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Meme stocks, SPAC craze and a $100 million deli: It was a wild year in the market - CNBC

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Remote work, stimulus checks and higher personal savings levels, as well as social media chatrooms only accelerated the boom in retail trading."]},{"tagName":"p","children":["\"If there was ever a doubt about who wields power in the stock market, the U.S. retail investor stole the show in 2021,\" Tony Pasquariello, global head of hedge fund coverage at Goldman Sachs, said in a note. \"Following a year that saw more inflows than the prior 25 years combined, to what extent this cohort remains in the fight is a major open question for early 2022.\""]}],"__typename":"bodyContent"},{"tagName":"subtitle","attributes":{},"data":{"__typename":"asset"},"children":["Meme stocks shock Wall Street"],"__typename":"bodyContent"},{"tagName":"div","attributes":{"className":["group"]},"data":{"__typename":"asset"},"children":[{"tagName":"p","children":["The meme stock saga started just days into 2021 when retail traders teamed up on Reddit's WallStreetBets' forum, aiming to bid up ",{"tagName":"a","attributes":{"id":"1507647","type":"company","headline":"GameStop Corp GME","title":"GameStop Corp","section":{},"brand":"cnbc","href":"/quotes/GME"},"children":["GameStop"]},"'s shares, which were ",{"tagName":"a","attributes":{"id":"106830599","href":"https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["heavily shorted by hedge funds"]},". The retail buying triggered ",{"tagName":"a","attributes":{"id":"106830663","href":"https://www.cnbc.com/2021/01/27/gamestop-jumps-another-50percent-even-as-hedge-funds-cover-short-bets-scrutiny-of-rally-intensifies.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["massive short covering"]}," among hedge funds that fueled the rally even further."]},{"tagName":"p","children":["Trading volume for GameStop and meme stock favorite AMC Entertainment has faded. About 2.5 million shares of GameStop are changing hands daily based on a 30-day average as of Dec. 22, a fifth of that in January, according to FactSet."]},{"tagName":"p","children":["Reddit traders also appear less focused on GameStop and AMC, which were the two most-mentioned tickers on WallStreetBets this year, according to data tracker YoloStocks."]},{"tagName":"p","children":["WallStreetBets mentions for both peaked on Jan. 28 at about 267,000 for GameStop and 47,000 for AMC, but typical days for each over the past few months see hundreds, not thousands, of mentions."]}],"__typename":"bodyContent"},{"tagName":"wildcard","attributes":{"branding":"cnbc","subDomain":"https://www.cnbc.com","url":"https://www.cnbc.com/20211222-meme-stock-volume-wsb-li-rattner-markets/","type":"wildcard","title":"20211222 meme stock volume wsb mentions li rattner markets","liveURL":"/20211222-meme-stock-volume-wsb-li-rattner-markets/","id":"106992931","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106992931","slug":"20211222 meme stock volume wsb mentions li rattner markets","contentClassification":[],"sectionHierarchy":[],"seoTitle":"20211222 meme stock volume wsb li rattner markets","isContemplate":"No","state":"Publish","settings":{"dateline":"Yes","socialtoolsEnabled":"Yes","displayByline":"Yes","displaySource":"Yes","listType":"Manual and/or populated by feeds","outbrainEnabled":"Yes"},"association":[{"branding":"cnbc","subDomain":"https://www.cnbc.com","type":"infographic","id":"106992993","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106992993","slug":"20211222 mobile fallback meme stock volume wsb mentions li rattner markets","contentClassification":[],"url":"https://image.cnbcfm.com/api/v1/image/106992993-1640208903824-20211222-volume-wsb-mobile2x.png?v=1640208909","contentSize":131165,"height":"2933","width":"637","filename":"106992993-1640208903824-20211222-volume-wsb-mobile2x.png","relation":[{"relationType":"altImage","isPromoted":"true"}]}],"headline":"20211222 meme stock volume wsb mentions li rattner markets","shorterHeadline":"20211222 meme stock volume wsb mentions li rattner markets","linkHeadline":"20211222 meme stock volume wsb mentions li rattner markets","editedBy":"[email protected]","datePublished":"2021-12-22T20:08:32+0000","dateLastPublished":"2021-12-22T21:36:27+0000","dateFirstPublished":"2021-12-22T20:08:32+0000","dateModified":"2021-12-22T21:36:27+0000","revisionId":11162499,"historicalURL":[],"createdBy":"[email protected]","publisher":{"name":"CNBC","logo":"https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png"},"additionalMetadata":{"linkInteractive":["No"]},"altImage":{"branding":"cnbc","subDomain":"https://www.cnbc.com","type":"infographic","id":"106992993","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106992993","slug":"20211222 mobile fallback meme stock volume wsb mentions li rattner markets","contentClassification":[],"url":"https://image.cnbcfm.com/api/v1/image/106992993-1640208903824-20211222-volume-wsb-mobile2x.png?v=1640208909","contentSize":131165,"height":"2933","width":"637","filename":"106992993-1640208903824-20211222-volume-wsb-mobile2x.png"},"wildcard":{"wildcardContent":{},"wildcardPromo":{"cdata":"\n\n\n

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Clover Health and Bed Bath Beyond are down roughly 75% and 13%, respectively."]}],"__typename":"bodyContent"},{"tagName":"subtitle","attributes":{},"data":{"__typename":"asset"},"children":["A $100 million deli"],"__typename":"bodyContent"},{"tagName":"div","attributes":{"className":["group"]},"data":{"__typename":"asset"},"children":[{"tagName":"p","children":["While the meme stock mania turned heads this year, perhaps the weirdest investing phenomenon is the tiny New Jersey deli that once had a market capitalization of more than $100 million."]},{"tagName":"p","children":[{"tagName":"a","attributes":{"id":"106869139","type":"company","headline":"Hometown International Inc HWIN","title":"Hometown International Inc","section":{},"brand":"cnbc","href":"/quotes/HWIN"},"children":["Hometown International"]},", with its Paulsboro, N.J.-based Your Hometown Deli being its sole location, notched an eye-popping market value earlier this year amid a trading frenzy. The deli only had ",{"tagName":"a","attributes":{"id":"106869081","href":"https://www.cnbc.com/2021/04/15/theres-a-single-new-jersey-deli-doing-35000-in-sales-valued-at-100-million-in-the-stock-market.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["$35,748 in sales"]}," in the last two years combined, according to securities filings."]},{"tagName":"p","children":["Hedge fund manager David Einhorn highlighted this deli as an example of speculative trading activity."]},{"tagName":"p","children":["\"Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey … HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/treasurer and a director, who also happens to be the ",{"tagName":"a","attributes":{"id":"106869284","href":"https://www.cnbc.com/2021/04/15/hometown-international-nj-deli-owner-worth-millions-in-stock.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["wrestling coach of the high school next door"]}," to the deli. The pastrami must be amazing,\" Einhorn said in ",{"tagName":"a","attributes":{"id":"106869022","href":"https://www.cnbc.com/2021/04/15/david-einhorns-latest-letter-and-his-biggest-winning-positions.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":true,"contentClassification":["premium"]},"children":["a letter to clients"]}," in April."]}],"__typename":"bodyContent"},{"tagName":"subtitle","attributes":{},"data":{"__typename":"asset"},"children":["SPAC explosion"],"__typename":"bodyContent"},{"tagName":"div","attributes":{"className":["group"]},"data":{"__typename":"asset"},"children":[{"tagName":"p","children":["It was also the year of SPACs."]},{"tagName":"p","children":["The funds raised via U.S. special purpose acquisition companies have totaled a record of $162 billion in 2021, almost doubling the $83.4 billion issuance last year, according to data from SPAC Research."]},{"tagName":"p","children":["SPACs raise capital in an initial public offering and use the cash to merge with a private company and take it public, usually within two years."]}],"__typename":"bodyContent"},{"tagName":"dataviz","attributes":{"branding":"cnbc","subDomain":"https://www.cnbc.com","url":"https://www.cnbc.com/search/?query=20211223%20spac%20issuance%20li%20rattner%20markets","type":"dataviz","title":"20211223 spac issuance li rattner markets","id":"106993208","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106993208","slug":"20211223 spac issuance li rattner markets","contentClassification":[],"sectionHierarchy":[],"isContemplate":"No","state":"Publish","settings":{"dateline":"Yes","socialtoolsEnabled":"Yes","displayByline":"Yes","displaySource":"Yes","listType":"Manual and/or populated by feeds","outbrainEnabled":"Yes"},"association":[{"branding":"cnbc","subDomain":"https://www.cnbc.com","type":"infographic","id":"106993209","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106993209","slug":"20211223 mobile fallback spac issuance li rattner markets","contentClassification":[],"url":"https://image.cnbcfm.com/api/v1/image/106993209-1640267831449-20211223-mobile-fallback-kJ3X1-u-s-spac-ipo-issuance.png?v=1640267836","contentSize":65177,"height":"838","width":"676","filename":"106993209-1640267831449-20211223-mobile-fallback-kJ3X1-u-s-spac-ipo-issuance.png","relation":[{"relationType":"altImage","isPromoted":"true"}]}],"headline":"20211223 spac issuance li rattner markets","shorterHeadline":"20211223 spac issuance li rattner markets","editedBy":"[email protected]","datePublished":"2021-12-23T13:57:49+0000","dateLastPublished":"2021-12-23T13:57:49+0000","dateFirstPublished":"2021-12-23T13:57:49+0000","dateModified":"2021-12-23T13:57:49+0000","revisionId":11164275,"historicalURL":[],"createdBy":"[email protected]","publisher":{"name":"CNBC","logo":"https://sc.cnbcfm.com/applications/cnbc.com/staticcontent/img/cnbc-hdr-logo2.png"},"additionalMetadata":{"companyIssues":[],"linkInteractive":["No"],"showExtendedHours":[],"companyTimeframe":[],"chartStartDate":[0],"aboutText":[],"chartEndDate":[0]},"altImage":{"branding":"cnbc","subDomain":"https://www.cnbc.com","type":"infographic","id":"106993209","contentUrl":"https://capi-bl-web.cnbc.com/api/v1/id/106993209","slug":"20211223 mobile fallback spac issuance li rattner markets","contentClassification":[],"url":"https://image.cnbcfm.com/api/v1/image/106993209-1640267831449-20211223-mobile-fallback-kJ3X1-u-s-spac-ipo-issuance.png?v=1640267836","contentSize":65177,"height":"838","width":"676","filename":"106993209-1640267831449-20211223-mobile-fallback-kJ3X1-u-s-spac-ipo-issuance.png"},"library":"datawrapper","wildcard":{"wildcardPromo":{"cdata":""}},"relation":[{"position":12,"relationType":"related","isPromoted":"false"}]},"data":{"__typename":"dataviz"},"children":[],"__typename":"bodyContent"},{"tagName":"div","attributes":{"className":["group"]},"data":{"__typename":"asset"},"children":[{"tagName":"p","children":["The market was red-hot in the first quarter with new deals recording ",{"tagName":"a","attributes":{"id":"106836725","href":"https://www.cnbc.com/2021/02/10/unusual-first-day-rallies-in-spacs-raise-bubble-concern-every-single-one-of-them-has-gone-up.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["an average 6.5% first-day jump"]},". Small-time investors represented ",{"tagName":"a","attributes":{"id":"106836725","href":"https://www.cnbc.com/2021/02/10/unusual-first-day-rallies-in-spacs-raise-bubble-concern-every-single-one-of-them-has-gone-up.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["46% of trading volume"]}," in SPACs on Bank of America's platform in January."]},{"tagName":"p","children":["Now the industry has cooled down amid a multitude of challenges, spanning from regulatory pressure to the prospect of higher interest rates and to the increasingly competitive deal-making environment."]},{"tagName":"p","children":["Still, one particular deal launched in the fourth quarter garnered a lot of attention. ",{"tagName":"a","attributes":{"id":"106963910","type":"company","headline":"Digital World Acquisition Corp DWAC","title":"Digital World Acquisition Corp","section":{},"brand":"cnbc","href":"/quotes/DWAC"},"children":["Digital World Acquisition Corp"]},". announced in October that it is taking former President ",{"tagName":"a","attributes":{"id":"10000329","href":"https://www.cnbc.com/donald-trump/","type":"person","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["Donald Trump"]},"'s planned social media platform public. The news sparked a ",{"tagName":"a","attributes":{"id":"106964452","href":"https://www.cnbc.com/2021/10/22/trump-social-media-spac-digital-world-acquisition-corp-surges-another-100percent.html","type":"cnbcnewsstory","brand":"cnbc","section":{},"premium":false,"contentClassification":[]},"children":["800% two-day rally"]}," in the stock, and the SPAC is still up more than 400% for the year."]},{"tagName":"p","children":["Popular investor Chamath Palihapitiya said in October on his podcast \"",{"tagName":"a","attributes":{"href":"https://podcasts.apple.com/us/podcast/all-in-with-chamath-jason-sacks-friedberg/id1502871393","section":{},"premium":false,"contentClassification":[]},"children":["All-In with Chamath, Jason, Sacks Friedberg"]},"\" that Digital World Acquisition is \"an exchange-traded NFT of Donald Trump.\""]},{"tagName":"p","children":[{"tagName":"em","children":["Note: FactSet is the data source for the graphics at the top of this story, and the information is current as of 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window.__c_data={"$ROOT_QUERY.wildcard({\"id\":\"106992931\"})":{"promoText":"\n\n\n

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GameStop

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AMC

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","__typename":"wildcard"},"ROOT_QUERY":{"wildcard({\"id\":\"106992931\"})":{"type":"id","generated":true,"id":"$ROOT_QUERY.wildcard({\"id\":\"106992931\"})","typename":"wildcard"},"wildcard({\"id\":\"106993029\"})":{"type":"id","generated":true,"id":"$ROOT_QUERY.wildcard({\"id\":\"106993029\"})","typename":"wildcard"}},"$ROOT_QUERY.wildcard({\"id\":\"106993029\"})":{"promoText":"\n\n

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Scrollama: Sticky Overlay Example

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Shares of video game retailer GameStop soared 400% in the last week of January, thanks to a legion of retail traders glued to the WallStreetBets message board on Reddit.

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The stock crashed nearly as quickly as a massive short squeeze took effect and investors booked profits. The short squeeze induced huge pain on hedge funds who bet against GameStop, while the mania forced several online brokers to limit trading in a slew of highly volatile names.

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GameStop has rebounded over the course of 2021 and is up more than 8x on the year. The saga sparked Congressional hearings and an investigation by the Securities and Exchange Commission.

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Wild trading around the start of the year in AMC Entertainment looked strikingly similar to the GameStop saga.

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But the stock would go on to hit an all-time high in June. The surge helped AMC boost its cash position and steady itself as box offices reopened. It's up more than 1,200% in 2021.

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In April, CNBC broke news about Hometown International, a tiny New Jersey deli whose stock was trading at levels that gave it a market capitalization of more than $100 million.

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Hometown trades at a low volume and many days, there are no trades logged. It’s flat on the year.

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Shares of SPAC company Digital World Acquisition Corp. skyrocketed on heavy trading volume on Oct. 21 after news of a merger that would launch former President Trump’s planned social media platform. Trading has since been volatile, but the stock is still up more than 400% from its inception.

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