Meme stocks: AMC’s $APE shares drop in first day of trading, $BBBY declines
Yahoo Finance's Brian Cheung breaks down how meme stocks are trading on Tuesday.
Video Transcript
[AUDIO LOGO]
BRIAN CHEUNG: Well, before we go to break, let's check in on some meme stocks at the YFi Interactive. And right now, we are currently watching-- if I flip over to our meme stock board-- a lot of action, specifically if you watch the Bed Bath & Beyond shares, which have obviously gotten a lot of attention in the market lately. Check this out, down about 6.7% for the morning. Keep in mind there was a report from Bloomberg yesterday that they actually are having some of their shipments stopped because of some unpaid bills, again, that's just reporting, but that weighed very much on the stock yesterday.
And also want to call attention to shares of AMC down about 4% this morning. Obviously, the APE shares, those preferred shares, listed publicly yesterday. And a reminder from Adam Aron who tweeted over the weekend the value of AMC Investment is now the sum of both AMC shares and also the APE shared-- APE preferred shares as well. And by the way, I just want to show one more thing here. Take a look at the five-day action, deep red across the board. AMC down 60%, Bed Bath & Beyond down 58%.
