It's like 2021 all over again — at least, in one bullishness-on-steroids corner of the stock market. Several 'meme stocks,' or companies whose shares are buoyed by social media buzz rather than traditional business fundamentals like growth and profits, surged ahead of the start of trading on Tuesday. It's the second consecutive day that such stocks have popped in the stock market, following GameStop's 72% surge on Monday.
Once again, traders are posting about meme stocks on WallStreetBets, urging others to buy stakes in GameStop and additional meme favorites with the term YOLO, or 'you only live once.' Others posted screenshots of their gains from AMC, BlackBerry and additional stocks.'Extremely speculative'The appeal is simple: the opportunity to make a quick buck in a short period of time, with the bonus of sticking it to the professional traders on Wall Street who have shunned meme stocks.