Midday Meme Stock Report for 12/2: Farmmi, Grab, Genius Brands, Rivian

U.S. equity markets were trading traded higher at the beginning of the noon hour Thursday, but afterward plateaued with gains of 1% to nearly 2%. All 11 sectors traded in the green, with financial stocks leading the way with a 3.3% gain. Tech stocks were up 1%, tracking higher as Apple has cut its premarket loss in half. Crude oil traded up about 2% to nearly $67 a barrel, while Bitcoin had dipped below $57,000. Yields on 10-year Treasuries added about five basis points, as investors appear to be seeking riskier plays.

Thursday’s leading gainer in our meme stock watch list was Farmmi Inc. (NASDAQ: FAMI). The company announced Thursday morning that Nasdaq has agreed to an extension until May for the stock to achieve a share price of at least one dollar. The Chinese ag products company still has a long way to go to meet that objective.

We noted in our premarket report that Grab Holdings Ltd. (NASDAQ: GRAB) completed its SPAC merger on Wednesday and began trading Thursday. Although it got off to a good start, the shares were sinking all day and traded sharply lower at last look. The Singapore-based company offers a cornucopia of services across southeast Asia (food delivery, ride-hailing, financial services and more) on what it calls a superapp platform.

Despite a Citigroup survey that indicates strong consumer interest in electric pickup trucks, Rivian Automotive Inc. (NASDAQ: RIVN) traded down Thursday. The survey also suggested that electric pickup sales will grow the U.S. market for pickups and that Americans are willing to pay more for electric trucks. That’s particularly good news for Ford and GM profitability.

Entertainment and brand management company Genius Brands International Inc. (NASDAQ: GNUS) traded higher Thursday, following an announcement that the company has acquired a 28.6% stake in Munich-based Your Family Entertainment. The German firm produces programming for children and families.

Farmmi stock traded at around $0.25 in the noon hour Thursday. The stock’s 52-week range is $0.20 to $2.47. The average daily trading volume is around 150.6 million shares, and more than 47 million had traded thus far on the day.

Shares of Grab traded down more than 18% to $8.99. The stock closed at $11.01 on Wednesday (under the Altimeter Growth ticker) and opened Thursday at $13.00. It was all downhill from there. More than 20 million shares had traded thus far.

Genius Brands traded up more than 5.5%, at $1.24 in a 52-week range of $1.16 to $3.12. The average daily volume is around 10.5 million shares, and about half that total has been traded as the noon hour ended.

Rivian traded down about 4.2% to $110.82, in a post-IPO range of $95.20 to $179.47. The average daily trading volume is about 47.8 million shares, and just over 8 million had already changed hands.

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