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Reddit Army shoots meme-stocks into stratosphere | TICKER VIEWS

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The Reddit retail-trading army is back bigger than ever, as is the meme-stock frenzy. Last time it was GameStop and now there’s a new player.

Shares in AMC Entertainment Holdings boomed to all-time highs across a wild trading session,

At one point the money-losing movie-theatre stocks rose 127 per cent. Its total gains this year topped three thousand per cent.

A few months ago AMC was on the brink of bankruptcy as the pandemic shut cinemas across America. The company isn’t making money but fundamentals apparently don’t matter to the retail investors, they’re after hedge fund short-selling pain.

Similar to GameStop, AMC is an unremarkable business but that didn’t prevent its stock price rising 95 per cent and closing at a record high of just over $62 USD.

Michele Scheider from Market Gauge says the trend will continue until one thing changes.

“I think it’ll rotate into the next thing, until we do see where the ability of hedge funds to manipulate these companies gets more regulated, and there isn’t so much fodder for the Reddit army to go after.”

It’s another example where Wall Street traders would be shaking their heads.

Michelle Schneider from MarketGuage says “it’s crazy” and “we know this can cripple companies”

AMC announced that it will reward the small-time supporters with goodies including special screenings and free popcorn.

FREE POPCORN WILL BE REWARDED TO AMC’S SMALL SUPPORTERS.

The other news of the week surrounded Elon Musk’s favourite: Doge Coin.

The joke cryptocurrency rose over 20% after the major exchange operator Coinbase allowed Doge to be traded on their platform.

It left Musk pretty chuffed and Schneider says the ‘joke’ isn’t that funny.

“There isn’t really a joke here. We still have a tremendous amount of adoption from different institutional companies that are using Bitcoin and other ‘joke’ coins as a currency.”

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Business

Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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Business

BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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