As poorly as the meme stocks did on Tuesday, they bounced back to demonstrate some real power in the first half of Wednesday trading. Only three of a portfolio of some 40 stocks we track traded in the red. Bitcoin traded above $40,000 briefly in the morning and on last look traded at around $39,800, up about 4.8% for the day.
Cannabis grower Tilray Inc. (NASDAQ: TLRY) reported quarterly earnings late Tuesday, and the sharp increase in the share price Wednesday morning likely was due to a quadrupling of EBITDA to $12.3 million. What really matters for the stock, though, is an end to lockdowns in Canada that have kept retail outlets closed. Online sales can only pick up some of the loss from walk-in buyers.
BlackBerry Ltd. (NYSE: BB) had no particular news Wednesday morning. Tuesday the chief operating officer got a nice reward of 280,000 restricted stock units, but that was about it. The company did sign another Tuesday deal for its QNX automobile software, but that was no game-changer either.
Meta Materials Inc. (NASDAQ: MMAT) was bouncing higher in the noon hour Wednesday, but the shares still traded at less than half their value following the reverse merger that created Meta Materials out of a reverse merger with Torchlight Energy.
GameStop Corp. (NYSE: GME) will ascend to the S&P 400 next week, replacing a real estate investment trust that was acquired by Kimco Realty. GameStop is currently included in the S&P 600 index. Moving into a new index typically improves a stock’s price because investors who buy the index are buying shares in the index’s companies. GameStop stock defies the norm, again.
Tilray traded up about 24.4%, at $15.84 in a 52-week trading range of $4.41 to $67.00. The average daily trading volume on the shares is about 25.8 million, and nearly 91 million shares had traded in Wednesday’s morning session.
BlackBerry was up about 8.0% to $110.70 in the noon hour Wednesday, in a 52-week range of $4.37 to $28.77. The average daily trading volume on the shares is about 42 million. Nearly 12 million shares had traded thus far.
Meta Materials traded up about 3.9% to $3.40, in a 52-week range of $0.42 to $21.76. The average daily trading volume is around 22.3 million shares, and trading was a bit light on Wednesday, with just 6.4 million shares traded.
GameStop shares were down nearly 6%, at $168.20 in a 52-week range of $3.92 to $483.00. The average daily trading volume is around 6.1 million shares, and about half that many had traded thus far on Wednesday.