Major indexes closed lower on Wednesday and futures were trading a bit lower on Thursday following the European Central Bank’s statement that it would begin slowing its bond purchases. New York Fed President John Williams said in a speech last night that the Federal Reserve remains on track to reduce its own bond purchases later this year.
Meme stocks as a group also traded lower Wednesday, although there were some exceptions. Here’s a look at some of the big movers.
Meme stock investor favorite GameStop Corp. (NYSE: GME) reported quarterly earnings after markets closed Wednesday that not only disappointed analysts (that was expected) but also cooled the enthusiasm of some retail investors. GameStop is one of the three most-discussed stocks on Reddit’s WallStreetBets Thursday morning, with most of the comments continuing to show confidence in the company. A contrarian view from Jim Cramer: “[GameStop] added warehouse space and they raised money. that’s about it.” The stock traded down about 10% in Thursday’s premarket at $178.70.
Camber Energy Inc. (NYSE: CEI) once again found itself among the most heavily traded shares on Wednesday. More than 126 million shares changed hands and the share price picked up nearly 2%. Thus far in Thursday’s premarket, shares had dropped more than 3% to trade at $0.96, while trading volume had moderated.
Support.com Inc. (NASDAQ: SPRT) added 20% on Wednesday and shares traded up another 6% early Thursday. Friday, a special stockholders’ meeting will vote on the company’s proposed merger with bitcoin miner Greenidge. Since the merger was announced in March, Support.com’s share price has jumped from around $2 to around $24 before markets open Thursday.
Vinco Ventures Inc. (NASDAQ: BBIG) filed a preliminary proxy statement Wednesday for next month’s shareholders’ meeting. The stock traded more than 317 million shares and added 5.8% to its share price to close at $10.22, after posting another 52-week high of $12.49. Shareholders will vote on a complicated merger plan that includes a publicly traded spin-off to be called CrypTyde. Existing Vinco shareholders will receive one share of CrypTyde stock for each share of Vinco.
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