Benzinga's Daily Brief On Trending Tickers For March 16, 2022: Alibaba, GameStop And More

Benzinga’s “Daily Brief On Trending Tickers” highlights top-searched tickers from around the web and uses the Benzinga Pro platform to highlight recent news items possibly impacting those stocks.
The data on the trending tickers is compiled from a list of most-discussed tickers on the popular Reddit forum WallStreetBets.

Alibaba Group Holding Ltd BABA: Chinese stocks are seeing some relief Wednesday as China’s top administrative authority said it would work to stabilize Chinese stock markets and boost economic growth in the first quarter with “concrete actions,” state-run Xinhua News Agency reported.

Nio Inc NIO: Hong Kong’s Hang Seng Index soared 9.1% & China’s Shanghai Composite +3.5% after reports of progress with U.S. regulators on a cooperation plan for Chinese stocks listed in the U.S.

GameStop GME is up 3.88% in Wednesday’s premarket session ahead of earnings Thursday. To beat market expectations, GameStop will need to report EPS above 84 cents.

AMC Entertainment AMC CEO Adam Aron announced a 22% stake in Hycroft Mining Holding Corp HYMC, which holds the 71,000-acre Hycroft Mine in northern Nevada. In addition, AMC will receive an additional 23.4 million warrants in Hycroft at $1.07 per share.

Hycroft Mining Corp, which owns a mine in Northern Nevada, was on the verge of bankruptcy before AMC's investment. Now, it plans to raise up to $500 million by selling shares in the open market over time.

Tesla TSLA raised prices by 3% to 5% in both the U.S. and China. This is Tesla’s second round of price increases in the last week.

Advanced Micro Devices AMD shares are trading 2.49% higher after Cowen's recommendation of AMD's larger competitor, Nvidia NVDA, which Cowen named a "top pick" in the industry based on projections the company could earn $28 a share in 2030, and book $140 billion in revenues. Cowen's report notes that "we make NVIDIA our new top pick, along with AMD."

Barclays iPath Series B S&P 500 VIX Short-Term Futures VXX shares soared for a second day on Tuesday, a day after British bank Barclays said it had suspended the sales and issuance of the shares due to capacity constraints.

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