CNBC’s Jim Cramer, quoting a famous quote from Alexander Haig, recently told his co-host David Faber that Reddit, not Citigroup C,
was “in control”. He then used a metaphor “Rock, Paper, Scissors” to emphasize his point. “Citi’s newspaper, okay? Reddit scissors, ”said Cramer.
Cramer and Faber were discussing Palantir PLTR,
one of Reddit’s favorite stock picks, but the pair could easily be talking about GameStop GME,
another meme stock in the popular WallStreetBets community.
The buzz around GameStop reached a feverish peak in Wednesday’s wild trading session, with stocks making big gains in what appeared to be a massive open squeeze. The increase began on Monday, when the stock dropped double digits after the video game retailer reached an agreement with activist investor RC Ventures to add three of its members to the board.
And with that, it was time for the party at WallStreetBets, where an investor told the team to prepare for a lot of “winning porn” while stocks continued their momentum. “For those of you who delivered paper, I’m sorry,” he wrote, with a nod to Cramer’s opinion. “Although it may have opened its eyes to realize that the WSB drives the market. We are bigger than investment firms. ”
Bigger? Perhaps. More fun? Definitely. Here are some highlights:
And, of course, part of what “wins pornography”:
Clearly, Cramer continues to pay attention to “scissors”:
GameStop closed up 57% on Wednesday and continued to rise after the bell. The Dow Jones Industrial Average DJIA,
ended slightly below, while the high-tech Nasdaq Composite COMP,
and S&P 500 SPX,
both ended in green.