Of the three major U.S. stock indexes, only the Dow Jones industrial average was trading in the green at noon Tuesday. The Nasdaq was down about 1% and tech stocks, in general, were dampening traders’ spirits. The morning’s announcement that several countries, including the United States, would be releasing barrels from their strategic reserves sent energy stocks higher. That’s now what usually happens, but this time is different. OPEC+ may decide at its meeting next month to scuttle its plans to raise production, investors see the releases as just a political sop and the release had been priced in already. The yield on 10-year Treasuries briefly rose above 1.66% and continued to trade just below that level.
Meme stocks, which are by and large growth stocks, continued to trade lower as rising bond yields threatened higher costs for capital. Tuesday’s biggest loser at noontime was Vinco Ventures Inc. (NASDAQ: BBIG), which reported third-quarter results after markets closed Monday. Revenue was down 11.5% year over year, gross margin declined by nearly nine percentage points and the loss per share rose to $7.59, compared with a loss of $0.30 per share in the year-ago quarter. Excluding a $494.1 million loss related to a new warrant issue, the loss per share was $0.68. Trading volume was lighter than average.
Camber Energy Inc. (NYSEAMERICAN: CEI) also traded down by double-digits on light trading. The stock added nearly 20% on Monday, after dropping more than 13% on Friday. Over the past month, the stock is down about 15.5%. The company had no specific news on Tuesday.
Progenity Inc. (NASDAQ: PROG) was another double-digit loser in the noon hour Tuesday. Monday, the company announced an at-the-market sale totaling $90 million in new shares of common stock. Shares traded down in Tuesday’s premarket session, but the gap was much smaller then.
GameStop Corp. (NYSE: GME), like Camber, posted a solid gain on Monday. Also like Camber, GameStop was on its way to giving back all of that gain. Over the past month, GameStop shares had added about 32%, through noon-hour trading Tuesday.
Vinco Ventures stock traded down about 22%, at $3.05 in a 52-week range of $1.11 to $12.49. Daily average trading volume is about 61.8 million shares, and around 23 million shares had traded as the noon hour ended Tuesday.
Shares of Camber Energy traded down more than 12%, at $1.27 in a 52-week range of $0.33 to $4.85. The average daily volume exceeds 216 million shares, and just 48 million have traded thus far on the day.
Progenity shares traded down more than 10%, at $4.00 in a 52-week range of $0.66 to $7.86. The average daily trading volume is around 77.4 million, and more than 38 million had changed hands already.
GameStop stock traded down about 9.5% to $224.08, in a 52-week range of $12.14 to $483.00. The average daily volume is about 2.9 million, and nearly 2.2 million had traded.
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