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- NYSE:GME gained 5.83% during Wednesday’s trading session.
- AMTD Digital stock tumbles by more than 35% during intraday trading.
- AMC jumps higher again as short sellers feel pressure ahead of earnings.
NYSE:GME extended its winning streak to six straight sessions on the strength of a broader market rally and a resurgence of meme stock hysteria. Stocks bounced back on Wednesday after two consecutive losing days to start August. All three major indices climbed higher throughout the session after better than expected economic data alleviated concerns of a looming recession. Overall, the Dow Jones rose by 416 basis points, the S&P 500 gained 1.56%, and the NASDAQ jumped higher by 2.59% during the session.
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The meme stock of the week right now is AMTD Digital (NYSE:HKD) has somehow gone mostly undetected this year despite rising by nearly 6,700% in 2022. The incredible thing is that the stock just IPO’d recently in mid-July, and rose from $7.80 to an all-time high price of $2,555.30 per share in a matter of weeks. The Hong Kong-based fintech company was valued at $310 billion at its peak which made it more valuable than companies like Coca Cola (NYSE:KO). On Wednesday, shares fell by 34.5% which slashed its market capitalization down to a mere $109 billion.
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A day ahead of AMC’s (NYSE:AMC) second quarter earnings report, the movie theater chain saw its stock rise by a further 8.01%. It is widely expected that AMC will beat analyst estimates for the quarter, and combined with CEO Adam Aron threatening short sellers with another squeeze, it is easy to see why Apes are bullish on the stock this week.
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