Meme stocks rallying today: Robinhood, AMC, GameStop
Yahoo Finance Live’s Brian Cheung breaks down the latest stock moves among meme stocks.
Video Transcript
BRIAN CHEUNG: Before we go to break, we're want to call some attention to movement that we've been seeing in meme stocks today. You can see on the Wi-Fi interactive here, it's green across the board even though the broad markets are essentially mixed. But take a look at Robinhood right now up 8%. You can also see some of the beloved meme stocks that we've normally gravitated to as well.
I'm looking for AMC, maybe if I look at it on an equal basis, we can find it. But you can see AMC up 20%. GameStop up and again, this is all intraday movement, 25%. And I want to emphasize that there's no real news hook to all of this right now. Some on the Reddit boards like, super sunk. Well again, a very big community that's kind of coalesce around these meme stocks have pointed out that you love to see things trading on fundamentals of course, sarcastically.
But again, some of this just could be perhaps a reallocation of money. I mean, maybe people who are getting burned on crypto really badly or just blowing their money into some of these meme stocks. I don't know. Either way, deep green that we're seeing. Take a look at Beyond also, they reported earnings earlier this morning, up 11% as well.
- How? That's a huge reversal for Beyond.
BRIAN CHEUNG: I have no idea what's going on here. And it's important for us not to try to back into any sort of narrative either because sometimes the Geico stocks are just going to stock.
- They just move.
BRIAN CHEUNG: They just move. Yeah, sometimes they go up, but then other times they go down. So today is one of these days where it's going up by quite a lot.
- I'm not going to attempt to make sense of this at all.
BRIAN CHEUNG: Nope.
- I mean, I think your theory is interesting one, though. And again, this is just a theory. There's no-- there's no nothing backing this up.
BRIAN CHEUNG: And the beautiful thing about the markets is they're still five more hours for this entire story to change. And we'll have the coverage of what happens next with all these stocks on the other side of the break. We'll be right back.
