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Why Newegg, AMC, and Sundial Stocks Dropped Today

Why Newegg, AMC, and Sundial Stocks Dropped Today

In early trading, newly inducted meme stock Newegg Commerce (NASDAQ: NEGG) shot up as high as 29% before turning tail and running down to its current 1.1% loss. Suffering similarly (albeit without the big run-up before retreating) are more established momentum plays like AMC Entertainment (NYSE: AMC) and Sundial Growers (NASDAQ: SNDL), down 3.5% and 0.6%, respectively, as we enter the final hour of the trading day. In the case of Newegg, investors appear to have simply got carried away by a couple of news items earlier in the week that might not actually have too big of an effect on the business -- a Newegg sale on popular graphics processors for example, and an expansion of Newegg's already existing "build-to-order" PC program.