Losers outnumbered winners by about 2 to 1 in Thursday morning’s trading. Consumer discretionary stocks (including retailers) traded up by about 1.5%, and tech stocks traded up about 0.9%, the only two sectors with decent gains at just before noon. Energy stocks had dropped earlier but came back to a break-even level, with crude oil still trading at less than $79 a barrel.
Three of the meme stocks on our watch list traded down by double-digit percentages in the noon hour. Lucid Group Inc. (NASDAQ: LCID) was down sharply, as was Canoo Inc. (NASDAQ: GOEV), which traded down about 13.7%. Rivian Automotive Inc. (NASDAQ: RIVN) traded down another 15%, after dropping a similar amount Wednesday. The declines were almost surely profit-taking, some of which was likely the result of advice from CNBC’s Jim Cramer to take some profits after these EV makers’ stocks soared following Lucid’s forecast of more reservations and Rivian’s huge IPO. Even Germany-based Sono Group N.V. (NASDAQ: SEV), which soared on its Wednesday IPO, was trading down about 15% on the day.
Camber Energy Inc. (NYSEAMERICAN: CEI) traded down about 13% in the noon hour. The shares added nearly 30% Wednesday after ESG Clean Energy, a company that has licensed its technology to Camber, issued a rebuttal against a short seller report calling the license “nearly worthless.” Camber had no news Thursday.
Clover Health Investments Corp. (NASDAQ: CLOV) traded down at noon Thursday, following Wednesday’s announcement that priced a secondary offering of 52.2 million shares at $5.75 a share. Underwriters have an option on an additional 7.8 million shares. Clover Health expects to realize gross proceeds of around $300 million from the stock sale. Shares closed at $6.43 on Wednesday.
Cannabis grower Tilray Inc. (NASDAQ: TLRY) also traded down by double digits Thursday. Analysts at Barclays initiated coverage on the stock with an Underweight rating and a price target of $10. The analysts also started coverage of two other marijuana stocks. Cronos Group Inc. (NASDAQ: CRON), like Tilray, was initiated with an Underweight rating and a price target of $5.50. Canopy Growth Corp. (NASDAQ: CGC) was initiated with an Equal Weight rating and a price target of $14. All three traded lower Thursday morning.
Lucid stock traded down about 15.6%, at $44.35 in a 52-week range of $9.69 to $64.86. The average daily trading volume on the stock is about 56.1 million shares, and more than 80 million had already traded on the day.
Canoo traded down about 13% to $9.37, in a 52-week range of $5.75 to $24.90. The average daily trading volume is about 4.8 million shares, and 9.4 million had already changed hands.
Rivian traded down about 17% to $121.15, in a post-IPO range of $95.20 to $179.47. The average daily volume is about 78 million shares, and Thursday’s volume was already close to 40 million.
Sono shares traded down nearly 16%, at $32.06 in a post-IPO range of $20.06 to $47.49. The high was posted earlier in the morning. Trading volume reached near 53 million on Wednesday and was around 34.4 million shortly after the noon hour Thursday.
Camber Energy traded down about 13%, at $1.25 in a 52-week range of $0.33 to $4.85. The average daily trading volume is around 208 million shares, and more than 79 million had traded thus far.
Shares of Clover Health were down about 12.2% in the noon hour to $5.65. The stock’s 52-week range is $5.55 to $28.85, and the low was posted earlier in the morning. The average daily trading volume is about 20 million shares, and more than 48 million had been traded.
Tilray stock traded down about 12.4%, at $10.81 in a 52-week range of $6.66 to $67.00. The average daily trading volume is around 20 million, and more than 32 million shares had already traded.
Cronos traded down about 11% to $4.95, in a 52-week range of $4.93 to $15.83. The low was posted in the morning. The average daily trading volume is about 2.6 million shares, and thus far on Thursday, 4.7 million shares had traded.
Shares of Canopy Growth traded down about 8.4%, at $12.45 in a 52-week range of $11.31 to $56.50. The average daily trading volume is around 5.4 million shares, and 6.5 million had traded.
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