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Daniel Newman, CEO, Futurum Group, explains what surging meme stocks really says about the market.
Meme-stock mania might be back, but old heads may have noticed that the moves this time around are lacking a certain explosiveness.
Shares of retail favorites Opendoor Technologies and Kohl's resumed their rally on Thursday, fueled by continued meme stock euphoria and broader markets hitting record highs.
Key Points in This Article: Opendoor's (OPEN) stock is surging 25% today, driven by meme stock hype and the Cash Plus program, but recent volatility highlights its speculative nature.
Meme stocks are back in a big way this week.
Shares in the real estate tech company and doughnut chain have swung wildly in recent days.
There are meme stocks, and then there's Opendoor Technologies (OPEN -21.18%).
Live Updates Live Coverage Updates appear automatically as they are published. Midday Check 12:28 pm by Eric Bleeker We are officially at the halfway mark of the trading day. Overall, it has been a good day for stocks. The Russell 2000 is leading all major indexes, which is positive for smaller momentum stocks. Of course, meme stocks trade under different dynamics, so we’re seeing a big performance divide between stocks like Opendoor and GoPro. Opendoor: Still trading down for the day, but shares have bounced off a low point of $2.08 per share. Shares are currently down 21% and trading for $2.28. GoPro: Has been fading throughout the day. GoPro was up more than 80% premarket and its gains have evaporated steadily throughout trading. Currently shares are up about 16%. Krispy Kreme: Faces a similar story to GoPro, shares opened up more than 35% but have faded. Currently, the stock is up 9% on the day. Morning Update 10:13 am by Eric Bleeker Markets have been open about 45 minutes,
Opendoor Technologies (OPEN -23.44%) stock is getting hit with a big pullback. The company's share price was down 20.1% as of 1:15 p.m.
Krispy Kreme (DNUT), GoPro (GPRO), and Kohl's (KSS) are some of the names on the move in the recent meme stock rally. Tastylive founder and CEO Tom Sosnoff joins Market Catalysts with Julie Hyman to dive deeper into the revived meme stock frenzy and what it says about broader market sentiment.