Torchlight shines bright while many 'Meme' stocks tumble

Meta Materials

16/06/2021 16:06

** Torchlight Energy  TRCH.O  was up 19.9% at $6.08 on
Wednesday after declaring a special dividend of stock, gaining
attention on social media forums such as WallStreetBets and
bucking a more negative trend among so-called meme stocks 
    ** While many so-called meme stocks, which are popular among
individual traders on online discussion groups were relatively
calm in premarket after nearly four weeks of high volatility,
moves were more pronounced in the regular session
    ** Torchlight shares were the the most traded on U.S.
exchanges with 116,706,364 shares already changing hands
 urn:newsml:reuters.com:*:nL2N2NX1PH 
    ** Shares of a longer-term meme favorite cinema operator AMC
Entertainment Holdings Inc  AMC.N  were also among the most
traded, last down 8.5% at $54.00 with 72,700,902 mln shares
changing hands so far. 
    ** AMC had stock closed up more than 3% on Tuesday after
rising as much as 13.5% during the session with soaring trading
volume in its third straight day of gains
    ** AMC has been at the center of the latest Reddit-driven
rally in so-called 'meme' stocks that are heavily shorted
    ** Other meme stocks were also lower on Wednesday including
GameStop Corp  GME.N , down 3.2%, Clover Health Investments Corp
 CLOV.O , down 3.5% and Workhorse Group  WKHS.O  down 1.5% 
    ** BlackBerry U.S. shares were down 7.5% while Canoo Inc
 GOEV.O  was off 5.9%
    ** Vanda Research analyst Ben Onatibia wrote that momentum
is deteriorating for the group 
    ** With retail flows surpassing the peak of the first meme
rally in January, he said he expects "retail investors will rush
to the exit unless there's an immediate rally."  

 (Reporting by Sagarika Jaisinghani in Bengaluru, Sinéad Carew
in New York)
 ((sinead.carew@thomsonreuters.com; +1 (646) 223 6186; Reuters
Messaging: sinead.carew.thomsonreuters.com@reuters.net))