Heading into a new trading week, ContextLogic Inc. WISH, Palantir Technologies Inc. PLTR, AMC Entertainment Holdings Inc. AMC and Clover Health Investments Corp. CLOV are among the stocks seeing the highest interest on Reddit’s r/WallStreetBets forum.
What Happened: Exchange-traded fund S&P SPDR 500 ETF Trust SPY is seeing the highest interest on the forum with 132 mentions, followed by e-commerce company ContextLogic with 51 mentions, data from Quiver Quantitative showed.
Software company Palantir Technologies and movie theatre chain AMC Entertainment are in the third and fourth positions, having attracted 31 and 29 mentions, respectively.
Apart from Medicare Advantage provider Clover Health, the other stocks that are trending on the forum include videogame retailer GameStop Corp. GME, aerospace and defense company Lockheed Martin Corp. LMT, transportation and logistics company Ryder System Inc. R, lithium-ion battery maker Microvast Holdings Inc. MVST and biotechnology company Pfizer Inc. PFE.
See Also: Palantir Analysts Weigh In On Sustainability Of Q2 Growth
Why It Matters: ContextLogic’s shares fell almost 20% on Friday after the company received downgrades from Cowen and JPMorgan analysts following the announcement of worse-than-expected second-quarter financial results last Thursday. Bank of America analyst Michael McGovern also downgraded the company’s shares from Neutral to Underperform.
AMC Entertainment is seeing high interest from retail investors. A post on the WSB forum noted that the lower volatility and volume in AMC Entertainment’s shares is good news for the bulls as it indicates that the “bears have lost some steam.”
Lockheed Martin is seeing high interest on the WSB forum after it was reported that the President of Afghanistan Ashraf Ghani has fled his country as Taliban fighters entered the capital city of Kabul. The stock is seeing as benefiting from the turmoil in Afghanistan.
Price Action: SPDR S&P 500 ETF Trust shares closed almost 0.2% higher in Friday’s trading at $445.92, while ContextLogic shares closed almost 19.8% lower at $7.55.
Palantir Technologies shares closed less than 0.1% higher in Friday’s trading session at $24.90.
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