[TOPIC]Meme Companies Striving or Tanking?
Short squeeze put meme stocks like GME, AMC, & BBBY in the spotlight and also boost their market cap. Similar to their surge, meme stocks also plunged after the passion faded.
Companies like $GameStop(GME)$is on the way of expanding the business while others like $Revlon(REV)$refused to transform.
Let's find out How did star meme stocks move after their sudden surge?
1. $AMC Entertainment(AMC)$ - multiple moves to please investors
AMC announced its entry into the packaged food market in 2021 with the launch of its own popcorn brand -AMC Theatres Perfectly Popcorn.
Earlier in August this year, AMC said it would pay a special dividend in the form of preferred stocks after posting a larger-than-expected loss in 2Q.
The name of its preferred stock - APE- echoes the name of retail investors that participate the short squeeze back in 2021.
2. $GameStop(GME)$ - tries to keep up with times
Just as it did in the computer game download 10 years ago, $GameStop(GME)$ wants to enter the NFT while it's still in its infancy to avoid missing out on opportunities.
GameStop launched its NFT marketplace and established a cryptocurrency partnership.
3. $Revlon(REV)$ - our shares may be worthless
Revlon is on the edge of bankruptcy but rose times because retail investors continued to push the share price higher. But recently the company tells Bankruptcy Judge its shares may be worthless.
The company said that
shareholders don’t need a special, company-funded committee to represent them in the Chapter 11 case because there is no evidence the equity is worth anything.
4. $Bed Bath & Beyond(BBBY)$ - struggles for a turnaround
In 2021, BBBY has exited noncore businesses, closed underperforming stores and is using the store brands as a way to draw in shoppers with products that can only be purchased at Bed Bath & Beyond.
Bottom Line
After the surge and plunge, the traffic and attention brought opportunities to companies and can help them make the transition.
But not every company makes full use of this precious opportunity.
What’s your advice for meme companies’ transition?
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You can refer to examples of the US student who made $110 mln from BBBY or the GME president Cohen.
Freeman said BBBY needs to cut its cash-burn rate, drastically improve its capital structure and raise cash.
Cohen said the company should divest the Buybuy Baby chain.
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Basically we can not rely on anything these companies say, they say a lot of stuff only to benefit themselves.