The major market indexes held on to decent gains after setting new intraday highs Tuesday morning. The broad market was down by a ratio of about 3 to 2. Investors appear to be in a wait-and-see mode until Wednesday afternoon’s announcement from the Federal Reserve’s Open Market Committee on an expected beginning to a slowdown in bond buying and additional comments on the inflation outlook.
Meme stocks mirrored the broad market action, with more decliners than advancers. Lucid Group Inc. (NASDAQ: LCID) showed the biggest downturn, following a big jump last Thursday that the stock was able to sustain until late Monday. Morgan Stanley auto industry analyst Adam Jonas cooled to the stock and rates the shares Underweight with a $12 price target. Shares closed three times higher than that on Monday and were down about 8% in the noon hour Tuesday.
Molecular testing maker Progenity Inc. (NASDAQ: PROG) traded down more than 6% at noon Tuesday, after plunging by around 17% earlier in the morning. The stock was Fintel’s top pick for a short squeeze this week, and it looks like retail investors were still trying to make that happen.
Vinco Ventures Inc. (NASDAQ: BBIG) announced Monday that its Cryptyde subsidiary launched a joint venture with Wattum Management that “is focused on simplifying consumer ownership of BTC Mining equipment through the integration of smart contract technology.” Investors weren’t impressed. The stock dropped nearly 8% Tuesday morning and was last seen down about 6.5%.
Among the few advancers on our watch list, TMC the metals company Inc. (NASDAQ: TMC) traded up about 4.5% in the noon hour Tuesday. The company had no specific news.
At last look, Lucid traded down about 8.4%, at $33.46 in a 52-week range of $9.62 to $64.86. The average daily trading volume is around 38.4 million shares, and 55.5 million already had traded on Tuesday.
Shares of Progenity traded down about 6.5% to $3.25, in a 52-week range of $0.66 to $7.86. The average daily trading volume is around 58 million shares, and 42 million had traded thus far on the day.
Vinco Ventures was down more than 7% to $4.71, in a 52-week range of $1.11 to $12.49. The average daily volume is around 58.6 million shares, and the day’s trading had only shifted about 13 million.
Shares of TMC traded up about 5.2%, at $3.06 in a 52-week range of $2.84 to $15.39. The average daily trading volume is around 9.7 million shares, and just 2.2 million had changed hands.