The trading week is wrapping up, but Wall Street is not slowing down. Thursday brought another surge in meme stocks and saw a handful of dog-themed cryptos come into the spotlight. Plus, Dogecoin (CCC:DOGE-USD) officially made its debut on Coinbase (NASDAQ:COIN), stirring up puppy profits. So beyond all that, what did the stock market do today?

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• The S&P 500 closed lower by 0.36%
• The Dow Jones Industrial Average closed lower by 0.07%
• The Nasdaq Composite closed lower by 1.03%

So what else will the stock market do today? Here are some of the top stories.

What Did the Stock Market Do Today? Make AMC Money.

AMC Entertainment (NYSE:AMC) kicked off Thursday with a key announcement. The movie theater operator was offering nearly 12 million shares at the market, in an attempt to further pay off its debt and fund future growth. Although this was a smart move by the company to leverage retail interest, it spooked even the top bulls on r/WallStreetBets. Simply put, no one likes dilution.

By the end of the day, AMC had a big announcement. Despite wild swings in its share price, the company had completed its share sale and brought in more than $587 million. CEO Adam Aron was vague about where this money would go, but says it positions AMC well to navigate future challenges and capitalize on opportunities.

Even with the share sale and resulting price swings, AMC has had a banner week. The company has been riding short-squeeze highs and the reopening rally, eagerly inviting consumers back to its theaters. Movie releases like Cruella have also sparked demand.

With the r/WallStreetBets crowd firmly launched onto AMC and other short-squeeze picks, Wall Street once again finds itself in an odd place. Some firms are warning investors away from meme stocks, highlighting poor company fundamentals. Jefferies announced on Thursday that it will no longer execute short sales on AMC, GameStop (NYSE:GME) and MicroVision (NASDAQ:MVIS). It seems retail investors have put a little too much pain on short-sellers.

So what is the bottom line? Wall Street may not be sure what to do, and AMC cooled off on Thursday. However, investors are still eagerly searching for the next big thing. That could be Xeris Pharmaceuticals (NASDAQ:XERS), a new recommendation from Twitter celebrity Will Meade. After his prediction, XERS closed higher by nearly 20%.

Six-Pack SPAC Turns to Biotech

Chamath Palihapitiya, perhaps better known as six-pack SPAC (I am mostly kidding), made another big splash on Wall Street today.

His newly formed Social Capital Suvretta platform filed for four initial public offerings, each for a blank-check company. Each has a $200 million target. Investors will likely notice the divergence from Social Capital Hedosophia, his collaboration with Ian Osborne. Social Capital Suvretta, the new endeavor, is a relationship between Palihapitiya and Kishen Mehta.

However, this is not the only noteworthy divergence. His first six blank-check companies focused on tech, bringing names like Opendoor (NASDAQ:OPEN) and Virgin Galactic (NYSE:SPCE) public. Now, through Social Capital Suvretta, Palihapitiya is targeting biotech. The four new companies will focus on neurology, oncology, organ space subsector and immunology. They will trade as DNAA, DNAB, DNAC and DNAD.

Additionally, Palihapitiya is moving away from warrants and Credit Suisse. Each of these new blank-check companies will be warrantless and will have Morgan Stanley as the lead underwriter.

The immediate takeaway is that a key Wall Street influencer is making a big bet on biotech, and that should certainly capture investor attention. The second takeaway is that Palihapitiya is pushing ahead… despite serious blowback. As Axios highlighted, Palihapitiya himself has even argued that the SPAC space needs further regulation.

So what is the bottom line? Avoiding warrants may help the Suvretta SPACs avoid regulatory drama, but demand for these SPACs may not be as high.

Organon Spinoff Spins Higher in First Trading Day

Today, pharmaceutical giant Merck (NYSE:MRK) completed the spinoff of Organon (NYSE:OGN) and saw the new company hit the New York Stock Exchange. After a rocky few hours, OGN stock managed to close out its first trading day higher by 5%.

For those unfamiliar, Merck has been eyeing this spinoff for a while, hoping to split its legacy businesses from growth-focused endeavors. The Organon name was born in March 2020, harkening back to older company branding. Now, Organon is trading separately, representing biosimilars, legacy brands and its women’s health businesses.

According to InvestorPlace contributor Mark Hake, Organon is a great deal for shareholders. Existing Merck investors received one common share for every 10 shares of MRK stock. But beyond that, investors should be giving Organon a closer look.

As Hake argues, Organon is way undervalued compared to its reported financials. Based on his calculated enterprise value, Hake thinks OGN stock should be trading at about$52 per share. That is nearly 50% higher than its current share price.

So what is the bottom line? Merck may be making out as a winner in the short term, especially with a few key product announcements. However, investors who enter OGN stock now with the intent to hold will be big winners in the long term. That sounds pretty juicy.

Read more about the values of the OGN stock spinoff here.

On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.