U.S. markets tried to recover some of Monday’s losses early in Tuesday’s trading session. While many market watchers expected “buy the dip” investors to do some feasting today, there are just too many things to worry about: China’s Evergrande, high (perhaps too high) valuations and, as ever, political kabuki. Industrials, materials and financials were the biggest losers, but the tech sector kept the markets in the green.
Among meme stocks, Aterian Inc. (NASDAQ: ATER) once again was the midday winner, up by double digits in the noon hour Tuesday, just as it was up by a like amount Monday. As we noted on Monday, the stock was a prime candidate for a short squeeze this week, according to Fintel data. And it looks like the stock is living up to its advance billing. There was no substantive news from or about the company and trading volume was very heavy.
Lucid Group Inc. (NASDAQ: LCID) traded up about 9% in the noon hour, underlining a five-session gain of some 35%, with a few hours of trading left. The run-up began last week with a comment from BofA analyst John Murphy who said, “I think [Lucid’s] somewhat somewhere between a combination of Tesla and Ferrari.” Exactly what he means is left as an exercise for the reader.
DraftKings Inc. (NASDAQ: DKNG) traded lower Tuesday following a report that the company has offered to acquire U.K.-based gambling giant Entain for $20 billion in cash and stock. Entain has confirmed an offer but has not revealed details. Shares of the London-traded company closed at around $31 today, up 18%. Its market cap at the closing price is around $18.1 billion. Entain in January rejected an $11 billion bid from MGM Resorts.
Vinco Ventures Inc. (NASDAQ: BBIG) traded down by double-digits in the noon hour Tuesday following a morning announcement of the first NFT streaming movie soundtrack by subsidiary Emmersive Entertainment. The soundtrack for dramedy-thriller Karen will be available for $3 at Emmersive’s E-NFT website.
In the noon hour Tuesday, shares of Aterian traded up about 13.5%, at $13.35 in a 52-week range of $3.04 to $48.99. The average daily trading volume is around 16.3 million shares, and more than 49 million already had traded on the day.
Lucid traded up 9.7% to $26.40, in a 52-week range of $9.60 to $64.86. Nearly 61 million shares had traded Tuesday, compared with the daily average volume of 17.6 million.
DraftKings was down about 4.7% to $54.31, in a 52-week range of $34.90 to $74.38. The average daily trading volume is about 11 million shares, and more than 28 million had traded.
Vinco Ventures traded down more than 14.5%, at $6.24 in a 52-week range of $1.11 to $12.49. About 27.5 million shares had traded thus far, compared to the daily average of around 44.5 million.