Bank of America analyst throws in the towel on meme stocks, says fundamentals are not driving shares

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Bank of America analyst throws in the towel on meme stocks, says fundamentals are not driving shares

CNBC2021-06-04

The dramatic volatility in meme stocks favored by Reddit traders has confounded Wall Street for months, and Bank of America has decided to stop trying to make sense of some of them. Analyst Curtis ...

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koolprofit
·2021-06-04
Wow
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荷马先生
·2021-06-04
do you understand why
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burdess
·2021-06-04
like n comment [Smile]
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DragonKC
·2021-06-04
Bad news for meme stock.
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Yamarocksta
·2021-06-04
Fudding all the way to the bank
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GoldenCuck
·2021-06-04
Oh no
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The firm previously had a buy rating on Bed, Bath and Beyond and an underperform rating on GameStop.\n“We believe that the rapid appreciation in BBBY’s share is being driven by another surge in interest and trading led by retail investors ... As a result, we move to No Rating as we believe shares of BBBY are no longer trading on fundamentals,” Nagle said in a note about the home goods retailer. “Investors should no longer rely upon our previous investment opinion or price objective.”\nSince May 24, shares of GameStop have gained more than 40%, with five trading sessions delivering moves of more than 10% in either direction.\n“During this period, GME did not report any material updates and the only news on GME’s operations were very high level media reports that the company was working on a non-fungible token (NFT) platform,” Bank of America said.\nBed Bath & Beyond, meanwhile, has seen even more dramatic swings. The stock rose 62% on Wednesday and then fell almost 28% on Thursday.\n“While not quite as extreme as GME, BBBY has seen a large sequential increase in mentions on retail investor forums and trading volumes surged to 110mn shares (nearly 100% of the float) on 6/2/21,” Bank of America said.\nNagle said that he still believes there is a long-term bull case for Bed Bath & Beyond, but the stock no longer appears tethered to that 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you understand why&nbsp;","listText":"do you understand why&nbsp;","text":"do you understand why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116401410","repostId":1127052522,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":116595956,"gmtCreate":1622810008275,"gmtModify":1704191593716,"author":{"id":"3582717601667302","authorId":"3582717601667302","name":"burdess","avatar":"https://static.tigerbbs.com/a17f2b2e5a6a0f0cee2c197cc22ac550","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582717601667302","authorIdStr":"3582717601667302"},"htmlText":"like n comment [Smile]&nbsp;","listText":"like n comment [Smile]&nbsp;","text":"like n comment [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116595956","repostId":1127052522,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":116596872,"gmtCreate":1622809922096,"gmtModify":1704191591403,"author":{"id":"3577178099298017","authorId":"3577178099298017","name":"DragonKC","avatar":"https://static.tigerbbs.com/f90c63c67a4e5f91e9dc0159f5b853ab","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3577178099298017","authorIdStr":"3577178099298017"},"htmlText":"Bad news for meme stock.&nbsp;","listText":"Bad news for meme stock.&nbsp;","text":"Bad news for meme stock.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116596872","repostId":1127052522,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":116598003,"gmtCreate":1622809826902,"gmtModify":1704191588906,"author":{"id":"3584277063151664","authorId":"3584277063151664","name":"Yamarocksta","avatar":"https://static.tigerbbs.com/2992e168670b426b6f1732213088f8fb","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3584277063151664","authorIdStr":"3584277063151664"},"htmlText":"Fudding all the way to the bank","listText":"Fudding all the way to the bank","text":"Fudding all the way to the bank","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116598003","repostId":1127052522,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":116591243,"gmtCreate":1622809808282,"gmtModify":1704191590904,"author":{"id":"3569976416564978","authorId":"3569976416564978","name":"GoldenCuck","avatar":"https://community-static.tradeup.com/news/901a014ec42a538cb414c27c9827bd65","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3569976416564978","authorIdStr":"3569976416564978"},"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116591243","repostId":1127052522,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":27,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}