CNBC’s Jim Cramer, quoting a famous quote from Alexander Haig, recently told co-host David Faber that Reddit, not Citigroup C,
he had “control.” He then used a metaphor of “Rock, Paper, Scissors” to get his point across. “Is Citi’s role okay? Reddit scissors, ”Cramer said.
Cramer and Faber discussed Palantir PLTR,
one of Reddit’s favorite options, but the duo could have been so easily talking about GameStop GME,
another meme stock in the popular WallStreetBets community.
The buzz around GameStop reached a sluggish pace during Wednesday’s trading session, with stocks making big gains on what appeared to be a strong short budget. The rebound began on Monday when shares ended in 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 party time at WallStreetBets, where an investor told the crew to prepare for a lot of “porn gain” while stocks continued to push. “For those of you who handed in the paper, I’m sorry,” he wrote with a nod to Cramer’s take. “Although it may have opened your eyes when you realized that WSB manages the market. We are bigger than investment companies ”.
Bigger? May be. More entertaining? Definitely. Here are some highlights:
And, of course, some of these “win porn”:
It is clear that Cramer continues to pay attention to the “scissors”:
GameStop closed 57% on Wednesday and continued to advance after the bell. The Dow Jones Industrial Average DJIA,
finished slightly lower, while the Nasdaq Composite COMP
and S&P 500 SPX,
both ended up in the green.