Midday Meme Stock Report for 12/29: DiDi, Nio, Robinhood, Virgin Galactic

Investing

December 29, 2021 1: 35 pm

Of the three main U.S. stock indexes, very most realistic the Dow Jones industrial moderate was as soon as Trading within the fairway Wednesday morning, likely on account of new 52-week highs from Cisco, UnitedHealth, Procter & Gamble and Coca-Cola. Within the broader market, decliners led by a ratio of round 8 to 7. The Nasdaq traded down about 0.4% within the noon hour, and the S&P 500 was as soon as in actual fact flat.

Crude oil remained roughly flat with its premarket stage of $75.60 a barrel, and Bitcoin had recovered to match its closing trace of Tuesday shut to $47,600. The 10-yr/two-yr Treasury point to spread widened from a premarket distinction of about 0.75% to round 0.79% at noon.

The meme stock posting the greatest loss in morning Trading Wednesday was as soon as DiDi World Inc. (NYSE: DIDI). Reuters reported unhurried Tuesday that unnamed sources negate DiDi plans to delist its American depositary shares (ADS) and checklist total shares in Hong Kong by manner of a “checklist by introduction” that would allow holders of U.S. shares step by step to switch shares to Hong Kong. The sources didn’t offer necessary aspects on how that switch would work but noted that DiDi plans to file for a checklist in Hong Kong by April and to possess the checklist operating by June. DiDi posted a brand new 52-week low Wednesday morning.

Robinhood Markets Inc. (NASDAQ: HOOD) posted a brand new 52-week low Wednesday morning, likely within the shadow of the softening trace of bitcoin. In a weblog post, the corporate acknowledged it had carried out the alpha take a look at period for its crypto pockets and plans to originate a beta take a look at in mid-January. Robinhood also noted that bigger than 1.6 million of us possess signed up for a “Wen Wallet.”

Now that DiDi reportedly has selected the device to take care of up the Chinese authorities satisfied, there could be some scenario amongst investors that other China-primarily primarily based mostly corporations could perchance well delist and switch either to Hong Kong or Shanghai. Electric automobile maker Nio Inc. (NYSE: NIO) is a form of. The automaker’s stock has dropped bigger than 40% within the route of the final 12 months, and it posted a brand new 52-week low earlier within the day.

Shares of Virgin Galactic Holdings Inc. (NYSE: SPCE) also posted a brand new 52-week low Wednesday morning. That follows the announcement Tuesday that another company, Virgin Orbit, founded by Richard Branson has agreed to a SPAC merger with NextGen Acquisition II. The enterprise combination is anticipated to be carried out by the dwell of this month and the newly public industrial dwelling originate company is achieve of abode to originate up Trading on the Nasdaq as Virgin Orbit Holdings below the ticker symbol VORB.

The merger is anticipated to boom uncomfortable proceeds of $228 million, collectively with correct $68 million from NextGen. When the merger was as soon as announced in August, NextGen was as soon as pegged to contribute $383 million following a blizzard of redemptions from early investors. A PIPE offering anticipated to add $100 million to the proceeds will now contribute $160 million.

Shares of DiDi traded down about 7.2% as the lunch hour ended Wednesday, at $5.00 in a 52-week range of $4.93 to $18.01. The frequent daily Trading volume is ready 19.9 million shares, and nearly 19.6 million already had traded on Wednesday.

Robinhood stock traded down about 1.8% to $17.15, in a 52-week range of $16.68 to $85.00. The frequent daily Trading volume is ready 10.8 million shares, and greater than 9.4 million had traded up to now  on the day.

Nio stock traded down about 4.6% to $28.28, in a 52-week range of $27.52 to $66.99. The frequent daily Trading volume is round 43.1 million shares, and greater than 36.3 million had traded already.

Shares of Virgin Galactic traded down about 5.2%, at $13.10 in a 52-week range of $13.00 to $62.80. The frequent daily Trading volume is practically 12 million shares, and greater than 10 million had modified fingers.

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