Heading into a new trading week, ContextLogic Inc., Palantir Technologies Inc., AMC Entertainment and Clover Health Corp are among the stocksseeing the highest intereston 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, aerospace and defense company Lockheed Martin, transportation and logistics company Ryder, lithium-ion battery maker Microvast Holdings, Inc. and biotechnology company Pfizer.
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. Aposton 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 wasreportedthat the President of AfghanistanAshraf Ghanihas 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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