Today was one of the most hectic days of the year as the CEOs of Robinhood, Reddit, and Citadel Securities convened on Capitol Hill to discuss last month’s GameStop short squeeze. They were joined by prolific reddit retail investor, RoaringKitty, who confirmed on the record that he is “not a hedge fund or a cat.” On the news, $GME shares briefly spiked into the green before reverting into the red for the day.
The session left a lot of questions unanswered, but the committee plans to reconvene in the weeks ahead to get two cents from regulatory agents and investor advocates. The facts are still developing as to what happened with $GME and other heavily shorted stocks, and we plan to keep y’all updated as this story develops.
Today’s biggest Ripper was Immunome, a biotech company which tripled after the company announced it had discovered antibodies capable of neutralizing several COVID-19 viral variants. Most excitingly, $IMNM confirmed that their antibody cocktail could even neutralize the aggressive South African variant. The company anticipates filing an investigational new drug application in the weeks ahead.
Today’s biggest dippers included several green energy companies. The iShares Global Clean Energy ETF fell over 5%, falling as shares of its biggest holdings were hammered. $ICLN’s biggest holdings include Plug Power, Enphase Energy, and Daqo New Energy Corp. $PLUG fell over 10%, $ENPH fell 5%, and $DQ fell 4.7%. These corrections are not surprising. Many growth stocks, especially in sectors which have had tremendous success over the last few months, were sold off aggressively in adjacent “red hot” sectors like cannabis, lithium mining, EVs, and the like.
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