While tech stocks were falling, Selina Hospitality (NASDAQ:SLNA) stock went to the moon. The youth-focused hospitality brand rose over 300% on Oct. 27 and was holding most of that gain on Oct. 28. Selina came public through a merger with BOA Acquisition Corp., a Special Purpose Acquisition Company (SPAC) that raised $200 million for the purchase last year. The SPAC closed at $9.13. Selina was trading on Oct. 28 at $34.
GameStop (NYSE:GME) stock is jumping on Friday as investors celebrate short-squeeze chatter sending shares higher. Specifically, investors are reacting to news from ORTEX that GameStop’s short interest jumped yesterday. That came alongside heavy trading volume and resulted in traders on social media talking about the meme stock. That said, ORTEX has noted that, while its website showed a massive jump in short interest in GME stock yesterday, that may not have been the case. Instead, it alerted traders on Twitter (NYSE:TWTR) to the issue and said it would be investigating what was behind the displayed jump.
Nio (NYSE:NIO) stock is taking a beating on Friday as Chinese stocks continue to deal with ongoing Covid-19 pressures. Chief among these pressures are increased lockdowns coming to cities across China in accordance with the country’s zero-Covid policy. The policy is the work of current President Xi Jinping, who recently took office for a third term. Xi Jinping’s reelection and stance on Covid-19 is causing some concerns about the future of NIO stock and other Chinese stocks.
