Yahoo Finance markets reporter Jared Blikre joins the Live show to check out the meme stock market during the current rally Bed Bath & Beyond is experiencing.
JARED BLIKRE: Let's get to some meme stocks right now because that is where the action has been today. You can see GameStop up about 5% there. Bed, Bath & Beyond has been capturing my attention today. It's up 17% right now, but it had been up as much as 100%. And that would be at these highs, just north of $27. It looks like I have a little bit of a lag here, but I do want to show a three-year chart so we can see that we are still firmly in a downtrend, but perking up here.
This is a five-day 100% rally off the lows. We have seen this before. It happened earlier this year. It happened a few times last year. In fact, this was a 200% rally. And just want to make a note that we are puncturing to the upside, this downtrend here. Maybe the shorts, maybe the Apes are able to get this to the moon, but we're going to have to see because these moves have been short-lived, Dave.
DAVE BRIGGS: Yeah, we talk about how often these are tethered to nothing. I mean, at least it's nice to see Ryan Cohen--
JARED BLIKRE: What a word, "tether."
DAVE BRIGGS: --driving Bed, Bath & Beyond up. We're going to have a guest who started the Wall Street Bets thread on Reddit, Jamie Rogozinski, later in the show. Got to get his take on where the meme trade has evolved, what he learned from it. I don't know that he's as involved as he once was, but what he learned from all this and where it's going.
JARED BLIKRE: We've all learned something, Dave.
SEANA SMITH: We learned something, although--
DAVE BRIGGS: [INAUDIBLE]
SEANA SMITH: --it's that a lot of these stocks move over a heck of a lot of nothing. So we're certainly seeing--
DAVE BRIGGS: I would say we've learned nothing.
SEANA SMITH: --the momentum in some of these names. As soon as you think one of these trades are going to fall out of favor, it doesn't seem like that's the case.
JARED BLIKRE: There's a "Seinfeld" lesson in this. It's kind of like the mid '90s. This is like the nothing trade.
DAVE BRIGGS: The show about nothing.
JARED BLIKRE: To trade all about nothing.
SEANA SMITH: I like it.
JARED BLIKRE: To the moon. We're going to get-- we're going to get some thoughts there.
DAVE BRIGGS: I think we need to use that. Yeah, yeah, the trade about nothing.