In the noon hour Wednesday, U.S. markets continued their downward slide as all three major indexes traded down by around 0.25 to 0.75 percentage points. It’s likely that the higher-than-expected Consumer Price Index print is giving some traders the heebie-jeebies. The 6.2% year-over-year increase is the highest since November of 1990. The yield on the 10-year Treasury note was jumping, up by nearly nine basis points. Crude oil lost about 3% to trade below $82 a barrel.
Among meme stocks, Wednesday’s winner by a wide margin was PubMatic Inc. (NASDAQ: PUBM). The cloud-based ad platform traded up by as much as a third on the day and was last seen more than 20% higher on much greater than average volume. Two brokerages recently raised their opinion of PubMatic. Raymond James raised its price target from $43 to $50 and maintained its Outperform rating. RBC Capital maintained its Outperform rating and raised its $43 price target to $56. The firm noted that in its third-quarter earnings report, “[PubMatic] delivered an inflection type quarter as top-line outperformance again flowed through to strong profitability.”
Wednesday’s big loser was Upstart Holdings Inc. (NASDAQ: UPST), which operates a cloud-based artificial intelligence (AI) lending platform. The company reported earnings that beat expectations on Tuesday, but guidance, though better than expected, may not have been enough. PubMatic has boosted its share price by 250% in the past 12 months. Investors appear to be betting that if something can’t go on forever, it might be near its time to stop now.
Camber Energy Inc. (NYSEAMERICAN: CEI) traded down sharply Wednesday after issuing its preliminary proxy statement for a virtual special shareholders meeting to be held on an unspecified date before the end of the year. The company noted just two agenda items: raising the number of authorized common shares from 250 million to 1 billion and authorizing the board to adjourn the special meeting if the votes aren’t there to effect the first item. Camber has conducted a number of reverse stock splits over the past few years designed to decrease its share count.
Tesla Inc. (NASDAQ: TSLA) traded up about 3.5% as the noon hour drew to a close. After Tuesday’s 12% haircut, the stock traded even lower early in the morning and cut the electric vehicle maker’s market cap to less than $1 trillion for a brief spell. Some $200 billion in market cap had evaporated in the first two days of this week.
PubMatic traded up nearly 24% to $39.70, in a 52-week range of $21.61 to $76.96. The average daily trading volume is around 1 million shares, and more than 8.5 million had already traded on Wednesday.
Shares of Upstart traded down more than 18%, at $255.93 in a 52- week range of $22.61 to $401.49. The average daily volume is around 5.3 million shares, and more than double that number had already traded on the day.
Camber Energy shares traded down more than 9%, at $1.11 in a 52-week range of $0.33 to $4.85. The average daily volume soared recently to 201.8 million shares. Just over 32 million had traded thus far on Wednesday.
Tesla stock traded up about 2.9% to $1,053.16, in a 52-week range of $401.66 to $1,243.49. More than 27 million shares have traded, compared to an average daily volume of around 22.4 million.
24/7 Wall St.Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
