The major market indexes all traded down at the noon hour Wednesday, and only a few meme stocks were beating the pattern. The big mover was a company that filed a preliminary proxy statement in the morning and that has generated more than its usual amount of buzz on Reddit’s WallStreetBets.
Vinco Ventures Inc. (NASDAQ: BBIG) filed a preliminary proxy statement ahead of a planned shareholders meeting on October 14 to vote on the company’s planned merger with Zash Global Media. In connection with that merger (if it is approved) Vinco will spin off a new publicly traded company to be called CrypTyde. Vinco shareholders will receive one share of CrypTyde for each share of Vinco, and that’s generated some discussion of “free money” on social media. We are in wait-and-see mode.
Clover Health Investments Corp. (NASDAQ: CLOV) had a bit of news Wednesday morning. The company announced a partnership with privately held Athenahealth. The only effect on the stock price was a double-digit dip.
Meta Materials Inc. (NASDAQ: MMAT) traded lower in Wednesday’s premarket sank further by the noon hour’s end. The company had no news.
Canoo Inc. (NASDAQ: GOEV) also traded lower in midday trading Wednesday. Nio, a China-based competitor, announced an at-the-market offering of up to $2 billion in new shares in the morning and that may be weighing on other EV makers.
Shares of Vinco Ventures traded up about 17% to $11.32, in a 52-week range of $1.11 to $12.49. The high was posted about halfway through the noon hour. Nearly 240 million shares had traded so far on the day, compared to the daily average of around 34 million.
Clover Health traded down about 13%, at $9.42 in a 52-week range of $6.31 to $28.85. The average daily trading volume is around 58.2 million shares, and almost 62 million had traded on Wednesday.
Meta Materials was down more than 7% to $5.07, in a 52-week range of $0.42 to $21.76. The average daily trading volume is nearly 30 million, and about 13.9 million had traded.
Canoo traded down about 6.3% to $7.30. Its 52-week range is $5.75 to $24.90. The average daily trading volume is about 4 million shares, and about 1.7 million had changed hands on last look.