The following three stocks are on the radar of retail investors and day traders early Wednesday.
GameStop Corporation (NYSE:GME): The video games, consumer electronics, and merchandise retailer emerged as a retail investor favorite after r/WallStreetBets or WSB, a Reddit forum carried out a short squeeze earlier this year.
GameStop was among the top three names in terms of the most mentions on WSB at press time behind AMC Entertainment Holdings Inc (NYSE:AMC) and Tesla Inc (NASDAQ:TSLA), as per Quiver Quantitative data.
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On Tuesday, GameStop said it had entered into a lease of a 530,000 square foot facility in Reno, Nevada expected to be operational next year.
Short interest in the company appears to be stemming as June shares held short amount to 9.67 million, while in May the number was 11.97 million, as per an earlier report.
On Tuesday, GameStop shares closed 1.61% lower at $199.56 in the regular session.
Orbsat Corp (NASDAQ:OSAT): The Miami, Florida-based satellite communications and connectivity solutions company serves both government and private customers.
Orbsat was placed at the number four spot on Stocktwits list of trending stocks and also attracted mentions on WSB. The company’s shares skyrocketed 54.41% to $8.40 in Tuesday's regular session.
The movement in shares comes after the company’s IPO in June which saw the firm’s shares list at $5 amid a sale of common stock.
Another factor for the movement is the fact that satellite communications and spaceflight are enjoying the media spotlight as Bezos and Virgin Galactic Holdings Inc (NYSE:SPCE) founder Sir Richard Branson are both planning space voyages shortly.
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Amazon.com, Inc (NASDAQ:AMZN): The multinational technology company whose services span retail, e-commerce, cloud computing, streaming and others trended at the top spot on Stocktwits’ list of trending streams at press time. The company also attracted 200 mentions on WSB.
Amazon is now led by Andy Jassy — the founder of the company’s streaming arm Amazon Web Services.
See Also: Jeff Bezos Makes New Wealth Record Of $211B, Overtaking Elon Musk: Bloomberg
Billionaire founder of Amazon, Jeff Bezos, officially stepped down as CEO on Tuesday. Bezos will continue on as the company’s executive chair. The change in leadership is also a signal of the growing importance of cloud computing for the company.
On Tuesday, the Department of Defense canceled a $10 billion contract awarded to Microsoft Corporation (NASDAQ:MSFT), citing evolving requirements and other factors.
The award of the contract had triggered a legal tussle between Amazon and Microsoft. The agency now plans to seek proposals from both companies.
Amazon shares closed 4.69% higher at $3,675.74 in Tuesday’s regular session.
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