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Gary Gensler, GameStop, 7-foot bronze gorillas and pot stocks: It must be Tuesday in meme stocks

Happy days for GameStop, BlackBerry and Tilray as Wall Street's bull makes a new ape friend.

10/20/2021 1:49:00 AM

Reddit’s army of retail investors -- aka 'Apes' -- found fellowship in a 7-foot bronze statue Tuesday.

Happy days for GameStop, BlackBerry and Tilray as Wall Street's bull makes a new ape friend.

To set the tone for the day’s action in meme stocks, MemeMoney would like to draw your attention to Lower Manhattan, where onlookers found themselves enjoying a new addition to the Financial District’s ever-changing collection of public art exhibitions.

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On Monday, a 7-foot-tall bronze statue of a gorilla appeared in front of Wall Street’s iconic “Charging Bull” statue, occupying the place where “Fearless Girl” once stood as part of a well-intentioned (if ill-executed) attempt to use sculpture as a statement about the financial system.

The gorilla, erected by nascent social-networking platform Sapien.Network which also stashed 10,000 bananas under the famously virile bronze bull, is apparently “dedicated to putting the needs and welfare of human beings first.”But it’s also a 7-foot primate that Reddit’s army of retail investors immediately identified as a fellow “Ape,” sending social media into paroxysms of artistic appreciation.

On Twitter, influencer and notorious pro-retail investing-stunt enthusiast Kat Stryker was quick to heap praise on the statue, declaring “Who ever did this is a legend!!” adding the hashtag #ApesVsWallStreet. iframe.twitter-tweet { width: 100% !important; } But it wasn’t just statuary taking a stand on Tuesday.

After the long-awaited staff report from the Securities and Exchange Commission on January’s manic surge in GameStop GME, +0.41% stock left many “Apes” waiting for more from Wall Street’s chief regulator, GameStop’s army of loyal HODLers used their collective focus to move shares up as high as 1.6% on Tuesday, before the stock petered out, closing up just under 0.5%.

Not content to share the SEC’s view that January’s real short squeeze on GameStop was essentially “the friends we made on Reddit along the way,” Apes doubled down on their theories that there is more to come on possible collusion between zero-commission trading app Robinhood HOOD, +2.58% and its biggest market-maker Citadel Securities (charges both parties have consistently denied).

Reddit and Twitter were also full of speculation that the SEC’s look back at GameStop’s unprecedented move was more proof that short-sellers didn’t cover their bets, despite a passage in the report in which the SEC found that “GME had sharp price increases concurrently with known major short sellers covering their short positions after incurring significant losses.”

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However one chooses to parse the phrasing, it was crystal clear on Tuesday that Apes are not done litigating the events of January with or without support from the SEC.Elsewhere in Meme Land, shares of BlackBerry BB, +14.06% surged more than 14%, its best day in months. AMC Entertainment AMC, -5.18%, however, tumbled 2.85% on the day, despite CEO — and senior apprentice memelord — Adam Aron telling CNBC on Tuesday that the theater chain will accept a variety of cryptos as payment in the near future.

Aron, who reiterated that AMC stock is now controlled by individual investors and “I work for them,” went on to tickle his bosses with a feather, openly musing that “I think we are just weeks away from announcing a new business line for our company that is not running movie theaters as you traditionally know them.”

But, as would be the case on a day dominated by SEC tea leaves, vestigial smartphone stocks and a 7-foot bronze ape statue, it was pot stocks that came away the biggest winners.In addition to meme darling Tilray TLRY, +15.79%, which closed up 15.8% after a social-media interest surge of more than 1,400%, according to HypeEquity, cannabis stocks like Canopy Growth CGC, +8.64%, up 8.6%, Cronos Group CRON, +8.40%, up 8.4%, and Aurora Cannabis ACB, +7.66%, up 7.6%, all finished higher on the day.

Read more: MarketWatch »

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SEC GameStop report debunks conspiracies, backs commission chief's planWall Street's top regulator has issued its report on the extraordinary episode that saw retail traders taking on hedge funds, sending shares of GameStop and other meme stocks into the stratosphere. good Dennismayson9 you're the greatest I've seen so far and I'm happy I didn't lose this opportunity, I'll continue to testify about your amazing platform and how you've changed my life for good 🙏

GameStop mania severely tested market system, regulator saysThe U.S. stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop early this year, driving its price to heights that shocked professional investors. As GameStop's stock shot from $39 to $347 in just a week, some of the stock market's plumbing began creaking, but the report indicated the market's basic systems and operations remained sound. The surge for GameStop and other downtrodden stocks also laid bare how much power is being wielded by a new generation of smaller-pocketed and novice investors, armed with apps on their phones that make trading fun. Gme

GameStop mania severely tested market system, regulator saysNEW YORK (AP) — The U.S. stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop early this year, driving its price to heights that shocked professional investors. Lol wat? The entire report read like the Reddit stuff that’s been easily available for 5 months publicly. What I didn’t get from the report was accountability or resolution from stopping it from happening again. Tax payers paid millions to get a Reddit form tldr. My god. 'The SEC’s staff said it doesn’t believe hedge funds were broadly affected by investments in GameStop and other meme stocks.' risk control. SOP at these places (yes, they failed in 2008, but for those failures, it takes something large and systematic, not internet memes).

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