Newest Meme Stocks Extend Gains With No Sign of Craze Fading
- Geo Group, Clean Energy Fuels among latest additions to frenzy
- This is a ‘liquidity phenomenon,’ Miller Tabak’s Maley says
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Another batch of names has been added to the meme-stock frenzy as retail traders latched on to their latest favorites Wednesday.
Prison operator GEO Group Inc. soared 38% and Clean Energy Fuels Corp. jumped 32%, supplanting names like ContextLogic Inc. and Clover Health Investments Corp. that had led the charge higher on Tuesday. In Europe, Air Berlin jumped 138% after surging 54% the day before. Meanwhile, shares of fast-food restaurant chain Wendy’s Inc. reversed gains from Tuesday after both Northcoast and Stifel downgraded the stock to hold-equivalent recommendations from buy.