Premarket trading on Tuesday was mostly muted as traders awaited the monthly report on the Consumer Price Index. CPI came in with an increase of 0.3%, compared to a consensus estimate of 0.4% and a prior month reading of 0.5%. Core CPI (minus food and energy) rose 0.1%, compared to an estimate of 0.3% and a prior month total of 0.3%. Futures jumped following the report.
Monday’s big mover among meme stocks was Aterian Inc. (NASDAQ: ATER), which traded more than 242 million shares and added 52% to its share price to close at $17.98. The company designs and manufactures a variety of consumer products that it then sells to online customers to sell on their own websites, some of which use Aterian’s e-commerce platform. In February, the stock traded at nearly $49, so even with Monday’s gain the shares trade about 65% below their February high. According to Fintel, Aterian is the second-best candidate for a short squeeze this week. Shares traded down about 7% in Tuesday’s premarket, likely on some profit-taking.
Camber Energy Inc. (NYSEAMERICAN: CEI) dropped about 8.5% on Monday and traded down about 5% in Tuesday’s premarket session. The company was never a good candidate for a short squeeze because so few shares were sold short. While the stock could have traded higher on a proposed acquisition, the acquisition was not large enough to warrant a share price increase of more than 300% since August 20. Maybe we are missing something, but this looks like animal spirits.
Lithium-ion battery maker Microvast Holdings Inc. (NASDAQ: MVST) dropped more than 14% on Monday and traded down less than 1% early Tuesday. Since completing a SPAC merger in late July, the share price is up about 14%, including a spike of around 57% in early August. The stock closed at $9.11 on the day the merger closed and at $9.98 on Monday.
Vinco Ventures Inc. (NASDAQ: BBIG) dropped more than 7% on Monday and traded down less than 1% in Tuesday’s premarket session at $9.58. The company had no news. Since August 20, the stock is up about 300%, and daily trading volume remains high, with more than 51 million shares traded Monday. About 26% of the company’s total float is sold short, nearly a third higher than the short interest in mid-August.