Midday Meme Stock Report for 10/19: Bitcoin Strategy ETF, Camber Energy, Coinbase, Tesla, Vinco Ventures
The major U.S. equities indexes were running higher at noon on Tuesday, with gains of about 0.4% for the Dow Jones industrials and 0.7% for the S&P 500 and the Nasdaq Composite. Health care (up about 1.5%) and utilities (up 1.2%) were the leading sectors, while consumer staples and consumer cyclicals both traded about 0.2% lower.
The ProShares Bitcoin Strategy ETF (NYSEAMERICAN: BITO) made its trading debut in the morning and the shares were trading up about 2.3% at $40.92. The daily high of $42.15 was posted shortly after the opening bell, before shares tumbled to an intra-day low of $40.07 less than an hour later. The first Bitcoin ETF fought back to a small gain, on trading volume of more than 15.6 million shares.
The day's undisputed winner among meme stocks was Camber Energy Inc. ( NYSEAMERICAN: CEI ), which was riding a wave of volume to a two-week high. The company had no specific news, although its majority-owned subsidiary, Viking Energy, did submit a federal filing Monday announcing that Viking had transferred all its interests in Elysium Energy Holdings to TO Elysium 2021, along with all of Viking's obligations for a term loan the company received in February 2020. This transaction lowers Camber's net debt again.
Tesla Inc. ( NASDAQ: TSLA ) was not making a particularly big move Tuesday, but trading was a little higher than average as the company prepares to unveil its third-quarter earnings report after markets close on Wednesday. Here's a look at what analysts expect Tesla to report .
Coinbase Global Inc. ( NASDAQ: COIN ) traded higher in the noon hour Tuesday. The Bitcoin Strategy ETF adds a bit of luster to Bitcoin and, by extension, other cryptocurrencies, but in itself, has no significant effect on Coinbase, which trades the actual coins while the ETF trades options. Individual investors could use the actual coins to hedge investments in the ETF, so there's that linkage, but it's not going to be a heavily used one.
Vinco Ventures Inc. ( NASDAQ: BBIG ) traded higher Tuesday, following Monday's announcement by merger partner Zash Global that Zash and its Lomotif social networking platform had launched an "independent immersive record label." Investors do not seem to be impressed.
Camber Energy traded up more than 26% to $1.76, in a 52-week range of $0.33 to $4.85. The average daily trading volume is around 181.2 million shares, and 284 million had traded thus far on Tuesday.
Tesla stock traded up about 0.3% at $873.14, in a 52-week range of $379.11 to $900.40. The average daily trading volume is around 18.6 million shares, and more than 11 million had traded on the day. Tesla also gets a lot of daily comments on social media, regardless of what the company is or is not doing.
Coinbase traded up more than 4%, at $305.77 in a 52-week range of $208.00 to $429.54. More than 10 million shares had traded on the day, compared to a daily average of 4.1 million.
Vinco Ventures traded at around $8.00, down about 3.8%, in a 52-week range of $1.11 to $12.49. More than 28 million shares had traded in the first half of Tuesday's regular session. The average daily volume is more than 54 million shares.