Midday Meme Stock Report for 12\/14: AMC, Grab, Rivian, Robinhood

All three major U.S. stock indexes traded lower in the noon hour Tuesday, after reading that the Producer Price Index (PPI) rose 0.8% in November, sharply higher than the 0.5% forecast increase. Any sign that inflation remains strong is a signal that the Federal Reserve might have to take away the punchbowl, even as the economic recovery slows down.

Crude oil has dropped below $70 a barrel, and Bitcoin held mostly flat Tuesday at just under $47,000. The spread between 10-year and two-year Treasury yields was about 0.78%, up from 0.77% earlier in the morning. The 10-year yield was around 1.44%, and the two-year yield was about 0.65%.

Since its SPAC IPO earlier this month, southeast Asian superapp provider Grab Holdings Ltd. (NASDAQ: GRAB) has seen its share price slip by around 50%. The stock traded down about 15% in the noon hour Tuesday, following the announcement that the company is acquiring Malaysian grocery store chain Jaya for an undisclosed sum. Investors are not amused.

AMC Entertainment Holding Inc. (NYSE: AMC) added 3.3% to its share price as of noon Tuesday, a far cry from the 15% plunge the stock experienced on Monday. Trading volume had already exceeded the daily average. The only thing different from Monday is the amount of chatter about the movie chain on social media.

Rivian Automotive Inc. (NASDAQ: RIVN) traded down about 5% in the noon hour Tuesday. Trading volume was quite light, however, indicating, perhaps, that being named Truck of the Year by Motor Trend magazine does not guarantee that the stock is appealing to investors.

Shares of Robinhood Markets Inc. (NASDAQ: HOOD) dipped to a new post-IPO low during the noon hour Tuesday on heavier than normal volume. Retail investors (most of whom haven’t forgiven or forgotten the trading’s app epic failure last January) responded to the decline with icy grins.

AMC traded up about 4.3% at $24.24 as the noon hour ended Tuesday. The stock’s 52-week range is $1.91 to $72.62, and average daily trading volume is about 43.3 million shares. Thus far on Tuesday, nearly 75 million shares had traded.

Shares of Grab traded down nearly 13%, at $6.24 in a post-IPO range of $5.91 to $18.11. The low was posted in the noon hour. Average daily trading volume is about 7.4 million shares, and nearly 21 million had traded thus far.

Rivian shares were down about 4.2% to $114.90, in a post-IPO range of $95.90 to $179.47. The average daily trading volume is around 35.5 million, and just 5.1 million shares had traded on the day.

Shares of Robinhood traded down about 5.6%, at $18.60 in a post-IPO range of $18.43 to $85.00. The low was posted during the noon hour. The average daily trading volume is around 9.2 million shares, and more than 13 million had traded by the end of the noon hour.

Source: Read Full Article