AMC outperforms GameStop, WATT could light up on earnings, BTC Corrects
By John Shepard
09:00, 24 February 2021
AMC Entertainment (AMC) stock was over 17 per cent higher on Tuesday as the stock outperformed its previous leader, GameStop (GME). After the fuss surrounding the most shorted stocks, GME saw its shorts correcting to lower levels, leaving larger short positions in AMC. Both companies are also reverting back to their fundamentals with volumes drying up from the hysteria levels of a couple of weeks ago.
AMC was 17.56 per cent higher at $7.70, while GME was lower by 2.2 per cent at $44.97. AMC was higher on news that New York’s cinemas would soon reopen.
Energous Corp. (WATT) was another stock gaining attention recently after Apple (AAPL) announced it was working on wireless charging technology. WATT stock rose as this is the company’s product line and investors are anticipating the technology becoming a staple in the future, while Energous could become an acquisition target.
The company will release earnings this week and that could give it another lift if they show positive improvements in the balance sheet.
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Bitcoin pulls back after recent blast higher
Bitcoin (BTC) saw a sharp sell-off at the start of the week as the cryptocurrency pauses from its recent blistering gains. BTC was in need of a correction to define new support levels and rebalance the market.
Bitcoin sold off around $10,000 from $58,000 into Tuesday, but news of a New York AG settlement with stablecoin Tether has boosted the appetite again in Bitcoin trades.
Further corporate buying interest saw cash app Square investing another $170m into BTC. Companies are seeking to hedge against the US dollar and inflation, while keeping their options open for blockchain ideas.
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