Meme Stock Movers for 11/11: ContextLogic, Lordstown Motors, Progenity, SoFi

Federal agencies were closed on Thursday for the Veteran’s Day observance in the United States. U.S. equity markets were open, but bond markets were not. All three major U.S. indexes closed lower on Wednesday, with energy and tech sectors performing the worst, down 3.0% and 1.7%, respectively. Crude oil traded below $81 a barrel early Thursday, while Bitcoin was holding at about $65,000. Wednesday’s report on the Consumer Price Index added 13 basis points to the yield on 10-year Treasury notes.

Decliners far outnumbered advancers Wednesday, but a couple of strong earnings reports released after markets closed rang up double-digit gains in Thursday’s premarket session. SoFi Technologies Inc. (NASDAQ: SOFI) traded up by nearly 16%, thanks largely to user growth. The company said it nearly doubled its user base to 2.9 million on a year-over-year basis, and it posted a gain of 35% sequentially. SoFi missed revenue expectations, but its per-share loss was much better than expected.

Progenity Inc. (NASDAQ: PROG) missed both on revenue and per-share losses, and the stock traded down more than 9% in Thursday’s premarket. The company also named a new CEO Wednesday, Adi Mohanty, and said it is continuing its efforts to reduce its cash-burn rate and expects to achieve annual run-rate savings of about $145 million.

E-commerce retailer ContextLogic Inc. (NASDAQ: WISH) also reported quarterly results late Wednesday. The company met expectations of a per-share loss of $0.10 but missed on revenue. Piotr Szulczewski, the company’s CEO, announced that he is stepping down but will remain on the company’s board. ContextLogic has launched a search for a new chief executive. The stock dropped more than 7% on Wednesday and traded down by less than 1% in Thursday’s premarket.

Shares of Lordstown Motors Corp. (NASDAQ: RIDE) traded up about 15% in Thursday’s premarket, after dropping by about 2.3% Wednesday. The company announced Wednesday that it has agreed on an asset purchase agreement with Taiwan-based Hon Hai Technology, aka Foxconn, for Lordstown’s Ohio assembly plant and a Foxconn investment of $50 million in Lordstown common stock. The purchase price for the plant was $230 million and will be paid in installments until the deal closes. Currently, the target closing date is April 30, 2022, and it is contingent on a contract manufacturing agreement between Lordstown and Foxconn.

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