ContextLogic Inc. WISH has surged ahead as the most-discussed stock on Reddit’s r/WallStreetBets forum, while Cleveland-Cliffs Inc. CLF emerged as the second most-mentioned stock. Earlier-WSB-favorites like AMC Entertainment Holdings Inc. AMC and GameStop Corp. GME continued to lag.
What Happened: ContextLogic, an e-commerce platform company, attracted 4,117 mentions on the investor forum during the last 24 hours at press time, data from Quiver Quantitative showed.
Steelmaker Cleveland-Cliffs stood a distant second with 1,981 mentions, while electric vehicle maker Workhorse Group Inc. WKHS, which has a high percentage of shares outstanding held short, followed in third place with 1,640 mentions.
AMC Entertainment, Clover Health Investments Corp. CLOV and Clean Energy Fuels Corp. CLNE attracted 1,440, 1,349 and 1,341 mentions, respectively.
GameStop fell to the eighth spot and BlackBerry Limited BB slid to the tenth spot as the stocks were discussed only 1,244 times and 795 times, respectively. Burger chain Wendy’s Company WEN received just 457 mentions.
Why It Matters: ContextLogic and Cleveland-Cliffs are seeing increased interest as retail traders see the two companies as targets of a potential short squeeze.
Cleveland-Cliffs’ shares gained on Wednesday as iron ore prices rise amid supply concerns and the company announced it held a ribbon-cutting ceremony at a direct reduction plant in Toledo, Ohio.
Price Action: ContextLogic shares fell almost 8.9% in Wednesday’s regular trading session to $10.60, but rose almost 2% in the after-hours session to $10.81.
Cleveland-Cliffs shares rose 14.6% in the regular trading session to $23.22 and further rose almost 2.5% in the after-hours session to $233.79.
Workhorse Group shares gained almost 8.5% in the regular trading session to $16.90 but declined 1.8% in the after-hours session to $16.59.
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