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What is a meme stock?

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Meme stocks have been the talk since the start of this year, but there seems to be no formal definition of what it is

But there are characteristics that make a meme stock easier to spot

Isabelle Lee chats with Adrian Franklin on meme stocks. She is a reporter at Insider covering everything in markets from earnings reports to cryptocurrencies

Meme stocks are usually stocks that rally out of the blue.

“These are stocks that have unusually high trading volume, stocks that have wild price swings, and of course, stocks that social media loves,” Lee said.

“So this definition isn’t set in stone, it could obviously change, it could expand. But we’ll see for now, this is the definition that I see most captures current stocks that we are seeing.”

What characteristics do meme stocks have?

AMC, GameStock, Nokia and Virgin Galactic cane spring to mind when you think of meme stocks

“I spoke with one of my sources this week, Matthew Tuttle. So he’s the CIO and CEO of total capital management. And I said, What constitutes a meme stock? What if it doesn’t have a fan base? Is it still a meme stock? And I think no one can really answer it,” Lee said.

Lee says she thinks it’s just consensus agreement, as there really is no formal definition, which makes it tricky.

“But also, I guess, makes just the stock market. So exciting.”

What meme stocks should you be watching?

There are several but today, let’s talk about two.

So first is software company and second is digital marketing firm, vinco ventures.

“So both these shares rallied so much this week. Support.com, I think in the past month is up around 220 percent. Vinco ventures is also up around 180%,” Lee said.

Both these two companies exhibit the four meme traits, but they also have a high short interest.

Could there be a GameStop 2.0?

“GameStop is GameStop is the main stock King,” Lee said.

However she notes that the stock market, especially the retail traders, are always after something different.

Then we have runner ups like AMC entertainment, we have hertz, Saba health, Blackberry, but the now support.com and vinco. I don’t think these two are necessarily the most popular companies.”

It remains to be seen if there will be another GameStop that really caught the attention of most of the world

“The amount of stocks shorted in those two companies are relatively small compared to the average trading volume before now it doesn’t seem like they will reach GameStop levels, but we’ll see it’s anyone’s guess.”

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World’s second-biggest fashion retailer blames Russia for 89% profit drop

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The Swedish fashion giant H&M says profits have dropped 89 per cent

They blame cost inflation, slow consumer spending and one-off expenses related to its exit from Russia.

Pretax profit in the period, the Swedish group’s fiscal third quarter, fell to 689 million crowns ($60.9 million) from a year-earlier 6.09 billion.

The Russian exit accounted for half of the decrease in profits, according to the retailer.

H&M announced a cost cutting programme that it predicted would result in annual savings of around 2 billion crowns, with savings expected to become visible in the second half of 2023.

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How Disney beat Netflix at its own game

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When it comes to streaming, there’s a new sheriff in town.

Disney+ has quickly become a major force in the streaming wars, adding over 14 million new subscribers in its latest quarter. That’s a big jump from the 3 million it had just three months prior.

In comparison, Netflix lost nearly 1 million subscribers in the same period.

So what happened? How did Disney+ overtake Netflix so quickly?

There are a few factors at play.

For one, Disney+ has a lot of content that people want to watch. As well as its acquisition of 21st Century Fox, the service  has access to popular franchises like Star Wars, Marvel, and The Simpsons. That’s a big draw for people who are looking for something to watch.

In addition, Disney+ is much cheaper than Netflix. A subscription to Disney+ costs $6.99 per month, while a Netflix subscription starts at $8.99 per month. For people who are trying to save money, Disney+ is the more appealing option. Though Disney and Netflix have signalled they’re going to push up their prices.

Disney+ has been aggressive in marketing itself as the superior streaming service. The company has run a number of ads that compare its service favorably to Netflix. This has helped convince people to switch to Disney+.

The Disney effect

The Walt Disney Company launched Disney+ on November 12, 2019. The streaming service is available in the United States, Canada, the Netherlands, Australia, New Zealand, and Puerto Rico.

As of the second quarter of 2020, Netflix had nearly 221 million subscribers across 190 countries.

Factbox

What is the market share of Netflix? In the United States, Netflix has a market share of 37%. That means it is the most popular streaming service in the country.

When was Netflix founded? Netflix was founded on August 29, 1997, in Scotts Valley, California.

What type of company is Netflix? Netflix is a publicly-traded company. Its stock is traded on the Nasdaq under the ticker symbol NFLX.

What is the headquarters of Netflix? The headquarters of Netflix is located in Los Gatos, California.

Disney+ facts

Disney is spending $1 billion per year on its streaming service.

What is the market share of Disney+? In the United States, Disney+ has a market share of 24%.

When was Disney+ launched? Disney+ was launched on November 12, 2019.

What type of company is Disney? Disney is a publicly-traded company. Its stock is traded on the New York Stock Exchange under the ticker symbol DIS.

How much does Disney stock cost? As of August 2020, the price of one share of Disney stock is $115.76.

What is the headquarters of Disney? The headquarters of Disney is located in Burbank, California.

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Business

The world’s largest online retailer gives staff a pay rise

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Workers at Amazon’s warehouse and transportation hubs are set to receive a pay rise

The world’s biggest online retailer says wages will increase to over 19 dollars, which is up from 18.

It’s part of a plan to help the company attract and retain workers in a very tight labor market.

Of course, the peak shopping season is also getting underway.

Amazon says the price increase will cost its company nearly one billion dollar in the next year alone.

The minimum for workers on an hourly wage will stay at 15 dollars.

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