Tag: meme stocks

Bed Bath & Beyond $BBBY CFO Fell to his Death: Sources

The Chief Financial Officer of Bed Bath & Beyond (BBBY) jumped to his death from the Jenga Building in Tribeca in New Yor City, according to sources.

Gustavo Arnal was the CFO and executive vice president of the company.

The tragedy happened on Friday.

He sold over 40,000 shares of the company stock last month, raising over $1 million.

Bed Bath & Beyond had become a meme stock with the price exceeding $28 a share back in August.

The stock closed at 8.63 on Friday, and ended up at 8.59 in after-market trading.

How Did the Meme Stocks Do Last Year? Here’s How

by Fred Fuld III

About a week ago, I heard an analyst on CNBC being interviewed about meme stocks, although he didn’t pronounce it “meeem”, he pronounced it “me-me”. Do you think it was accidental, through ignorance, or on purpose with a hidden meaning?

Whatever you call them, the meme stocks have had a wild ride last year. Surprisingly, a few of them performed extremely well, but many ended up dropping over 40% for the year.

Interestingly, the top performers were GameStock, I mean GameStop (GME) (did I type it that way accidentally or on purpose?), up 688%, and AMC Entertainment (AMC), which rose by 1183%.

The memes that tanked the most were Clovis (CLOV) down 78% and ContextLogic Inc. (WISH), which dropped by 83%.

The following is a list of the meme stocks and semi-meme stocks along with the January 1 to December 31 performance for the year 2021.

GME 688%
AMC 1183%
CLOV -78%
CRON -43%
DASH 4%
FVRR -42%
HOOD -49%
IQ -74%
OTLY -61%
WE -27%
WISH -83%
BB 41%
SNDL 22%
BYND -48%
SLV -12%

Maybe we will see some meme action again this year. What do you think?

 

Disclosure: Author owns SLV and HOOD.

Robinhood Investors Getting Rich

by Fred Fuld III

Last Thursday, Robinhood (HOOD) went public at an IPO price of $38 per share. The stock sold off a little that first day, but today, the stock reached a price per share of $85 shortly after the stock market opened.

This works out to a 123% gain in one week. Not too shabby for a recent IPO.

Even if you had waited until yesterday to buy the stock on the close at $48.50, the gain would be 75%.

Robinhood has almost turned into a meme stock, not due to a short squeeze but do to the popularity of the stock, as it has garnered much attention on Reddit.

Options started trading on the stock today, and the volume and activity is huge. The strike prices range from 20 to 95 for all expirations from August to January of next year. Will higher strikes need to be added? Who knows? Maybe even lower strikes.

The August implied volatility is over 200% and September is in excess of 170%.

It will be interesting to see if Robinhood turns into another GameStop (GME) or AMC (AMC), or if it takes you for a RIDE.

 

Disclosure: Author owns two shares of HOOD.