Raging inflation, at-risk consumers, earnings pressure, supply chain disruptions or stalled economic growth tied to the Russian-Ukraine war and Covid-19. They’re factors relevant to today’s stock market if you’re an investor. But make no mistake and still not in 2022, not GameStop (NYSE:GME) and not GME stock shares.
Yesterday it was a red hot Producer Price Index (PPI) and the kick-off to earnings season led by JPMorgan & Chase (NYSE:JPM) and Delta Airlines (NYSE:DAL) which had investors talking and reacting to, both worriedly and buoyantly optimistic all in one session. Today, a slew of banks led by Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC) reporting quarterly results have Wall Street’s attention. But not GME stock.
The original poster boy for 2021’s meme stock movement transacted by aggressive mob-like bulls trolling online forums Reddit and StockTwits and occasionally spurred along by Tesla’s (NASDAQ:TSLA) and now maybe soon Twitter’s (NYSE:TWTR) Elon Musk, remains the key talking, or rather “mention,” and acting points that shape GME’s daily chills and thrills.
While most higher-multiple stocks have had a challenge in 2022 on the named talking points noted above, GME stock is up about 80% over the past month. Just over two weeks ago shares were up more 35% and today GameStop is clinging to a more stingy 1% year-to-date.
And it’s the mentions and Reddit gaming GME’s still heavy short interest of around 27%, not earnings or fundamentals which remain ugly at best or even teasingly bullish news of an intended share split which have other traders eyes and buy and sell decisions. In fact, shares soared higher following the dismal quarterly results and unlike most stocks, GME crumbled lower on word of the proposed split.
All the while mentions for the past 30 days on Reddit’s WallStreetBets finds GameStop atop the leaderboard by a huge margin.
Quiverquant shows nearly 14,500 GME stock mentions over the past 30 days. That’s well above the number two spot for the SPDR S&P 500 ETF (NYSEARCA:SPY) with roughly 8,900 mentions or let alone Musk’s TSLA in third place at 5,800 or TWTR stock’s non-podium eleventh place count of 1,400.
There’s no judgment here. In fact, I’m all for a largely retail base in GME trying to level a playing field in their own unique way and which honestly is closer to the underhanded dealings of Wall Street’s sell-side than most care to admit. But let’s just call it like it is and rename GameStop with the more relevant “GameStock” designation it deserves.
On the date of publication, Chris Tyler does not hold (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.