Midday Meme Stock Movers for 11\/22: Camber Energy, Canoo, Rivian, TMC

Markets

In the noon hour Monday, the Dow Jones industrials and the S&P 500 held on to modest gains, while the Nasdaq had turned negative after posting a new intraday high. President Biden’s nomination of Fed Chair Jerome Powell for a second term raised yields on 10-year Treasuries by about five basis points, a development that reflects the bond market’s sigh of relief that Lael Brainerd didn’t get the job. She will be elevated to vice chair instead. Crude oil rose above $76 a barrel, after a dip to less than $75, while Bitcoin pared its loss as well.

Growth stocks, including most of the meme stocks, traded lower, with Rivian Automotive Inc. (NASDAQ: RIVN) down by more than 15% following a report that the company’s battery life doesn’t meet the company’s spec of 120 to 150 miles of range. Cold weather testing reportedly has shown a significant shortfall to that range. Cold weather effects on lithium-based batteries is not a new issue, but apparently, not everyone got the memo.

TMC the metals company Inc. (NASDAQ: TMC) traded down sharply Monday morning as well. The company filed documents with the Securities and Exchange Commission on Friday to register 64.9 million shares of stock. According to the filing:

This Registration Statement on Form S-8 is being filed for the purpose of registering the Registrant’s Common Shares issuable pursuant to the Rollover Options and the DeepGreen Earnout Shares. In addition, in connection with the Merger, on September 3, 2021, the stockholders of the Registrant approved the 2021 Plan, and this Registration Statement on Form S-8 is also being filed for the purpose of registering the Registrant’s Common Shares issuable under the 2021 Plan.

The company last reported outstanding shares totaling some 225.3 million.

Among Monday’s winners, Camber Energy Inc. (NYSEAMERICAN: CEI) was leading the pack. The company received a letter from the NYSE American exchange last Friday, granting the company’s request for another delay to filing required annual and quarterly reports. Camber was supposed to file the reports on November 19 but has been given an extension to December 17. If Camber can’t file by then, it may request an extension until May 20, 2022. Failure to file by then could cause the exchange to begin delisting proceedings.

Electric vehicle maker Canoo Inc. (NASDAQ: GOEV) was the other double-digit winner through the noon hour Monday. Editor-in-Chief John Jannarone of IPO Edge said last week that investors looking to place a bet on EVs “should consider lesser-known companies, especially Canoo Inc., whose skateboard-and-top hat model gives it flexibility to offer both recreational and commercial vehicles with minimal added costs.”

Canoo traded up more than 12% as the noon hour came to an end Monday, at $11.23 in a 52-week range of $5.75 to $24.90. The average daily trading volume is around 5 million shares, and nearly 13 million had already traded on the day.

Camber Energy traded up about 18% to $1.43, after trading up by as much as 26% earlier in the day. The stock’s 52-week range is $0.33 to $4.85, and the average daily trading volume is more than 212 million shares. About 175.5 million had traded thus far Monday.

TMC stock traded down more than 14%, at $3.34 in a 52-week range of $2.84 to $15.39. The average daily trading volume is about 8.1 million shares, and about 1.7 million had traded thus far.

Rivian shares traded down about 14% to $110.51, in a post-IPO range of $95.20 to $179.47. The average daily volume is about 72.7 million shares, and nearly 31 million had traded.

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