I'll give the crowd over at Reddit's r/wallstreetbets credit where it's due... They know how to get traders excited.
After gaining notoriety for short squeezing hedge funds in names like GameStop and AMC, the online forum has been the stock market's biggest hype machine this year. And "the apes" refuse to go away.
This time, the retail army is hawking shares of ContextLogic — owner of the low-end online retail website Wish.com.
In typical fashion, once word got out that WISH was on the forum's hit list, the stock catapulted over 16% higher on Monday.
The momentum continued into premarket trading, where shares surged as much as another 7% to the upside early this morning.
But this isn't the typical short-squeeze meme play we've grown used to from the self-described "degenerate" investors…
And traders thinking about buying WISH now should know what they're getting into... before it's too late. |
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