Stocks finished Friday and the S&P 500 closed out May with its fourth straight month of gains as inflation data failed to dent investors’ sentiment on the recovering U.S. economy.
The Dow Jones Industrial Average finished up 64 points, or 0.19%, to 34,529, the S&P 500 edged up 0.08% and the Nasdaq ticked 0.09% higher.
AMC Entertainment (AMC) – Get Report, GameStop (GME,) – Get Report and others are back at it. These Reddit stocks have been red hot and are starting to squeeze higher with strong upside rallies. As these so-called meme stock leaders fetch a bid, they’re dragging others higher too.
AMC shares jumped nearly 25% Friday, though reversed course by midday and at last check was down 4.49% at $29.50, though still up well over 100% for the week. The stock on Thursday posted its biggest one-day gain since January’s meme-stock retail-trading frenzy, pushing its market value past $10 billion for the first time.
Virgin Galactic (SPCE) – Get Report, which had its own flight-related catalyst – Rocket Cos. (RKT) – Get Report, BlackBerry (BB,) – Get Report and others have been enjoying some strong rallies. Beyond Meat (BYND) – Get Report has been trading well too, a stock that TheStreet’s Jim Cramer said would be the next stock to rocket higher.
However, AMC has been the undisputed leader in the recent move, wrote TheStreet’s Bret Kenwell. While GameStop sparked the first major short-squeeze trade earlier this year, it’s up “just” 45% over the past five days. While impressive, that pales in comparison to AMC, which is up 175%.
Anyone shorting the stocks of AMC or GameStop is out of their mind, Cramer told his Mad Money viewers this week. The WallStreetBets crew is too powerful, Cramer explained, and anyone who dares to bet against these stocks could get slaughtered.
Over on Real Money, Timothy Collins says the craziness in AMC, GameStop and other meme stocks is distracting, “but if speculation is coming back into the market, then buying the breakouts and winners is the way to go.” Read more and profit from his analysis on Real Money.
Here are some of the best stocks in the past week by their performance in percentage change at the close of trading on May 28. These include stocks over a $10 share price at the time of publishing.
1. AMC Entertainment | +116.23%
Shares of AMC Entertainment (AMC) – Get Report rose for a fifth day amid a fresh frenzy for meme stocks and as the movie theater giant prepares for a back-to-normal summer of movie premieres and in-person attendance.
Cramer said AMC should do a $2 billion convertible bond. “You do that and people who short common stock and own convertible bonds are going to be met with a tremendous amount of buy pressure from AMC-WallStreetBets people. And that’s fine,” he said.
2. Virgin Galactic | +48.22%
Virgin Galactic (SPCE) – Get Report skyrocketed after the company successfully completed its first space flight in more than two years, taking it a step closer to offering regular commercial trips into outer space.
The company, founded by billionaire Richard Branson, conducted a test flight from Spaceport America, New Mexico, on Saturday this past week.
3. Beyond Meat | +36.32%
Beyond Meat (BYND) – Get Report shares extended gains Friday as the plant-based food maker continues to benefit from the tailwind of retail investors in the meme-stock universe and the stamp of approval from Cramer.
Beyond meat, Cramer argues, fits perfectly into the r/wallstreetbets investment thesis: it’s run by a talented CEO in Ethan Brown, it’s poised for expansion based on recent product deals with the likes of McDonald’s and Yum! Brands and short interest in the stock remains elevated at 25.2% of the outstanding float.
4. GameStop | +25.57%
While GameStop (GME) – Get Report sparked the first major short-squeeze trade earlier this year, it’s up “just” 45% over the past five days. While impressive, that pales in comparison to AMC, which is up 175%.
At last check, shares of GameStop shares were down 8.71% at $232. Cramer said if you own GameStop you “should not be offering the stock till at least $250.”
5. Welbilt Inc | +24.86%
6. Riot Blockchain | +18.78%
Riot Blockchain (RIOT) – Get Report recently recorded this past quarter’s results showing that it increased mining revenue by 881.1% to $23.2 million for the three-month period ended March 31, 2021, as compared to $2.4 million for the same three-month period in 2020.
Earlier this month, Cramer said of Riot Blockchain: “If you think Bitcoin is going up, you can buy this one. “
7. BlackBerry | +18.19%
BlackBerry (BB) – Get Report announced this past week its next-generation cloud-based endpoint detection and response (EDR) solution BlackBerry Optics 3.0, and BlackBerry Gateway, the company’s first AI-empowered Zero Trust Network Access (ZTNA) product.
“We are delighted to see our vision for an extended detection and response architecture take shape,” said Billy Ho, EVP of Product Engineering, BlackBerry.
8. fuboTV | +17.0%
FuboTV Inc. (FUBO) – Get Report, the leading sports-first live TV streaming platform, announced Wednesday that Co-founder and CEO David Gandler and CFO Simone Nardi will present and host one-on-one investor meetings at several upcoming investor conferences.
9. Bed Bath & Beyond | +15.90%
Bed Bath & Beyond (BBBY) – Get Report earlier this month announced its first-ever comprehensive environmental, social and governance (ESG) strategy that sets several bold, strategic goals underpinning its commitment to its people, community and the planet.
The company recently named Stacey Shively as senior vice president and general merchandise manager for home.
10. Moderna | +15.59%
The company said the Phase 2/3 study of the vaccine in adolescents “has met its primary immunogenicity endpoint, successfully bridging immune responses to the adult vaccination.”