Wendy’s swings lower after 25.7% meme-stock surge fizzles

Wendy’s shares fell nearly 7% on Thursday, giving back ground a day after the fast-food chain posted a 25.7% jump in its biggest one-day gain since June 2021. The stock had climbed by double digits earlier in the session before turning lower as a burst of retail trading enthusiasm lost momentum. CNBC reported the rally appeared detached from company fundamentals and was fueled instead by Reddit posts casting Wendy’s as a company worth “saving.” Vanda Research identified Wendy’s as the most extreme example of unusual retail buying that day, with net purchases running more than seven times recent norms. The move followed Wendy’s appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer.