GameStop Corp. GME continued to be the most-discussed stock on Reddit’s r/WallStreetBets forum as of Wednesday night, while AMC Entertainment Holdings Inc. AMC, BlackBerry Limited BB and Alibaba Group Holding Limited BABA are also seeing high interest on the forum.
What Happened: GameStop is seeing the highest interest on the forum with 1,153 mentions, followed by exchange-traded fund SPDR S&P 500 ETF Trust SPY with 661 mentions, data from Quiver Quantitative showed.
Movie theatre chain AMC Entertainment and Canada-based cybersecurity company BlackBerry are in the third and fourth positions, having attracted 494 and 244 mentions, respectively.
Apart from Chinese e-commerce giant Alibaba, the other stocks that are trending on the forum include data analytics company Palantir Technologies Inc. PLTR, Medicare Advantage provider Clover Health Investments Corp. CLOV, biotechnology company Casava Sciences Inc. SAVA, chipmaker Nvidia Corp. NVDA and Wish e-commerce platform operator ContextLogic Inc. WISH.
See Also: Jim Cramer Tries To Rationalize The Surge In Meme Stocks
Why It Matters: GameStop’s shares fell 5% on Wednesday as several institutions sold call contracts to lock in profits when GameStop double topped at $227. As per Benzinga’s Melanie Schaffer, institutions began purchasing bullish options when the stock began to pull back.
BlackBerry’s shares declined on Wednesday after three straight days of gains. A post on the WSB forum, which had 87% upvotes, dubbed BlackBerry a "sleeping giant" due to a potential $2 billion settlement with Facebook Inc. FB regarding WhatsApp Messenger for Enterprise.
BlackBerry is seen as benefitting from its deal with Amazon Web Services, a unit of Amazon.com Inc. AMZN, to develop an Intelligent Vehicle Data Platform named BlackBerry IVY.
Casava Sciences is seeing high interest on the forum after the company responded to “false and misleading” allegations regarding the accuracy of trial data for its treatment of Alzheimer’s disease. The company’s shares tumbled more than 31% in the regular trading session.
Price Action: GameStop shares closed almost 5.1% lower in Wednesday’s regular trading session at $199.65, but rose almost 0.7% in the after-hours session to $201.00.
SPDR S&P 500 ETF Trust shares closed 0.2% higher in the regular trading session at $448.91, but declined less than 0.1% in the after-hours session to $448.88.
AMC Entertainment shares closed almost 0.7% lower in the regular trading session at $43.96 and further declined more than 1% in the after-hours session to $43.50.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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