Retail traders at the subreddit r/WallStreetBets are at it again mostly reviving companies to their former glory. The forum is now targeting Nokia (NOK), Lumen Technologies (LUMN) and AMC Entertainment (AMC).
What a time to be alive to see this great wealth transferring event.
AMC Entertainment (AMC)
Reddit traders who have successfully profited off GameStop (GME) stock are now turning their attention to struggling movie theater chain AMC. Reddit board r/wallstreetbets has helped push GameStop stock to record levels in recent days, with the stock closing up 92 percent yesterday alone. It’s part of a chaotic, meme-fueled effort to create an organized short squeeze, and force traditional hedge funds into losing millions of dollars on their bets against struggling companies.
AMC appears to be next on the list. Overnight, online traders at r/wallstreetbets’ Discord server spent hours creating memes and spamming AMC emoji in an effort to convince thousands of people to buy AMC stock. Hundreds swarmed rapper Soulja Boy’s live Twitch stream in a failed endeavor to get him to tweet about AMC. At one point in an ongoing Discord call — with dozens of participants shouting profanity and racial slurs — traders thought Elon Musk was on the call. After many called for quiet and to “let Elon speak,” everyone soon realized it was just a prankster using a fake Elon Musk sound board.
Nokia shares jumped as much as 10% on Wednesday as Reddit’s day-trader army boosted the name.
The Finnish telecommunications company has become the latest legacy tech star on Reddit’s WallStreetBets forum.
“It is as if someone found a newspaper from 2006 to identify who were the golden tech companies from back then,” Neil Campling, an analyst at Mirabaud Securities, said in written comments, per Bloomberg.
“Then add in the perceived attraction of a low absolute dollar stock price in the single digits, and a brand people remember and bought blindly hoping they had discovered the next Tesla,” the analyst concluded.
Legacy tech names and struggling retailers like Blackberry and GameStop have seen incredible spikes in share prices in 2021 on the back of soaring trading volume from retail investors.
For Nokia, the share price increase comes as the company continues its 5G battle with competitors Ericsson and Huawei.
On Wednesday, Nokia announced it is set to roll out the world’s first 1T (terabit) clear-channel interface deployment with fellow Finnish telecommunications company, Elisa.
As communications service providers find themselves increasingly stretched by the IP-routing requirements of cloud computing, gaming, AI, IoT devices, and more, a stronger, faster connection is more relevant than
And that’s what Nokia hopes to provide with its 1 terabit clear-channel interface. The interface will offer a 10x boost in capacity and simplify operations for service providers.
Kalle Lehtinen, CTO at Elisa, said of the deal, “Elisa continues its string of world firsts with this record-breaking IP routing capability achieved with Nokia, enabling us to leapfrog an 800G progression that other service providers are only strategizing about.”
Lehintnen continued, “this strengthens our position as a global 5G leader and gigabit broadband service provider, allowing us to stay ahead of the curve and maintain our commitment to our customers.”
In another bullish development for Nokia, the company received a positive report from SEB, one of the largest financial institutions in Scandinavia. SEB raised its target price from $4.25 to $4.60 per share, reiterating its buy rating on the stock.
Nokia share traded at $5.12 as of 10:14 AM EST, giving the company a market cap of $28.81 billion.
Lumen Technologies (LUMN)
The State of Nebraska recently selected Lumen to help it transition to a next generation 911 platform using the company’s emergency service network, IP-based software, applications and call routing services. Transitioning to Lumen’s current NG911 platform will improve the delivery of emergency calls and enable Nebraska residents to contact 911 not only by making a voice call, but also support sending text messages, pictures and videos.
In addition, Lumen is launching enhanced NG911 features and functionality that will provide real-time visibility into customers’ emergency call management systems and enable a more robust, reliable and resilient emergency response.
The Lumen NG911 platform will support enhanced communication capabilities, such as the ability to send texts, images and videos directly to 911 call centers, that will provide first responders with additional information so they can better assist during an emergency.