Tuesday was a rough day for the markets. The major indexes fell by around 2% (the Dow Jones industrials slid somewhat less, 1.6%). The 10-year Treasury note yield rose to a high of around 1.56%, enough to bring some buyers back, given persistent inflation fears. Yields dropped to around 1.52% early Wednesday morning.
Meme stocks got clobbered along with everything else. There were just a handful of winners at Tuesday’s closing bell, and only one that closed up by double digits.
Camber Energy Inc. (NYSEAMERICAN: CEI) closed up more than 18% to $3.22, after setting a new 52-week high of $3.44 early in the day. Trading volume reached over 736 million shares, more than eight times the daily average of around 91.2 million. The company had no news, but social media and a high level of short interest undoubtedly drove the shares up. The shares traded down about 3.7% in Wednesday’s premarket session.
After dropping about 5.5% on Tuesday, bitcoin miner Greenidge Generation Holdings Inc. (NASDAQ: GREE) traded up about 15% in Wednesday’s premarket to $27.40. The company had no news, but Bitcoin pulled out of a funk that dropped the cryptocurrency to below $41,000. The digital currency traded at around $42,000 early Wednesday.
Lucid Group Inc. (NASDAQ: LCID) closed down more than 5% on Tuesday but traded up about 6.5% in Wednesday’s premarket to $26.13. The electric vehicle maker said that the first of its $169,000 Lucid Air luxury sedans rolled off the company’s Arizona assembly line and that reservation holders for the first vehicles will begin receiving their cars by late October. Lucid said it had more than 13,000 reservations for the car. Lucid also announced that it plans to expand its plant by adding another 2.85 million square feet to support increased production of the Lucid Air and the company’s Lucid Gravity sport utility vehicle, scheduled to begin production in 2023.
SoFi Technologies Inc. (NASDAQ: SOFI) closed down about 3.7% on Tuesday and traded down another 3.9% at $16.37 early Wednesday. The online financial services company announced Wednesday morning a $750 million offering of convertible senior notes maturing in 2026. SoFi’s offering also includes an option for initial purchasers to acquire up to $112.5 million in additional principal. The dilutive effect of convertible debt is never popular with existing shareholders.
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