Investing

Midday Meme Stock Report for 10/20: Camber Energy, Canaan, ContextLogic, SunDial

It’s finally happened. After a month-long climb, Bitcoin set a new high of $66,923 shortly after Wednesday’s opening bell. The major indexes traded higher in the morning as well, with the S&P 500 coming within five points of its all-time high. The 10-year Treasury yields were roughly flat, after rising by about three basis points earlier. Crude oil got off to a slow start but then traded up about 0.8% to around $83.60 a barrel.

Action in the meme stock universe is a bit more muted, with one big winner and no big losers as of noon Wednesday. The big winner thus far was ContextLogic Inc. (NASDAQ: WISH). The stock was the third-most heavily traded equity, and the share price soared on no specific news. Chatter on WallStreetBets was up, and short interest in the stock is high. Though the company had no specific news except, it did announce that it would report quarterly earnings on November 10.

Camber Energy Inc. (NYSEAMERICAN: CEI) traded up 13% to $1.92 shortly after Wednesday’s opening bell, but that gain was severely pared down afterward. The company had no specific news. As we noted in our morning report, Camber has been filing reports with the U.S. Securities and Exchange Commission (SEC) related to transferring assets in exchange for debt. Why that resulted in a share price increase of almost 30% in less than four trading days is a mystery. Camber stock was the most heavily traded equity on the day.

Beijing-based bitcoin miner Canaan Inc. (NASDAQ: CAN) may make it to our portfolio of meme stock companies based on Wednesday’s performance. The company had no specific news, and the trading volume was already more than double the daily average.

Another stock seeing a lot of action Wednesday was Calgary-based Sundial Growers Inc. (NASDAQ: SNDL). The cannabis producer and product supplier filed a report with the SEC that it had sold 2.99% of its stake in another company for a total cash sales of $1.14 million. The sale was made “for investment purposes.”

Shares of ContextLogic traded up about 17.8% in the noon hour Wednesday to $6.27. The stock’s 52-week range is $4.61 to $32.85, and the average daily trading volume is around 37.2 million shares. More than 92 million shares had traded thus far on the day.

Camber Energy was down about 3.55%, at $1.63 in a 52-week range of $0.33 to $4.85. The average daily trading volume is 186.8 million, and just over 172 million shares had traded already.

Canaan stock was up nearly 16% to $8.55, in a 52-week range of $1.85 to $39.10. The average daily trading volume is around 7.2 million shares, and nearly 18 million had changed hands.

Sundial shares traded down less than 1% to $0.68, in a 52-week range of $0.14 to $3.96. The average daily trading volume is about 83.4 million shares, and some 62.7 million had been traded.