After GameStop became a so-called ‘meme stock’ phenomenon, investors have turned their sights on some other struggling stocks in an attempt to drive share prices higher.BRENDAN MCDERMID/Reuters
Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making headlines. Our business reporters come up with the questions, and you can show us what you know.
This week: Meme stocks are back, and moving on from GameStop. Where are they going instead? Take our quiz and find out.
c. Algoma Steel is seeking help from Ottawa as it struggles to deal with U.S. President Donald Trump’s move to impose a 50-per-cent tariff on steel imported into the United States. Before the trade war began, Algoma sold roughly 60 per cent of its output to the United States.
b. A nuclear power plant in Britain. The Caisse is betting billions on the Sizewell C nuclear project in eastern England. If all goes as planned, the fund will become the second-largest owner of the new reactor, which is expected to be completed sometime in the late 2030s.
a. $1.1-billion. Ottawa says it has spent $1.1-billion since 2017 to house asylum seekers in hotels. That is on top of $1.5-billion it has given provinces and cities to help pay for refugee claimants’ upkeep.
d. 15 per cent. The U.S. will charge a 15-per-cent tariff on Japanese goods under the new deal. Mr. Trump had previously threatened a 25-per-cent levy.
a. They rose to record highs. It’s amazing how quickly attitudes can change. A 15-per-cent tariff on Japanese goods would have been considered draconian a few months ago. Now markets are hitting record heights on relief that the tariff disruption isn’t worse.
c. US$1.1-billion. GM said U.S. tariffs cost it US$1.1-billion in the second quarter, reducing its profits by 35 per cent. It warned that the financial impact of Mr. Trump’s trade policies will rise.
d. All the above. Social media hype is driving investors to doughnut maker Krispy Kreme, camera maker GoPro and plant-based meat maker Beyond Meat. All three companies are facing problems and have seen their share prices slide in recent years. That has prompted the meme crowd to pile in and attempt to drive the shares higher.
a. Social media scams featuring its chief executive Prem Watsa. Fairfax Financial told investors to steer clear of social media scams featuring stock recommendations that the scammers falsely claim are the work of Fairfax chief executive Prem Watsa. Mr. Watsa, a famed value investor, is notoriously tight-lipped about his market moves and isn’t sharing stock tips with social media followers.
d. Astronomer.They worked for Astronomer, which says it offers an “industry-leading data orchestration and observability platform.” Whatever that means.
b. A “few rough quarters”. Mr. Musk said the U.S. government’s decision to cut support for electric vehicle makers could lead to some rough quarters for Tesla. However, he claimed that the problems will be forgotten when a wave of revenue from self-driving software and services begins late next year.
b. A diner. Mr. Musk opened the Tesla Diner in Hollywood. It has car-charging stations, two movie screens and serves classic diner fare. If it proves a success, Mr. Musk says he plans to open similar diners in major cities around the world.
c. Four big banks have decided that remote work is no longer where the future lies. Bank of Montreal, Bank of Nova Scotia, Royal Bank of Canada – and now Toronto-Dominion Bank, too – have informed staff in recent weeks that they will be required to be back in the office four days a week. Royal Bank and Bank of Nova Scotia are both looking for more office space to accommodate the returnees, sources say.