Dow Jones, S&P 500 Rebounds; GameStop (GME) Seeks Stock Split Amid Renewed Meme Stocks Hype

Stock Market Today Mid-Morning Updates

On Friday, the Dow Jones Industrial Average is up by 60 points. This comes after Wall Street has ended its worst quarter since the first three months of 2020, which includes pandemic-era lows. U.S. listed Chinese stocks are up after China reportedly considers sharing company audits. This would include sharing key information that would allow firms to continue trading publicly in the U.S. Shares of companies like Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU) are both up by over 7% on today’s opening bell.

Today, Wynn Resorts (NASDAQ: WYNN) is up by over 3% after receiving a ‘Buy’ rating upgrade from Citi (NYSE: C). Citi says that increasing clarity over regulations and licenses in Macau makes Wynn Resorts an attractive valuation. Chinese EV companies like Li Auto (NASDAQ: LI) are up after reporting a strong March delivery as well. Tech company BlackBerry (NYSE: BB) reported an unexpected profit for its latest quarter. However, its revenue fell below analyst forecasts.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down by 1.12% today while Microsoft (NASDAQ: MSFT) is also down by 0.55%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading lower on Thursday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.83% while Goldman Sachs (NYSE: GS) is also up by 0.17%.

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 0.72% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are down 3.93%. Lucid Group (NASDAQ: LCID) is also down by 2.13% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened higher today on strong March deliveries.

Dow Jones Today: Key Treasury Yields Flips For First Time Since 2019 and Jobs Report Release On Friday

Following the stock market opening on Friday, the S&P 500, Dow, and Nasdaq are trading higher at 0.12%, 0.15%, and 0.11% respectively. However, the Dow is trading higher at 0.04%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 0.30% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up by 0.11%. 

The 10-year Treasury yield hovers around 2.4% today. This comes after the 2-year yield briefly rose above the 10-year yield. This is a yield curve inversion that could signal a recession. This bond market phenomenon means that the rate of the 2-year note is higher than the 10-year note yield.

Nonfarm payrolls grew by 431,000 in March, a bit below the estimate of 490,000. The unemployment rate also declined to 3.6%, also below estimations. Amid soaring inflation and worries about a looming recession, the fewer jobs could indicate that the labor market is growing increasingly tighter.

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GME Stock Surges Following Announcement Of Stock Split Plans

GameStop (NYSE: GME) is once again front and center in today’s flurry of stock market news. By and large, this seems to be due to the company’s latest update. In brief, GameStop is planning to seek shareholder approval to boost its overall number of Class A common shares. Simply put, this would be GameStop looking to initiate a stock split. Should things go as planned, this would see its total shares increase from 300 million to 1 billion. As you can imagine this would be a core reason behind GME stock’s gains of over 6% at today’s market open.

Overall, it is important to note that GameStop has not given us all the details yet. As it stands, the company is planning to allocate the additional shares between the stock split and for other means. This information is courtesy of the official regulatory filing from GameStop. Among the core uses for the some of the additional shares could be a means for selling more stock. In the larger scheme of things, GameStop highlights that this move serves to “provide flexibility for future corporate needs.” Ultimately, the final course of action depends on approval from GameStop’s board and shareholders.

Not forgetting, this boost in attention for GME stock also serves to extend its overall rally into the current quarter. This comes less than a month after GameStop chairman Ryan Cohen turned heads by doubling down on his investments in the firm. Namely, the activist investor now has an 11.9% stake in the company after purchasing 100,000 additional shares. Because of all this, GME stock could be worth watching amidst the current resurgence in meme stock interest.

GME stock
Source: TradingView

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Longeveron Stock Jumps After News Of Positive Results From Alzheimer Drug Trials

At the same time, Longeveron (NASDAQ: LGVN), a clinical-stage biopharm firm is also among today’s top gainers. For the most part, this is thanks to the company’s operational update on its Lomecel-B Alzheimer’s drug candidate. Just yesterday, Longeveron published its latest findings after conducting clinical trials on the drug. In essence, the current results support further exploration of the “therapeutic potential of Lomecel-B to slow cognitive decline.” Because of this massive news, biotech investors appear to be flocking to LGVN stock now. As it stands, it is currently up by over 8% at today’s opening bell.

To put things into perspective, Longeveron primarily focuses on aging-related illnesses and chronic disorders. As such, significant strides in its work on Alzheimer’s would put the company in the limelight. Not to mention, Longeveron is already working on Phase 2 of its trials with the first patient having received treatment. Explaining the significance of the study is Dr. Anthony Oliva, a senior scientist at Longeveron. Oliva notes, “With a single dose of Lomecel-B, we observed several lines of preliminary evidence supporting multiple mechanisms of action of Lomecel-B, and most importantly, the data supports the potential of Lomecel-B as disease modifying for Alzheimer’s. With all this in mind, it is no wonder that investors are eyeing LGVN stock today.

LGVN stock
Source: TradingView

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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 |