In the noon hour Monday, the major stock indexes were down between about 1% (Dow Jones industrials) and 2.4% (the Nasdaq Composite). The downturn was led by growth stocks in the tech and communication services sectors that are major components of the Nasdaq. Yields on 10-year Treasuries were essentially flat, but traders reportedly are concerned about rising interest rates and were trying to get out ahead of increases to avoid likely compression. No one wants to be the last one out, so there’s some herd stuff going on too.
Unsurprisingly, the meme stocks mostly traded in the red Monday, with Offerpad Solutions Inc. (NYSE: OPAD) the day’s biggest loser so far. The online real-estate firm generates little chatter on social media, and the stock was down nearly 27% since last Monday.
TMC the metals company Inc. (NASDAQ: TMC) traded down sharply at noon on Monday. The company has released its development and capital spending plan through the third quarter of 2023. TMC said it had $113 million in cash and equivalents as of September 30, enough to allow it to completed a pilot plant program, build a collection system to pick up polymetallic nodules from the ocean floor, complete an environmental assessment and submit its application to extract mineral resources from the ocean floor about 2,900 miles southwest of Hawaii offshore of the Republic of Nauru, one of the world’s smallest island nations.
ContextLogic Inc. (NASDAQ: WISH) was among the day’s leading losers following the morning announcement that it had signed a partnership agreement with Spain’s state-owned logistics company Correos. The deal allows ContextLogic customers to fulfill orders through Correos’s order management system. Investors were not impressed, and the stock slipped from an intraday high of around $4.88 immediately after the news was announced.
Camber Energy Inc. (NYSEAMERICAN: CEI) traded higher Monday morning, but the gain had dropped by about two-thirds from a high of $3.65 (about 12%). The company had no news.
Offerpad traded down about 14.8%, at $7.20 in a 52-week range of $6.80 to $20.97. The low was posted early Monday morning. About 3.3 million shares had traded thus far on the day, right at the daily average.
ContextLogic was down about 8% in the noon hour, at $4.92 in a 52-week range of $4.88 to $32.85. The low was posted earlier in the day. The average daily trading volume is around 41 million shares, and nearly 48 million had been traded on Monday.
Camber Energy traded up about 4.6% to $3.40, in a 52-week range of $0.33 to $4.85. The average daily volume is nearly 119 million shares, and thus far more than 150 million shares had changed hands.
Shares of TMS traded down about 8.5% to $4.76, in a 52-week range of $4.09 to $15.39. The volume of 2.9 million was far below the daily average of about 15.6 million shares traded.