Midday Meme Stock Report for 10/14: AMC, BlackBerry, Camber Energy, Microvast
U.S. markets added to their premarket gains on Thursday, with all sectors higher as of the noon hour. Materials (up 1.8%), tech (up 1.6%), and health care (up 16%) led the charge. Yields on 10-year Treasuries were down a couple of basis points, despite a jump in Thursday's report on the Producer Price Index. This may indicate a waning in concern over inflation.
Among our basket of meme stocks, AMC Entertainment Holdings Inc. ( NYSE: AMC ) was the leader, even though it had pulled back slightly from its intra-day high. Trading volume was heavier than usual. The company had no specific news.
Lithium-ion battery maker Microvast Holdings Inc. ( NASDAQ: MVST ) also held on to a solid gain. This may be due in part to increased optimism on lithium stocks, generated by a recent price hike for the metal. We took a look at the move in lithium stocks earlier in the day.
BlackBerry Ltd. ( NYSE: BB ) jumped by more than 6.6% in morning but had given back about a third of that gain. Trading volume was already above the daily average. The company had no specific news.
Camber Energy Inc. ( NYSEAMERICAN: CEI ) was the poorest performer thus far Thursday. The prior day, the company filed a report with the Securities and Exchange Commission outlining steps it is taking to patch up relations with two investors. We covered that in our morning report.
AMC shares traded up about 7.2%, at $40.63 in a 52-week range of $1.91 to $72.62. The average daily trading volume is around 80 million shares, and almost 44 million had been traded on Thursday.
Microvast traded higher by about 6.3%, at $7.97 in a 52-week range of $7.38 to $25.20. The average daily trading volume is about 3.2 million shares, and nearly 1.3 million had traded on the day.
BlackBerry was up about 4.4% in the noon hour to $10.24. The stock's 52-week range is $4.44 to $28.77, and the average daily trading volume of 9.3 million shares already had been surpassed, with 10.6 million shares changing hands.
Camber Energy traded down by nearly 8.5% to $1.32, in a 52-week range of $0.33 to $4.85. The average daily trading volume is about 177 million shares, and nearly 88 million had traded.