ContextLogic Inc. (NASDAQ: WISH) has surged ahead as the most-discussed stock on Reddit’s r/WallStreetBets forum, while Cleveland-Cliffs Inc. (NYSE: CLF) emerged as the second most-mentioned stock. Earlier-WSB-favorites like AMC Entertainment Holdings Inc. (NYSE: AMC) and GameStop Corp. (NYSE: GME) continued to lag.
What Happened: ContextLogic, an e-commerce platform company, attracted 4,117 mentions on the investor forum during the last 24 hours at press time, data from Quiver Quantitative showed.
Steelmaker Cleveland-Cliffs stood a distant second with 1,981 mentions, while electric vehicle maker Workhorse Group Inc. (NASDAQ: WKHS), which has a high percentage of shares outstanding held short, followed in third place with 1,640 mentions.
GameStop fell to the eighth spot and BlackBerry Limited (NYSE: BB) slid to the tenth spot as the stocks were discussed only 1,244 times and 795 times, respectively. Burger chain Wendy’s Company (NASDAQ: WEN) received just 457 mentions.
Why It Matters: ContextLogic and Cleveland-Cliffs are seeing increased interest as retail traders see the two companies as targets of a potential short squeeze.
Cleveland-Cliffs’ shares gained on Wednesday as iron ore prices rise amid supply concerns and the company announced it held a ribbon-cutting ceremony at a direct reduction plant in Toledo, Ohio.
Price Action: ContextLogic shares fell almost 8.9% in Wednesday’s regular trading session to $10.60, but rose almost 2% in the after-hours session to $10.81.
Cleveland-Cliffs shares rose 14.6% in the regular trading session to $23.22 and further rose almost 2.5% in the after-hours session to $233.79.
Workhorse Group shares gained almost 8.5% in the regular trading session to $16.90 but declined 1.8% in the after-hours session to $16.59.
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