Meme stock mania returns 🚀

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

The market opened the weak with mixed results on Monday. The Dow and S&P 500 closed just shy of even, while the Nasdaq and Russ2K scored matching gains.

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Market-Moving News 🔎 

📉 Meme Stocks Explode as “Roaring Kitty” Returns

GameStop and AMC witnessed a remarkable surge on Monday, triggered by the return of Keith Gill, also known as "Roaring Kitty," who became synonymous with the epic short squeeze of 2021. Gill's online post after three years ignited a trading frenzy, reminiscent of the meme stock mania from the past.

GameStop's Surge ⏫
GameStop's shares skyrocketed by 77%, reaching a peak surge of 110%, prompting multiple trading halts due to extreme volatility. AMC also joined the rally, doubling in price at one point and closing the day with an 83% gain. The resurgence of Reddit added to the momentum, with the platform's shares climbing 10%.

The Roaring Kitty Phenomenon 🐱
Keith Gill, a former marketer for Massachusetts Mutual Life Insurance, garnered a legion of day traders on Reddit with his deep dive into GameStop and its call options. This "meme stock" frenzy saw individual investors challenging short sellers and hedge funds, resulting in significant losses for some institutional players.

Market Impact ⚖️
GameStop dominated discussions on Reddit's WallStreetBets, surpassing even major players like Nvidia. The saga led to congressional hearings, legal battles, and a feature film titled "Dumb Money," encapsulating the chaos and drama of the events.

Recent Performance 📈
While GameStop's recent surge may have reignited interest, its fundamental business remains challenged, as evidenced by lower revenue and job cuts. Despite hitting an all-time high in 2021, the stock's volatility and subsequent decline mirrored the fate of other meme stocks like AMC.

Uncertain Future 📉
As GameStop's shares continue to fluctuate, investors are closely monitoring developments, balancing the allure of potential gains with the company's underlying challenges and uncertain future in the gaming industry.

AMC Entertainment [AMC] - $5.19 (+78.3%)
got a boost after meme stock ringleader “Roaring Kitty” resurfaced after a lengthy hiatus.

Gamestop [GME] $30.45 (+74.4%)
also got a huge boost from Roaring Kitty’s return to social media.

Carecloud [CCLD] $2.32 (+84.1%)
disclosed the details of an unsolicited offer of interest to acquire the company for $5 per share received on March 4th.

Amprius Tech [AMPX] $1.42 (27.9%)
announced a temporary deal for warrant holders to exercise them for cash at a reduced price.

Seritage Growth Prop [SRG] $6.78 (27.2%)
has agreed to sell four assets for a total gross proceed of $79.1 million and is currently negotiating definitive purchase & sale agreements.

Smart for Life [SMFL] $2.70 (19.4%)
was dropped by Zacks Investment Research over the weekend.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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