attempt to move SmileDirect above $6.50 a share.
That prediction proved to be an interesting one as a late push in the penultimate hour of trading saw the stock go volatile around the $6.50 mark before breaking through for good a half-hour before the closing bell.
SmileDirect closed at $6.75 on the day.
(END) Dow Jones Newswires
October 06, 2021 17:36 ET (21:36 GMT)
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