Investing

Midday Meme Stock Report for 10/7: Camber Energy, ContextLogic, Nio, Vinco Ventures

At midday on Thursday, the major stock indexes were showing decent gains, ranging from 1.4% (S&P 500) to 1.64% (Nasdaq Composite). All 11 sectors traded higher, led by materials (up 2.2%), and stocks posting gains outnumbered losers by more than four to one. A deal between Democratic and Republican Senators kicks the debt-ceiling can down the road until December 3 by adding $480 billion to the existing limit. Government funding also expires on the same date. Then we get to do the same dance all over again.

Investors in Camber Energy Inc. (NYSEAMERICAN: CEI) have roared back Thursday, more than doubling the stock’s price at its intra-day high of $1.88. Trading volume is more than four times the daily average. While some WallStreetBets subreddit commenters were taking credit for dumping all over short seller Kerrisdale Capital, it is worth noting that the shares still traded down by nearly 40% from their closing price the day before the Kerrisdale report was published.

Vinco Ventures Inc. (NASDAQ: BBIG) announced an acquisition earlier in the morning, and the stock got a nice boost.

Nio Inc.’s (NYSE: NIO) stock was up solidly in the noon hour Thursday, following a rating upgrade from Neutral to Buy with a price target of $56 at Goldman Sachs. The premium EV carmaker’s ET7 model was cited as the major reason for the upgrade. Sachs analyst Fei Fang forecasts a 65% upside from the stock’s current price.

ContextLogic Inc. (NASDAQ: WISH) saw its stock downgraded from Perform to Underperform at Oppenheimer on Monday. The stock’s price target was maintained at $4. Oppenheimer said that “the company is facing a perfect storm of negative challenges heading into 4Q.” The shares have regained most of the 9.4% they lost following that downgrade.

Camber Energy stock traded up about 83%, at $1.66 in a 52-week range of $0.33 to $4.85. The average daily trading volume is 139 million shares, and about 627 million had changed hands thus far Thursday. One billion shares traded for the day is within reach here.

Vinco Ventures stock traded up about 6% in the noon hour to $5.32. Its 52-week range is $1.11 to $12.49. The average daily trading volume is around 47.6 million shares, and nearly 67 million had traded already.

Nio shares were up nearly 8% to $36.33 as the noon hour was drawing to a close. The stock’s 52-week range is $21.17 to $66.99. The average daily trading volume is about 44.3 million shares, and more than 50 million had changed hands thus far.

Shares of ContextLogic traded up nearly 7%, at $5.23 in a 52-week range of $4.61 to $32.85. The average daily trading volume is around 40.8 million shares, and 21.5 million had traded.