Yahoo Finance Live anchors discuss meme stocks and how they are performing amid a meme-fueled week.
- Should investors be selling any strength in these meme stocks?
- These companies are overvalued fundamentally. And so if the value isn't there, I don't care how much the hype is. And it's not like you're bringing new entrants to the meme stock crowd.
- The bulk of GME's business remains in an extreme secular decline, and investors shouldn't fall for the companies, you'll love this, quote "endless series of gimmicky announcements."
- There we go.
- There certainly is a plan to try and survive. I think Bed Bath Beyond is working on trying to at least check a couple of boxes to try and return that customer back to the store.
- It's fear and greed. And fear is clearly not a problem when it comes to meme stocks, and greed is the big motivator.
- The commentary on Reddit threads, GameStop, Bed Bath Beyond, it's mind boggling. It's stuff that I've never seen before.
- All right.
- It's true. I never saw it before.
- It was another meme-y week, I guess is what it is when all is said and done. It was another meme-y week, and another one where investors, maybe we're forced to reckon with reality. I don't know.
- It was a tough week too. Of course it started with that weekend news that came into the weekend from Bed Bath Beyond, and the CFO and that tragic suicide. Then it quickly morphed into what's going on at GameStop, and maybe what's not going on at GameStop. They lost a ton of money.
Came out here with a thinly released press release partnership deal with FTX, which is now back in the news today because they're taking a 30% stake in Scaramucci, Anthony Scaramucci's SkyBridge. But yeah, it was a meme-y week. But not a lot of volatility, I'm surprised, these names. They seem to have taken a little bit of a breather in these names. But nonetheless, interesting week for the memes.
- Well, it's back to school time, so people are distracted now they're not necessarily trading as much because they got other stuff going on. Or maybe I'm just projecting--
- No, I think you're right.
- --in this case.
- I think you're right.
- And then of course, there's AMC as well was in focus a bit with Cineworld filing as expected for bankruptcy.