Midday Meme Stock Report for 12/15: AMC, Bakkt, DraftKings, Nio

Investing

December 15, 2021 1: 40 pm

To this level, Wednesday was once now not an especially apt day for U.S. equity markets. Shopping and selling was once muted, and all three essential indexes traded within the pink throughout the noon hour. This afternoon’s announcement from the Fed Open Market Committee (FOMC) is now not anticipated to build up their spirits mighty either. To add to the day’s load of investor-dreadful news, the Securities and Substitute Rate has proposed changes to its principles governing insider Trading and portion buybacks.

Indecent oil regained $70 a barrel, nonetheless Bitcoin dipped below $47,000 all yet again. Yields on 10-year and two-year Treasury notes were fair about unchanged since early within the morning, and the unfold had eased support to Tuesday’s cease of 0.77%.

Meme shares followed the gargantuan markets, with all nonetheless a handful of shares Trading within the pink as of noon Wednesday. Chinese language electrical vehicle maker Nio Inc. (NYSE: NIO) was once amongst the gargantuan losers, Trading down by around 10%. The uncertainty about how U.S.-listed Chinese language shares are inclined to be forced to re-checklist in China is weighing on the shares. To add to Nio’s woes, Toyota announced Tuesday that it might maybe maybe perhaps well well invest $35 billion between now and 2030 in a lineup of 30 original electrical vehicles.

Bakkt Holdings Inc. (NYSE: BKKT) shot higher following its late October announcement that it might maybe maybe perhaps well well support because the custody story provider for the digital belongings of Mastercard and Fiserv. The bloom is off the rose now, even though, and the stock has dropped about 75% from its October excessive. The firm had no explicit news Wednesday.

To this level within the second half of of this year, shares of AMC Leisure Holdings Inc. (NYSE: AMC) beget misplaced about 60% of the nosebleed valuations the theater operator reached in early June. CEO Adam Aron interestingly believes that calling out AMC’s essential rival is by some ability a protection for his firm’s woeful exhibiting:

A Canadian court fair dominated that Regal/Cineworld, our most interesting competitor within the U.S./Europe, ought to pay fair about $1 billion USD in damages over the failed Cineplex merger. Will most likely be appealed, nonetheless one thing distracting or destabilizing our most interesting competitor brings opportunity to AMC. pic.twitter.com/QlevPr54vM

— Adam Aron (@CEOAdam) December 15, 2021

But every other stock that peaked early this year and has been sliding shiny mighty ever since is DraftKings Inc. (NASDAQ: DKNG). Since reaching a 52-week excessive of $74.38 in March, the stock has dropped by about 64% to post a original 52-week low fair forward of noon Wednesday. Bigger than half of the U.S. states now allow sports activities making a wager, and DraftKings administration looks to mediate that going global is the solution. This might maybe be costly for shareholders. Sentiment on Reddit looks slice up between comments treasure, “DKNG has no bottom” to “I’m making a wager prolonged[t]erm. they’re going to be one of the essential winners within the sports activities making a wager pool.” You pays you money and you takes your potentialities.

Shares of AMC traded down bigger than 4% at the end of the noon hour Wednesday at $23.47 in a 52-week vary of $1.91 to $72.62. The fashioned day after day Trading quantity is around 43.8 million, and bigger than 32 million had been traded so a ways on the day.

Nio stock traded down about 8.9%, at $29.42 in a 52-week vary of $29.06 to $66.99. The low was once posted earlier within the day. The fashioned day after day Trading quantity is set 41 million shares, and 52.6 million had already been traded.

Shares of Bakkt traded down about 8% to $12.45, in a 52-week vary of $8.00 to $50.80. The fashioned day after day Trading quantity was once about 18 million, and most interesting around 1.8 million shares had traded so a ways.

DraftKings’s stock traded down about 1.6% to $27.36, in a 52-week vary of $26.67 to $74.38. The low was once residing earlier within the day. The fashioned day after day Trading quantity is set 15 million shares, and fair over 10 million had modified arms.

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