The stock market had a challenging 2022 due to macro and geopolitical headwinds, with high profile names suffering losses. The S&P 500 lost around 20% and the Nasdaq Composite around 33%.
Even industry giants like it Tesla Inc TSLA experienced significant declines. Many highly-rated stocks suffered losses on industry-wide concerns, including electric vehicle startups. a large investment bank, Credit Suisse AG CSfaced compliance violations and dwindling business, leading to regulatory scrutiny and record-low stock prices before being bailed out by UBS Group AG UBS.
See also: The best penny stocks
Here is a list of some of the fallen angels compiled by Benzinga:
The mean memes: The Meme stock frenzy saw some retail darlings soar thanks to social media support from retail investors. WallStreetBets, a Reddit thread, allegedly facilitated the manipulation of stock prices. The spending frenzy was also fueled by stimulus checks and discount brokers. Many of the sharply higher stocks were owned by COVID-related companies. As the pandemic subsided, most meme stocks plummeted from stratospheric levels.
AMC Entertainment Holdings, Inc. AMC: The cinema chain’s shares gained momentum in early 2021, exiting penny stock territory and hitting a high of $72.62 in early June 2021. Since then, it has lost most of its profits.
Bed Bath & Beyond, Inc. BBBY: The hardware store was considered the poster child of the meme phenomenon amid the frenzy, but has since seen its fortunes dwindle. The company is currently on the verge of bankruptcy.
Newegg Commerce, Inc. NEG: This online retailer of computer and electronics products capitalized on its status as a COVID-19 game. It caused a stir by accepting Dogecoin DOGE/USD as a payment option when meme coins grew in popularity. After a sharp rise in mid-2021, the stock bubble burst.
Silvergate Capital Corp. S.I: Silvergate’s subsidiary, Silvergate Bank, which makes extensive loans to…
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