Meme Stock Movers for 12\/27: American Virtual Cloud, Camber Energy, Nikola, Tesla
The S&P 500 closed at a record high last Thursday and traded up another 0.5% in Monday’s premarket session, perhaps signaling a good start to the expected Santa Claus rally. There’s little news to get in the way, so buying may be the order of the day.
Crude oil traded down more than 1% at around $72.90 a barrel, and Bitcoin, which broke through the $50,000 level on Thursday, traded above $51,000 early Monday morning. The 10-year Treasury note traded down one basis point at 1.48%, and the two-year noted traded up one basis point at 0.7%.
One company we have been tracking on our meme stock watch list is Camber Energy Inc. (NYSEAMERICAN: CEI). The stock closed up nearly 12% on Thursday and traded up about 8% in Monday’s premarket. The oil and gas producer announced agreements on Friday with holders of preferred shares and, in one case, four promissory notes totaling nearly $21.6 million that give Camber a bit more breathing room to redeem preferred stock. A third agreement announced a $25 million irrevocable loan to pay for the redemption and to pay all the company’s secured loans.
American Virtual Cloud Technologies Inc. (NASDAQ: AVCT) continued its seesaw ride of last week. The stock closed down 24% on Friday and traded up by nearly 18% in Monday’s premarket session. There’s been no specific news in more than a week, since the company announced that it has contracts to replace public switched telephone networks with 40 countries, including the United States and China.
Electric and hydrogen-fueled truck maker Nikola Corp. (NASDAQ: NKLA) closed up about 18% on Thursday and traded up by another 7.5% in Monday’s premarket session. The company delivered its first vehicle last week and promised that more deliveries would follow. Given Nikola’s rocky year, investors have been piling in on a stock that is trading down more than 60% from its January 27 all-time high and at about the same level as in October of 2020.
Reuters reported Monday morning that Chinese citizens have “lashed out” at Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk and his SpaceX company. The dust-up is related to two potential collisions between China’s space station and SpaceX Starlink internet satellites earlier this year. China earlier this month submitted a complaint to the United Nations Office for Outer Space Affairs stating, “For safety reasons, the China Space Station implemented preventive collision avoidance control.” Tesla stock closed up by about 5.7% on Thursday and traded up about 1.3% in Monday’s premarket session at $1,080.51.
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