There was blood on the floor across U.S. stocks on Friday, but for meme stocks only a frantic last hour of buying prevented social media’s favorite ticker symbols from getting exsanguinated to end the first trading week of December.
AMC, more exposed to the concerns over a new COVID variant, felt the pain more acutely than its ur-meme partner, falling back almost 33% by 3 p.m. Friday. GameStop bottomed out at the same time but at a comparatively shallower 21.4%. For AMC, the two-week wait is on for the newest Spider-Man film, which AMC CEO/memelord Adam Aron is using to gauge Reddit Ape interest in nonfungible tokens and other cryptos. But for now, Aron has been reduced to trying to juice up retail fervor by taking to Twitter and inviting his followers to Aaron Sorkin’s new movie about Lucille Ball’s difficult marriage to Desi Arnaz.
Reddit and Twitter were ablaze with conjecture over who could have been at fault for the discrepancy with many once again pointing the finger at short sellers that they see as their archenemies, with one theory alleging that a defunct market maker was to blame. According to insiders, the timing issue was a result of Fidelity taking its data feed from Vanguard and then updating later in the day. That time lapse accounted for Vanguard’s corrected data not hitting Fidelity’s trading tickets until just after noon EST.“Brokers receive incorrect data that gets displayed to the public all the time,” explained Anthony Denier, CEO of trading platform Webull Financial.
Sure thing. The price drops, we buy more. It’s as simple as that. We have been in this fight long enough to see just where MarketWatch’s loyalty sits. This has been a long road traveled and we aren’t leaving. Let KennyG know it’s about time he pays what’s due
Oh... 3 to 4 million retail holders sold their shares because they are scared of the umpteenth variant that's milder than many others, right after amazing Spider-man ticket sales and NFT. Got it. I doubt this has anything to do with huh?
I might have less money - but - I have more shares - it really is double edge sword - price goes up, the shorts are screwed - price goes down and we buy - shorts - still screwed
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Source: Reuters - 🏆 2. / 97 Read more »