U.S. equities had about doubled their premarket gains by noon Friday. All three major indexes traded higher, with the Nasdaq leading the way with a gain of about 0.9%. The communications services (up 1.7%) and tech (up 1.1%) sectors were up the most, while the energy sector lagged, down 0.6%. Crude oil traded below $81 a barrel as it had earlier in the morning, and Bitcoin dipped a little closer to $63,000. Yields on 10-year Treasury notes were up just a shade more than two basis points.
Among meme stocks, Lordstown Motors Corp. (NASDAQ: RIDE) doubled its premarket loss and was the worst-performing stock on our watch list. The company’s ill-timed announcement that deliveries of its Endurance electric pickup would be delayed until the third quarter of 2022 sent investors heading to the exits. As WallStreetBets member u/Fit_Cartographer_718 put it, “Huge Letdown. Every time i think this stock is going to move to the upside it dives. Sad.”
Adam Aron, CEO of AMC Entertainment Holdings Inc. (NYSE: AMC), tweeted this last night:
AMC’s stock already had priced this in, based on Aron’s promise to accept the cryptocurrency for online ticket sales. There wasn’t even much trading volume in the stock thus far Friday.
Shares of Paysafe Ltd. (NYSE: PSFE) dropped almost 42% on Thursday, following a poor earnings report. That gave buy-the-dip a great opportunity to move in and snatch up the stock at rock-bottom prices. Daily trading volume was already more than five times higher than the daily average of 11.5 million on Friday, and the stock was up by just over 2%. There’s still time, though, for those last-minute shoppers.
Since reporting quarterly earnings Thursday evening, Airbnb Inc. (NASDAQ: ABNB) added about 15% to its share price. CEO Brian Chesky said Thursday that the effect of the U.S. lifting its ban on international travelers was a 44% increase in bookings for the company. Bookings are up 50% at Hyatt since the ban was eliminated.
In early afternoon trading, shares of Airbnb were up about 6.7% to $204.42, in a 52-week range of $121.50 to $219.94. The average daily trading volume is about 6 million shares, and 7.2 million already had traded on Friday.
AMC stock traded up less than 0.5%, at $39.62 in a 52-week range of $1.91 to $72.62. Trading volume thus far on the day was less than 15 million, less than a quarter of the daily average of 62.6 million shares.
Paysafe traded up about 2.2% to $4.34, in a 52-week range of $4.11 to $19.57. About 58 million shares had traded, far above the daily average of around 11.5 million.
Lordstown Motors stock traded down about 16% to $5.79, in a 52-week range of $4.64 to $31.57. The average daily trading volume is around 11.8 million shares, and nearly 24 million had traded on the day.
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