Meme Stock Movers for 11/12: Lordstown Motors, Progenity, Sundial, Tesla

The major U.S. indexes ended Thursday with mixed results. The Dow Jones industrials sank on Disney’s weak quarterly report, while the Nasdaq’s gain was helped in part by the rise in electric vehicle stocks following Rivian’s blockbuster initial public offering. All three indexes traded higher in Friday’s premarket session. Crude oil dipped below $80 a barrel earlier in the morning, down by about 2%. Bitcoin traded down by about the same amount, dropping below $64,000. And after a day off Thursday, yields on 10-year Treasuries were roughly flat at 1.57%.

Meme stocks posting gains on Thursday outnumbered losers by more than two to one. The stock posting the largest gain was EV maker Lordstown Motors Corp. (NASDAQ: RIDE), adding nearly 24% to its share price after reaching a definitive deal to sell its Ohio plant to Taiwan-based Hon Hai Technology (Foxconn). The stock gave back nearly half that gain following its announcement after markets closed Thursday that its Endurance electric pickup would be delayed until the third quarter of 2022 due to parts shortages and related supply chain issues. Shares traded down by around 8.3% in Friday’s premarket.

Progenity Inc. (NASDAQ: PROG) posted a double-digit decline on Thursday, dropping by almost 12%. The stock traded down about 1.3% more in Friday’s premarket. The company reported quarterly results Wednesday evening that missed estimates.

Cannabis supplier Sundial Growers Inc. (NASDAQ: SNDL) added about 6.3% to its share price Thursday, but the big news is a 33% gain in Friday’s premarket trading. After markets closed, Sundial reported higher than expected quarterly revenue of $14.4 million and a surprise profit of $11.3 million. Consensus estimates had forecast a break-even quarter and revenue of around $13.3 million. Even better, Sundial announced that it would begin a C$100 million share buyback plan with a limit on the number of shares repurchased of 102.8 million, about 5% of its issued and outstanding shares. Sundial also reported $1.2 billion in cash and other liquidity as of November 9, of which $571 million is unrestricted. The company also said it has no outstanding debt.

Tesla Inc. (NASDAQ: TSLA) posted a share price decline of less than 1% and traded down Friday morning by a similar amount. Tesla was the only EV maker to post a loss Thursday. CEO Elon Musk sold another $690 million of his Tesla stock, bringing his total sales for the week to around $5.7 billion. Musk also had a comment on Rivian’s massive IPO. Here’s the Twitter exchange:

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