Markets Look Strong Today Overall

We are officially at the halfway mark of the trading day. Overall, it has been a good day for stocks. The Russell 2000 is leading all major indexes, which is positive for smaller momentum stocks. Of course, meme stocks trade under different dynamics, so we’re seeing a big performance divide between stocks like Opendoor and GoPro.

• Opendoor: Still trading down for the day, but shares have bounced off a low point of $2.08 per share. Shares are currently down 21% and trading for $2.28.
• GoPro: Has been fading throughout the day. GoPro was up more than 80% premarket and its gains have evaporated steadily throughout trading. Currently shares are up about 16%.
• Krispy Kreme: Faces a similar story to GoPro, shares opened up more than 35% but have faded. Currently, the stock is up 9% on the day.

Markets have been open about 45 minutes, so let’s take a look at some of the most popular names today:

• Rocket Companies: Was up 7% premarket after it became the top trending stock on Wallstreetbets, but gains have faded. Shares are now flat.
• Opendoor: Down about 17% and has been trading fairly consistently since its initial drop shortly after the market opened.
• GoPro: Up 50%. A similar story to Opendoor, it saw a steep decline at the open and shares have been trading in a relatively steady range since.
• Krispy Kreme: Up 20% so far this morning. Share saw a surge between 9:55 a.m. and 10:10 a.m.
• Kohl‘s: Shares continue to trend down after yesterday’s big gains and have currently lost 15%.

We’d assume anyone buying shares of meme stocks knows the risks at this point, but Opendoor and Kohl’s both show the quick losses that can happen after massive buying pressure slows down.

Beyond ‘meme stocks’ there are some stocks making large moves today. GE Vernova (NYSE: GEV) is one of the companies best levered to the growth in power from AI data centers. Its stock is up 14% today after outstanding earnings.

A smaller stock playing the same trend is Power Solutions International (Nasdaq: PSIX). It’s up 8% today largely thanks to tailwinds from GEV.

The market open today is especially brutal for Opendoor. Shares were trading hands for $2.59 in premarket but immediately dropped to $2.37. There’s been a slight rebound, but the stock is currently down 15%.

The market just opened and as we expected, there is extreme volatility in most the meme stock names we’ve been covering.

Krispy Kreme was trading for $5.88 premarket but is now trading for $5.40.

GoPro hit $2.60 premarket but is now trading for $2.20.

We’ll continue monitoring price action as the day goes.

The market is opening and here’s where some of the most notable meme stocks stand:

• Opendoor: Down 12%
• GoPro: Up 72%
• Kohl’s: Down 2%
• Krispy Kreme: Up 42%

Expect significant movement in names like GoPro and Krispy Kreme within the first 15 minutes of trading.

Rocket Companies is the most discussed stock right now on Wallstreetbets and is seeing strong gains premarket. The stock is up about 7%. That might look like a lot less interest than GoPro, but keep in mind that Rocket is a $34 billion company, so stock movements won’t be as dramatic as a tiny microcap like GoPro.

We’ve been tracking Opendoor in recent days and it appears investor interest is fading. Altindex currently has the company ranked the fourth most discussed stock on Wallstreetbets (it was first yesterday).

With fading interest, Opendoor’s stock is declining and is currently down 10% in premarket trading.