As of 3:15 p.m. today, February 2, in New York, shares of GameStop (GME)were down 56.22% to $98.50. That a big drop from the January 27 closing high o #347.51, but it’s still significantly above th $17.25 price on January 4.
Other stocks that have ridden the Reddit WallStreetBets fever for short squeeze horses are down today too. AMC (AMC) is off 39.70% to $8.02. First Majestic Silver (AG), the big silver play of the last few days, has given up 24.28% to $16.75. Bed Bath & Beyond (BBBY) is off 14.64% to $25.77. American Airlines (AAL), an early short squeeze play, slipped 1.16% to $17.65.
The only potential short squeeze bet (if it was, that is) that’s still climbing is vaccine pill biotech Vaxart (VXRT), which was up 34.30% at 3:15 and looks to be riding momentum into the close. (The shares were up 54.43% as of 3:40 p.m.)
Vaxart does bring this question to mind: So if the money is coming out of GameStop, etc., where is it going?
Vaxart is being helped today by other strong performances in biotech. (Or is that the other way around with other biotech shares being helped by Vaxart?) Incyte (INCY), for example was up 2.35% as of 3:15. Arcadia Pharmaceuticals (ACAD) was ahead 6.75%. Ionis Pharmaceuticals (IONS) was up 3.41%.
Other stocks up strongly today include the usual momentum favorites such as C3.AI (AI), up 7.93%, Tesla (TSLA), of course, with a gain of 4.33%, and Twilio (TWLO) up 3.66%.
I’m also seeing a strong move in cyber-security stocks with Palo Alto Systems (PANW) gaining 7.29% and Crowdstrike (CRWD) ahead 2.58%.
And remember that Amazon (AMZN) reports earnings today after the close. The shares were up 1.51% at 3:15 p.m. this afternoon.
Full disclosure: I own shares and call options on Vaxart in my personal portfolio. I also own positions in Palo Alto Systems and Twilio.
My online portfolios hold positions in Vaxart, Amazon, Palo Alto Systems, Twilio, Incyte, Acadia Pharmaceuticals and Ionis Pharmaceuticals.
