GameStop surges after completing at-the-market equity offering

Yahoo Finance’s Julie Hyman breaks down today’s trending tickers.

Video transcript

ZACK GUZMAN: Still on my number one list, travel. Couldn't get out there to see Australia-- hopefully one day. But now I want to check in on some of the meme stocks we've been tracking here, as, of course, we earlier covered GameStop in the green after their share sale. We got AMC in the red. And for more on all the meme tickers, I want to bring on Yahoo Finance's Julie Hyman with the latest. Julie.

JULIE HYMAN: Hello there. Let's take a look at the YFi Interactive, which has a good picture of what we are seeing in memeland today. We have GameStop, as you mentioned, up by 6% right now, after completing that share sale, capping its gain this year-- or I should say, bringing its gain this year-- to just over 1,000%.

But got a mixed picture-- whoops, didn't mean to click on Rockett. Got a mixed picture for some of the other meme stocks today. AMC is trading lower by about 5% in today's session, although its gain, as you can see, beats that of GameStop this year, up some 2,000%.

And then you have some other smaller, maybe newer meme names that are cropping up today. Microvision is a laser technology company. It's actually a company that's been on the public markets for a long time. And it has sort of intermittently gotten some meme attention this year.

It, like we are seeing with some other companies, is now taking advantage of its meme status. It says it's going to sell up to $140 million worth of stock, it says, from time to time to use those funds for general corporate purposes. Of course, in this case, you have a sort of more typical reaction to announcement of a share sale. The shares are going down on concern about dilution for existing shareholders. They're down by 14% in today's session.

Clover Health is one that has gotten an intensification of mentions in interest on Reddit as well. This is a new entrant to the market, a relatively new entrant. It's up about 10% in today's session. And this is a company that came public through a SPAC deal. You can see here the spike when it started to get some attention. There's talk about a short squeeze potentially taking place at Clover. If you look at the equal weight view of the meme stock space, you can see there's actually more red than green on the screen today, you guys.

ZACK GUZMAN: Yeah, Julie, I wonder if there was a perfect maybe combination of what we've seen out of the acceleration of the energy trade here and a meme stock, if you took both those test tubes and poured them together, what we might get. And we're getting the answer today if you look at Torchlight, which is a name that we don't really talk about too much on this show, but similarly seeing a pretty wild swing there when you think about Reddit boosting that one.

JULIE HYMAN: I'd be surprised if you had ever talked about this company, Zack. Because there was no reason to before the last couple of days. I mean, you see this gain in this stock. It's down about 12% today. It's up more than 11% year to date. But you got to zoom it in to really see the gain that we have seen, right? I mean, a lot of the gain has happened over the past several weeks, over the past month or so, when this company has caught the attention of the Reddit crowd.

And what's interesting about the stock is, it says energy in the name, but a report that was just published on Bloomberg said it doesn't actually do anything. According to Texas regulators, the company has not been active as an oil company, as an energy company there. Apparently, it was incorporated in 2007 in Nevada, according to Bloomberg, as Pole Perfect Studios. It planned to offer fitness classes, it said at that point, that were centered around a fireman's pole often found in gentlemen's clubs. That is a direct quote.

Again, according to Texas's main oil industry regulator, the company's been inactive for more than four years, much like that New Jersey deli that surged in value before, I think, being delisted. It doesn't always matter what the company actually does or does not do, you guys.