- NASDAQ:WISH fell by 1.87% on Wednesday amidst another sell off for the broader markets.
- Meme stocks pull back as Reddit momentum continues to taper off.
- Clover is getting short squeeze attention, but Redditors flock to another eCommerce stock.
NASDAQ:WISH continues its downward slide despite one day of green during Tuesday’s session. On Wednesday, shares of WISH fell by 1.87% to close the trading day at $6.82. The stock continues to plummet following its lackluster second quarter earnings report that saw all growth metrics fall from the previous quarter. It was yet another tumultuous day for the broader markets, as a late afternoon drop saw the Dow drop by 382 points and the S&P 500 shed 1.1% during the session. All three indices closed lower, in what has been a frustrating week for investors.
ContextLogic wasn’t the only meme stock to fall on Wednesday, as AMC (NYSE:AMC) and GameStop (NYSE:GME) continued their descent as well. AMC fell by 1.59% after trending upwards over the past week of trading. GameStop fell by 3.96% as the video game retailer continues to decline, with no updates from the company on the digital transformation that Chairman Ryan Cohen announced earlier this summer. Meme stocks in general have lost much of their momentum, since AMC last rallied in early June.
Is WISH a good stock to buy
While WISH has not been at the top of Reddit’s list lately, Clover Health (NASDAQ:CLOV) has. The stock continues to be r/WallStreetBet’s number one target for a short squeeze, and is one of the top trending tickers on the discussion board. The group were even discussing the recent pull back in AliBaba (NYSE:BABA) stock, as the Chinese eCommerce giant continues to get battered by a series of bad news headlines.
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