With bad “red flag” jokes everywhere, most even stock traders only see green.
Sometimes you just have to stop hating and celebrating classics.
On Wednesday, retail investors invested in stocks of OG memes, like GameStop GME,
AMC Entertainment AMC,
and BlackBerry BB,
all posted gains while Robinhood HOOD,
tried chatting with the meme stocks crowd, but instead posted something from a “daddy’s tweet,” infuriating many traders on social media who are already wary of the commission-free trading app.
Things were set for AMC on Wednesday morning as the #AMCSqueeze hashtag continued to be trending on Twitter and the movie channel’s CEO Adam Aron. poetic waxed on social media app about Marvel’s upcoming superhero blockbuster âEternalsâ.
Optimism in AMC stocks has been fueled by speculation that hedge funds that short sell the stock will have to hedge within the next week or two, leading to a possible gain of 30% or more.
This theory spread to trading on GameStop and BlackBerry, both of which closed around 5% as retail investors openly bragged about the two tickers. Mentions of BlackBerry – which also announced new software deals on Wednesday – topped 1,000%, according to data from HypeEquity.
While GameStop’s Stans were a major driving force behind the day’s movement, a big moment for the stock came in response to Robinhood’s cool aspiring tweet.
At 1:51 p.m., Robinhood’s Twitter account attempted to capitalize on the new “red flag” meme by tweeting “Investing is not for everyone,” adding red flag emojis meant to denote toxic opinions.
The tweet did not reach much of its target audience, as many pro-business voices have spoken out about Robinhood, mentioning its recent legal controversies and generally poking fun at the attempt to show solidarity with the Reddit Raiders movement.
In the end, the tweet reminded me of a different meme:
A similar tweet apparently landed for GameStop, which rolled out the meme with a much more popular effect:
â1v1â is a popular phrase among gamers meant as a challenge to fight. GameStop was trading near its intraday high when the tweet landed.
But it wasn’t all sun in MemeVille.
Helmet manufacturer Koss Corporation KOSS,
fell back after Tuesday’s maniacal ultra-late rally to close nearly 3% on the day, falling nearly 5% after noon, but retaining some gains thanks to speculation he will win in his lawsuit in patent matter with Apple Inc. AAPL,
Another ticker who had a rough day was DatChat Inc. DATS,
which fell nearly 27% on Wednesday. The stock had climbed more than 100% on social media speculation the company would strike a deal with Barstool Sports, but as many speculated the deal would be an acquisition, it turned out that DatChat Barstool would pay a “low seven-figure. fee” to “launch a national multi-channel marketing campaign” at Barstool properties.
But like a kid scratching an Italian ice cream, the best part of Wednesday for many meme traders ended when a summary report has surfaced on Twitter that the SEC’s current investigation into the arch nemesis of retail investors Citadel was motivated by political animosity towards company founder Ken Griffin.
We will probably talk more about it on Thursday.