Meme stocks are in a BANG rotation — a description that would have been a nonsensical collection of seemingly random words just six months ago — but now refers to trade in the popular collective of BlackBerry BB, AMC
Nokia NOK and GameStop GME.
Shares in AMC Entertainment
fell precipitously Thursday morning after the theater chain announced another deal to raise capital, by selling up to 11.6 million shares, as the company looks to take advantage of the manic rally inspired by retail investors that has the stock up over 185% in the last five trading days.
AMC went as far as to caution investors against buying the stock at current levels less than 24 hours after offering them free popcorn to do just that, leaving retail investors with weaker “Diamond hands” to take their profits from AMC’s recent surge and fuel a rally in BlackBerry
instead which is one of the other stocks in the meme stock group referred to by the acronym BANG.
As Marketwatch reported on Wednesday, the volume of social media chatter on BlackBerry as tracked by online platform HypeEquity has surged even while AMC was making its record-setting meteoric rise. On Thursday morning, that implied rotation from AMC into BlackBerry looked even more evident with the nostalgic mobile device-maker gaining almost what AMC lost in the first half hour of trading.
In fact, HypeEquity data showed a surge in social media volume around BlackBerry that looked similar to GameStop’s popularity in January.
And even the most used keywords by retail investors on social media revealed stark evidence of BlackBerry profiting from AMC’s pain.
While some of the most used keywords by AMC traders were “Put” and “Short,” social media users talking about BlackBerry stock used two specific words the most: “AMC” and “Buy.”