Equities trading bolted out of the starting gate Wednesday morning, but by early afternoon, investors were gasping. Markets closed mixed with small gains or losses. Interestingly, Thursday’s premarket action also started with a sprint, as 10-year Treasuries stalled and a continuing resolution to fund the federal government until early December is to get a vote in Congress. No movement on the debt ceiling though.
Among meme stocks, Thursday may be shaping up like Wednesday for Camber Energy Inc. (NYSEAMERICAN: CEI). Shares posted a new 52-week high shortly after 2 p.m. on Wednesday, trading up more than 20%. At the closing bell, shares were up just 6.2%. The stock took off again in Thursday’s premarket, up 17% to $4.00.
Camber is among the most talked-about stocks on social media, thanks largely to its large short interest ratio. Nearly 25% of the float is sold short, and that is right in the wheelhouse for short squeezers. It helps that oil and natural gas prices are rising too.
Electric pickup truck maker Lordstown Motors Corp. (NASDAQ: RIDE) has not been among the meme stocks in our watchlist, but that could change. Bloomberg reported late Wednesday that the company is in discussions with Taiwan-based Foxconn to sell Lordstown’s Ohio plant to the Taiwanese giant. Foxconn has said it plans to build an assembly plant in the United States, a facility many observers believe will be used to build an Apple Car.
Lordstown’s stock traded up nearly 8% in Thursday’s premarket, before slipping to a gain of around 7% to trade at $7.87. The stock peaked at more than $31 in mid-February and has been on a downward trajectory ever since.
Crypto miner Marathon Digital Holdings Inc. (NASDAQ: MARA) dropped about 6.5% on Wednesday but traded up about 4.7% in Thursday’s premarket. All but one of the crypto-mining stocks we track fell on Wednesday, even though Bitcoin added about 2.3% to close above $43,000.
Virgin Galactic Holdings Inc. (NYSE: SPCE) has seen its shares lose more than 50% of their value since mid-July when the U.S. Federal Aviation Administration (FAA) launched an investigation into the re-entry flight path of its Unity spacecraft following a flight that carried company founder Richard Branson into space.
The FAA on Wednesday cleared the company to resume its space tourism flights and has now completed its investigation. Virgin Galactic, the FAA said, did deviate from its assigned flight path and failed to make the required notification of the deviation. But the company has now made the changes needed to prevent a similar issue.
The stock added 10% in after-hours trading Wednesday and traded up about 7.5% in Thursday’s premarket at $24.25. Virgin Galactic’s 52-week high of $62.80 was posted in early February.
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