After a slow start Thursday morning, two of the three major U.S. market indexes have mostly recovered. The blue chips were down about 0.3%, with IBM sinking by almost 8.5% after reporting undistinguished quarterly results. The energy sector was down 1.7%, as crude prices had lost around 2.5% to trade around $81.30, after closing at $83.42 on Wednesday. Bitcoin traded down about 4.5% at $63,545, after posting a new all-time high near $67,000 on Wednesday.
Blank check company Digital World Acquisition Corp. (NASDAQ: DWAC) traded up about 150% at $24.97 following last Wednesday’s announcement that former U.S. President Trump’s still-to-be-formed Trump Media and Technology Group will come public in a reverse merger with Digital World, probably in the second quarter of next year. Tradable warrants (DWACW) are up about 1,250% at around $7.00. The warrants closed most recently at $0.52. We’re speechless.
In real meme stock news, Camber Energy Inc. (NYSEAMERICAN: CEI) continued to show huge trading volume, even though the company has had no specific news and was trading down sharply at noon. The chatter on WallStreetBets in the morning included a comment that there were no shares available to sell short. A later comment reported that the short borrow fee had jumped to 130%. The day was still only half over, so anything could happen with this stock by the closing bell.
Tesla Inc. (NASDAQ: TSLA) was the subject of more social media discussion than almost any other single stock. While not a bona fide meme stock, it can’t be ignored. As we noted in our morning look at meme stocks, in addition to better-than-expected earnings and revenue, Tesla’s outlook suggests solid growth going forward.
TMC the metals company Inc. (NASDAQ: TMC) traded down nearly 5% in the noon hour Thursday at $3.51. The Financial Times had a story earlier this week about how at least one of the company’s investors failed to cough up about $200 million at the time of the SPAC IPO. We wrote about that in September, but, let’s face it, the Financial Times has more readers and more clout.
As the noon hour drew to a close, Digital World’s stock traded up about 182% to $28.22, in a 52-week range of $9.84 to $29.50. The high was posted in the morning. Trading volume had passed 315 million shares and showed no sign of slowing. The daily average has been 130,513.
Camber Energy stock traded down nearly 8.3%, at $1.65 in a 52-week range of $0.33 to $4.85. The average daily volume is nearly 191 million shares, and about 78 million had already been traded on the day.
Tesla traded up about 3.2% to $893.61, after reaching an intra-day high of $900.00, just 40 cents short of the stock’s 52-week high. Thursday’s trading volume was nearing 24 million shares, compared to a daily average of around 18.5 million.
TMC traded down about 4% to $3.54, in a 52-week range of $3.36 to $15.39. The average daily volume is around 10.7 million shares, and fewer than 2.5 million had traded thus far on Thursday.