icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
9 Jun, 2021 11:13

RT’s Boom Bust looks at buzzy Reddit stocks as WallStreetBets retail trading mania continues

RT’s Boom Bust looks at buzzy Reddit stocks as WallStreetBets retail trading mania continues

Retail traders from Reddit have their eyes set on two new darlings – fast-food chain Wendy’s and Medicare insurance start-up Clover Health, both of which have seen big gains in recent days.

Boom Bust talks to Michele Schneider of MarketGauge.com to find out what’s behind the new trading frenzy. With Wendy’s, it wasn’t necessarily a short squeeze, she says.

“It has really got the attention of the Reddit traders because of the term ‘chicken tendies’ which means profit.  It was viral on Twitter in terms of the actual stock. And they drove the stock to new all-time highs… But really, it was more the attraction along with the meme stocks,” Schneider explains.

She points out that with Clover Health, “it was a true short squeeze situation and that stock also went to new all-time highs.”

“So, it’s an interesting situation what’s going on here, how they pick these stocks, and of course everybody is trying to guess what will be the next new darlings,” she says.

For more stories on economy & finance visit RT's business section

Podcasts
0:00
26:13
0:00
24:57