Kohl’s stock soars and Opendoor sees massive volume
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Retail investors have begun to pile into speculative bets on small-cap companies in a buildup that resembles the meme stock frenzy of 2021.
WallStreetBets, the infamous subreddit credited with helping to spawn the meme-stock phenomenon, is giving its regular readers a taste of what it was like during the trend’s heyday in early 2021.
Opendoor stock has soared on meme-trading mania. Some investors believe the stock could be the next Carvana. Buying and holding stocks long term is a better strategy than jumping on soaring meme stocks.
A surge in shares of residential real estate platform Opendoor Technologies has been boosted by the portfolio manager of a small Canada-based hedge fund, Eric Jackson.
The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.
Despite the enthusiasm, Opendoor has significant financial troubles. The company's top line has plummeted from its height in 2022. The company's current annual run rate is well under a third of its 2022 sales. Opendoor has also never turned a profit and has significant negative cash flow.
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