5 Stocks to Watch Like $BBBY
Monday was crazy! Today should be even crazier. We have more earnings reports coming out plus more meme stocks to buy.
Earnings Calendar for this week
Upstart (UPST) posted a really bad quarter so I may have been right about buying puts all along.
Canoo (GOEV) shared details about the 4,500 EV order from Walmart. They have $1 billion in preorders but desperately need to raise cash using offerings. The good news is they have deals with U.S. Army, NASA, and of course Walmart.
Yesterday, we saw YOLO stocks soar due to extremely high trading volume and the shorts being forced to cover.
Let’s make one thing clear: This is just the beginning of a massive squeeze that could last weeks or a few months.
Let’s get right into my daily watchlist so I can share more details with you.
Stocks to Watch for Monday 8/9/22
Bed, Bath, and Beyond (NYSE: BBBY)
AMC Theatres (NYSE: AMC)
Coinbase (NASDAQ: COIN)
Contextual Logic (NASDAQ: WISH)
Jumia (NYSE: JMIA)
Bed, Bath, and Beyond (BBBY)
BBBY stock soared 38% yesterday past the critical $10 range on 124 million shares traded. This is just the beginning of a massive squeeze that could be called Gamestop 2.0.
Billionaire Ryan Cohen bought the majority of his BBBY shares near $15 but what’s interesting is he also purchased Jan 23 2023 calls in the $60 to $80 range.
What’s going on here? Could BBBY really soar to $80 by January 2023? Nobody thought Gamestop would go from $4 to $400 so I no longer bet against Cohen.
I’m loading up BBBY long shares as well as Jan 23 calls today.
AMC Theatres (AMC)
AMC stock jumped 8% yesterday with 131 million shares traded. Volume continues to soar leading up to the APE dividend record date. I haven’t sold my long shares yet. I’m waiting for the volume for dip first before I cash in my chips. I’m up over 100% right now and may sell 50% and let the rest ride. Ride the momentum here until AMC stock starts selling off.
Coinbase (COIN)
Coinbase reports earnings after market close on Tuesday. We will get more details on the Blackrock partnership. I’m still holding my long shares and calls.
COIN has a short interest of 22% and could soar on positive guidance. Q2 was brutal for Robinhood so expect the same from Coinbase. But Wall Street cares more about guidance than past results.
ContextLogic (WISH)
WISH stock is a cheap lotto ticket in my opinion. The Russian founder stepped down as CEO since the stock lost over 90% of its value. It’s trading under $2 right now.
As they say: buy when there is blood in the streets. WISH stock is up 25% over the last 30 days and could spike on a good earnings report. WISH reports after market close on Tuesday.
This is a high risk play but I’m writing about it anyway. YOLO.
Jumia (JMIA)
Jumia was one of my favorite pandemic plays but now the stock is in the basement. Many consider Jumia the “Amazon of Africa” and it will be interesting to hear more about its UPS partnership to deliver more packages in the continent.
I’ve done extremely well buying high growth stocks under $10 in my investing career and Jumia ticks off all my boxes. I’m loading the boat today.
Jumia reports earnings before market opening on Wednesday.
What’s Next?
BBBY and AMC should continue running up. We have a lot of earnings reports to process so stay tuned for my upcoming e-mails this week.
Stay safe and take care of yourself. Thanks for reading!