Robinhood Becomes Top WallStreetBets Interest But Not For The Right Reasons; AMD, Amazon, Tilray Other Top Trends
RobinHood Markets Inc. (NASDAQ:HOOD), Advanced Micro Devices Inc. (NASDAQ:AMD) and Amazon.com Inc. (NASDAQ:AMZN) are among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum as of Thursday night.
What Happened: Online brokerage Robinhood Markets was the most-discussed stock on the forum with 1,360 mentions, followed by exchange-traded fund SPDR S&P 500 ETF Trust (NYSE:SPY) with 854 mentions during the last 24 hours, data from Quiver Quantitative showed.
Chipmaker Advanced Micro Devices and e-commerce giant Amazon.com are in the third and fourth positions, having attracted 592 and 571 mentions on the forum respectively.
The other stocks that are trending on the forum include Canadian cannabis producer Tilray Inc. (NASDAQ:TLRY), video game retailer GameStop Corp. (NYSE:GME), electric vehicle maker Tesla Inc. (NASDAQ:TSLA), steelmaker Cleveland-Cliffs Inc. (NYSE:CLF), Pinterest Inc. (NYSE:PINS) and Facebook Inc. (NASDAQ:FB).
Why It Matters: Robinhood Markets made its highly anticipated stock-market debut on Thursday, but some angry Reddit investors want nothing to do with the company as it had placed controversial temporary buying restrictions on Reddit-favorite stocks such as GameStop earlier this year.
The top post on the WSB forum on Thursday, which had over 36,800 upvotes at press time, pertained to Robinhood. An overwhelming majority of the comments expressed negative sentiments related to the company's stock.
One of the WSB members dubbed Robinhood as a “future penny stock,” while another member accused the company of having a mission to “take from the poor and give to the rich.”
Amazon.com reported second-quarter earnings that beat estimates, while revenue missed expectations and it also issued weak third-quarter revenue guidance.
Pinterest, an online product and idea discovery platform, is seeing interest from retail investors after reporting better-than-expected results for the second quarter on Thursday.
Price Action: Robinhood shares closed almost 8.4% lower in Wednesday’s regular trading session at $34.82, but edged up less than 0.1% in the after-hours session to $34.85.
SPDR S&P 500 ETF Trust shares closed 0.4% higher in the regular trading session at $440.65, but declined almost 0.6% in the after-hours session to $438.20.
Advanced Micro Devices shares closed 5.1% higher in the regular trading session at $102.95, but declined 1.5% in the after-hours session to $101.36.
Photo: Courtesy of Robinhood
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