Market News

Top Meme Names Continue on Wild Ride

The year 2022 has been a wild ride for the markets and while there are quite a few things to be thankful for this year, the ride could not get any wilder than with meme stocks.

GameStop (NYSE:GME) shares have fluctuated between $19 and $47 this year and short interest in the stock still remains high at about 21%.

As longs continue to look for growth catalysts in the stock,  Carl Icahn is reported to have built up a significant short position in GME.

Apparel and accessories retailer Express (NYSE:EXPR) too has seen its share price wither by ~54% over the past six months and short interest still remains elevated at ~10%.

While disappointing quarterly numbers and scaled-back outlooks have rattled quite a few retail names, optimism abounds on expectations of strong holiday sales. Consequently, EXPR shares have climbed nearly 30% so far this month.

Movie theatre chain AMC Entertainment (NYSE:AMC) (NYSE:APE) slumped after its recent third-quarter showing but its shares received a boost yesterday on Amazon (NASDAQ:AMZN) planning to invest $1 billion annually in theatrical movie releases.

Nonetheless, short interest in the stock is now hovering at ~20% and its stock price has cratered 53% year-to-date.

Despite the wild ride, ‘diamond hand’ traders continue to go all in on these names with all guns blazing and giving short sellers a run for their money.

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