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Oct. 6, 2021, 5:36 p.m. EDT

GameStop and AMC post identical small losses as Smiles win the day for meme stocks

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Thornton McEnery

The mother and father meme stocks often move in tandem with one another, but this is ridiculous.

Shares in GameStop /zigman2/quotes/203755179/composite GME +0.96% and AMC Entertainment /zigman2/quotes/200235402/composite AMC +5.99% , both closed down 0.62% for the day, a rare case of identical losses for the most popular names in meme stocks.

Both stocks fought off morning dives to flirt with ending the day in the green. AMC even had brief gains in the later hours of trading as the broader markets surged, ending with gains for the day, as investors turned optimistic about debt-ceiling negotiations.

Just as morning trading predicted however, the big meme winners on Wednesday were Palantir /zigman2/quotes/221054928/composite PLTR +1.60% , which locked in a 1.4% gain after soaring Tuesday on news that it signed a massive new contract with the U.S. Army , and SmileDirect Club /zigman2/quotes/214109287/composite SDC +6.41% , which popped almost 15%.

SmileDirect, which was the most trending name on investing social media for the day, capitalized on good news about its mobile SmileBus product . It also appeared to benefit from scuttlebutt on Reddit that hedge funds would fight back against any attempt to move SmileDirect above $6.50 a share.

That prediction proved to be an interesting one as a late push in the penultimate hour of trading saw the stock go volatile around the $6.50 mark before breaking through for good a half-hour before the closing bell.

SmileDirect closed at $6.75 on the day.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 181.56
+1.72 +0.96%
Volume: 2.09M
Dec. 2, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$13.76 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 30.28
+1.71 +5.99%
Volume: 54.90M
Dec. 2, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$14.68 billion
Rev. per Employee
$43,642
loading...
/zigman2/quotes/221054928/composite
US : U.S.: NYSE
$ 19.69
+0.31 +1.60%
Volume: 45.80M
Dec. 2, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$38.85 billion
Rev. per Employee
$448,000
loading...
/zigman2/quotes/214109287/composite
US : U.S.: Nasdaq
$ 2.99
+0.18 +6.41%
Volume: 6.93M
Dec. 2, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.09 billion
Rev. per Employee
$164,195
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