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17.08.2022 20:40:27

Why AMC Entertainment, fuboTV, and Allbirds Tanked on Wednesday

Shares of consumer-oriented meme stocks AMC Entertainment (NYSE: AMC), fuboTV (NYSE: FUBO), and Allbirds (NASDAQ: BIRD) plunged on Wednesday, down 9.3%, 12.3%, and 7.2%, respectively, as of 12:10 p.m. ET.Heavily shorted meme stocks like AMC and fuboTV had quite a run over the past month, as did many newly public companies like Allbirds that had gone public via a special purpose acquisition company (SPAC). After the first-half stock rout, these companies' beaten-down stock prices combined with high short interest brought meme traders back into the fold in July and August.However, these types of stocks are volatile, both on the way up and the way down. Today, it appears as though a risk-off mentality is permeating the markets, with inflation data in the United Kingdom surprising to the upside, U.S. retail data disappointing, retailer Target (NYSE: TGT) reporting worse-than-expected sales, and general anxiety before the Federal Reserve's July minutes come out this afternoon.Continue reading
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Aktien in diesem Artikel

Allbirds 3,32 2,79% Allbirds
Entertainment Holdings Inc Registered Shs 0,00 0,00% Entertainment Holdings Inc Registered Shs
FuboTV Inc Registered Shs 4,00 1,01% FuboTV Inc Registered Shs
On 18,07 0,89% On