Clover Health Investments Corp. CLOV has emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as on Monday night, while Alibaba Group Holding Limited BABA, GameStop Corp. GME, SoFi Technologies Inc. SOFI and SmileDirectClub Inc. SDC are also seeing high interest.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust SPY is seeing the highest interest on the forum with 487 mentions as at press time, followed by Medicare Advantage insurer Clover Health with 200 mentions, data from Quiver Quantitative showed.
Chinese e-commerce giant Alibaba and videogame retailer GameStop are in the third and fourth positions, having attracted 191 and 182 mentions, respectively.
Apart from online personal finance company SoFi Technologies and orthodontics company SmileDirectClub, the other stocks trending on the forum include electric vehicle maker Tesla Inc. TSLA, biopharmaceutical company Ocugen Inc. OCGN, exchange-traded fund Invesco QQQ Trust QQQ and Southwest Airlines Co. LUV.
See Also: PreMarket Prep Stock Of The Day: Southwest Airlines
Why It Matters: Clover Health’s shares extended gains to a fifth straight day on Monday. SPAC king Chamath Palihapitiya, who helped bring the health care company public in June 2020, said on Friday that the Centers for Medicare and Medicaid Services upgraded its rating of Clover Health from 3 to 3.5 stars.
Alibaba continues to see high interest on the forum as the e-commerce giant’s shares also gained for a fifth successive day on Monday. It was reported on Monday that Alibaba-backed Ant Group has secured approval to boost its registered capital to $5.4 billion amid a government-mandated restructuring, citing Bloomberg News.
In addition, shares of Alibaba and other Chinese tech companies received a boost after a $534 million fine imposed by China on food delivery giant Meituan was not as large as expected.
Southwest Airlines’ shares fell more than 4% in the regular trading session on Monday after the company canceled more than 1,800 flights over the weekend and reports indicated that the cancellations continued into Monday.
Price Action: SPDR S&P 500 ETF Trust’s shares closed 0.7% lower in Monday’s regular trading session at $434.69 and further declined almost 0.1% in the regular trading session at $434.40.
Clover Health shares closed almost 2.7% higher in the regular trading session at $8.06 but declined 0.7% in the after-hours session to $8.00.
Alibaba shares closed 1.5% higher in the regular trading session at $163.95 and further rose 0.3% in the after-hours session to $164.48.
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