What’s going on in meme stock land?
Well, Macquarie downgraded AMC (AMC) and said the stock is going to $6, which is 87% lower than the recent price of $47.
Interestingly enough, AMC is shaking off the report like a WARRIOR and is UP this morning.
Why? Because everyone knows the movie box office numbers aren’t so hot. And everyone knows Wall Street hates AMC, so there’s nothing new here.
AMC will fall when #wallstreetbets Apes stop buying. Good luck predicting when that happens…
It’s really as simple as that. So we don’t need to pay much attention to this downgrade.
What else is going on?
Corsair (CRSR), a popular name in our universe, caught fire because of a bullish shoutout from YouTuber Matt Kohrs. It’s up this morning.
Alibaba’s (BABA) popularity in the #wallstreetbets universe seems to be on the rise, and the stock is up a few bucks premarket. Maybe people see a bottom after the stock dropped about 50% from the highs.
GameStop (GME) has been creeping up steadily, possibly in anticipation of its earnings report which is set for release on Wednesday September 8, 2021. It will be interesting to see if increased media coverage of the stock will actually boost the business.
Tesla (TSLA) is slipping a bit after Nio (NIO) cut its outlook for delivery numbers. It’s hard to read too much into that because Nio is a bit of a mess. Also, note that Chinese electric car maker Li Auto (LI) reported record deliveries. So maybe Tesla actually takes off today.
So what are you buying and selling today? Let us know in the comments!