WallStreetBets Activity Drops As Stonks Tank, ContextLogic, Cleveland-Cliffs, AMC See Highest Interest

ContextLogic Inc. WISH, Cleveland-Cliffs Inc. CLF and AMC Entertainment Holdings Inc. AMC are seeing higher interest on Reddit’s r/WallStreetBets forum even as overall discussions on the forum have fallen overall.

What Happened: E-commerce company ContextLogic and steelmaker Cleveland-Cliffs continued to be the most-discussed stocks on the forum with 1,466 mentions and 1,465 mentions, respectively, during the last 24 hours at press time, data from Quiver Quantitative showed. This compares with the 4,117 and 1,981 24-hour mentions for WISH and CLF reported on Wednesday.

Earlier-WSB-favorites such as movie theatre chain AMC Entertainment and videogame retailer GameStop Corp. GME are in third and fourth place with 1,411 mentions and 1,007 mentions, respectively. The two stonks, or stocks favored by retail investors, recorded double-digit losses in Thursday’s trading.

Electric vehicle maker Workhorse Group Inc. WKHS has fallen to fifth place; the stock was discussed 932 times.

Clover Health Investments Corp. CLOV and Clean Energy Fuels Corp. CLNE, which were the focus of the WallStreetBets message board earlier this week, are lagging and do not even feature among the ten most-discussed stocks on the WSB forum.

See Also: Traders Are Focused On This Critical Level For ContextLogic Stock

Why It Matters: ContextLogic and Cleveland-Cliffs are seeing increased interest as retail traders see the two companies as targets of a potential short squeeze. Nevertheless, the retail trading frenzy fizzled a bit on Thursday after AMC Entertainment and GameStop pulled back from their recent rallies.

Price Action: ContextLogic shares closed almost 0.9% higher in Thursday’s regular trading session at $10.69 and further rose 2.8% in the after-hours session to $10.99.

Cleveland-Cliffs shares declined 1.1% in the regular trading session to $22.96, but rose more than 2% in the after-hours session to $23.43.

AMC Entertainment shares fell 13.2% in the regular trading session to $42.81, but gained 6.6% in the after-hours session to $45.65.

GameStop shares closed 27.1% in the regular trading session at $220.39, but rose almost 4.6% in the after-hours session to $230.50.

Read Next: Cleveland-Cliffs May Be Ready To See A Reversal In The Coming Weeks