Investing

Midday Meme Stock Report for 7/29: Cleveland-Cliffs, Nokia, Robinhood, Tesla

Compared to Wednesday morning trading, the first half of Thursday has been much more upbeat for the meme stocks we follow. Most are trading higher, even though the gains are fairly modest, with some exceptions trading higher by around 4% or more.

The one significant exception to that generalization is Robinhood Markets Inc. (NASDAQ: HOOD). The trading app maker is taking something of a beating on its initial public offering. The stock priced at $38 a share, the low end of the range, and dropped from there. The stock did not begin trading until about midway through the noon hour, and there is plenty of action.

Cleveland-Cliffs Inc. (NYSE: CLF) got a boost Thursday following the company’s announcement Wednesday that it had redeemed all outstanding preferred shares for $1.2 billion in cash. The company’s diluted share count has declined by 10% (pro-forma) as a result.

Nokia Corp. (NYSE: NOK) reported Thursday morning that second-quarter sales were up 9% year over year and diluted EPS rose to $0.11. Both totals were higher than forecasts, and the company raised its revenue guidance and operating margin for the full year.

Tesla Inc. (NASDAQ: TSLA) also saw its share price rise following a rating upgrade at DZ Bank (Germany) from Sell to Buy and a doubling of the bank’s price target to $750 a share. Morgan Stanley analyst Adam Jonas reiterated his Overweight rating on the stock and his price target of $900.

After dropping below $34 (more than 12%), Robinhood shares traded down about 5% in the noon hour at $36.20. The first-day trading range is $33.35 to $40.22. Volume had already topped 55 million shares.

Cleveland-Cliffs posted a new 52-week high of $25.83 earlier in the morning. The stock’s 52-week low is $5.16, and shares currently trade up about 7% at $25.22. The average daily trading volume is nearly 29 million shares, and 37 million had changed.

Nokia traded up about 4.3%, at $6.07 in a 52-week range of $3.21 to $9.79. The average daily trading volume is 40.4 million shares, and 48 million had traded.

Tesla was up about 4.2% to $673.66, in a 52-week range of $273.00 to $900.40. The average daily trading volume is 25.4 million shares, and about 20 million had traded thus far.