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NYSE technical issue sends Berkshire, Chipotle down 99%, Jim Cramer gives warning to viewers and more
Happy Monday, Zingernation! Usually, Dave Portnoy sticks to one bite. But, âDavey Day Traderâ is going in for seconds on $AMC and $GME, doubling down on the meme names following Roaring Kittyâs return. And here's the stock the Barstool founder turned day trader is eyeing next.
âAaron Bry & Nic Chahine
Todayâs Price Action:
Plus, check out the mining company thatâs aiming to meet global demand through innovative extraction methods.
TODAYâS MOST VOLATILE STOCKS
TODAYâS TOP STORY
Briefly: Multiple stocks on the New York Stock Exchange experienced sudden trading halts after 9:40 a.m. ET Monday due to technical issues.
So: The unexpected pauses in trading were triggered by a technical issue categorized under the âLimit Up/Limit Downâ code, which is typically used to curb excessive volatility in a single stock.
Basically: The NYSE said it is investigating the reported technical issue. âAdditional information will follow as soon as possible,â NYSE-owner Intercontinental Exchange Inc stated.
The Impact: Among the largest companies halted on Monday were Berkshire Hathaway Inc. at 9:50:52 a.m. ET and Chipotle Mexican Grill, Inc. at 9:44:58 a.m. ET.
The Details: Chipotle shares experienced a sudden and dramatic decline of 66%, plummeting from $3,097 to $1,047. The stock resumed trading at 10:21 a.m.
Why It Matters: At 9:49 a.m., ET shares of Berkshire Hathaway faced an even more severe downturn, nearly being wiped out with a staggering 99.7% collapse from $622,375 to $185.10.
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PRESENTED BY ATLAS LITHIUM
The rise of electric vehicles (EVs) and government mandates for greener energy have spurred demand for lithium, crucial for battery production. Despite initial market excitement cooling, forecasts indicate robust lithium demand by 2030 due to its role in technology and renewable energy storage. Atlas Lithium Corporation (NASDAQ: ATLX) is well-positioned to benefit from this demand, particularly with its extensive projects in Brazil's Lithium Valley. The company has secured significant investments and partnerships, ensuring funding for production phases. With innovative, eco-friendly processing technologies, Atlas aims to become a leading supplier of lithium, essential for the global transition to sustainable energy sources.
Discover more about Atlas Lithiumâs contributions to the green energy revolution and its strategic initiatives here.
FIVE MOVERS
Boeing shares were soaring today, closing up nearly 4% on news that executives from the company will avoid charges related to deadly crashes.
Modernaâs stock moved higher today, closing up more than 3% after the company announced positive data regarding melanoma treatments.
AMC Entertainment shares skyrocketed today, closing up 10% in sympathy with GameStopâs move to the upside.
HealthEquityâs stock moved higher after the close following the companyâs better-than-expected earnings report and strong guidance.
SoFi shares closed lower in Mondayâs session after the company announced an executive shakeup and new general counsel.
ONE TRADE IDEA FOR TOMORROW
Briefly: Shares of original meme stocks GameStop Corp and AMC Entertainment Holdings Inc are surging again and Jim Cramer believes he knows whatâs coming next.
What To Know: Keith Gill, also known as âRoaring Kittyâ on YouTube and X or âDeepF***ingValueâ on Reddit, posted a screenshot on Reddit over the weekend suggesting he currently has a $116 million position on GameStop.
So: The image showed a pair of unconfirmed bullish positions, including 5 million shares of the video game retailer and 120,000 call options expiring later this month. GameStop shares spiked in early trading Monday, sparking a rally in several meme stocks and high short-interest names such as AMC.
Basically: Monday on CNBCâs âSquawk On The Street,â Cramer suggested piling into the meme names to try to catch a piece of the rally are likely going to get burned.
Cramerâs Take: GameStop is well capitalized, but video games can easily be bought and downloaded without having to go to physical retail locations and the company hasnât provided a clear mission moving forward, Cramer said.
Click here to read more.
PRESENTED BY ATLAS LITHIUM
The rise of electric vehicles (EVs) and government mandates for greener energy have spurred demand for lithium, crucial for battery production. Despite initial market excitement cooling, forecasts indicate robust lithium demand by 2030 due to its role in technology and renewable energy storage. Atlas Lithium Corporation (NASDAQ: ATLX) is well-positioned to benefit from this demand, particularly with its extensive projects in Brazil's Lithium Valley. The company has secured significant investments and partnerships, ensuring funding for production phases. With innovative, eco-friendly processing technologies, Atlas aims to become a leading supplier of lithium, essential for the global transition to sustainable energy sources.
Discover more about Atlas Lithiumâs contributions to the green energy revolution and its strategic initiatives here.