Paramount Skydance’s stock soon turned to Mecca for momentum-driven retailers piled up in stocks with hype around UFC games, according to Don Bilson, event-led research director at Gordon Haskett. Ticker’s shares with PSKY began trading last Friday after the final merger of Paramount Global with SkyDance Media was finalized. On Wednesday, six days after his debut, the day skyrocketed 37% to become the top performer of the S&P 500. PSKY 5D Mountain Paramount Skydance (PSKY) has made shares into shares over the past five days. “Congratulations. This morning, Shari Redstone, David Ellison, David Ellison, Old Paramount Board and everyone else who decided it was best to be a playpen for commentum goons, said in a note to client on Thursday. “It turns out that Goon only took only six days to control,” Catalyst appears to be an announcement Monday that Paramount has earned the exclusive right to showcase all events in TKO Group’s Ultimate Fighting Championship on a $7.7 billion seven-year deal. UFC president and CEO Dana White also promoted the fight for the cage at the White House on the South Lawn. “This looks like a case where things were squeezed down when White rolls the ball and the fool jumps into the ring,” Bilson said, “we call PSKY a newly certified memestock.” According to Factset, PSKY currently sells 15% floats shorter. Bilson said the company’s float has shrunk significantly since trading closed, making it more vulnerable to “mystery” by momentum traders. With small amounts of stocks available for trading, big pops can cause a “short aperture” where hedge funds are lacking. Paramount was down 6% on Thursday.
