Wendy's jumps 25.7% as retail traders drive meme-stock squeeze

Wendy's shares surged Wednesday in a retail-driven rally that sent the fast-food chain up as much as 42% intraday before it closed 25.7% higher at $7.86. Trading was briefly halted by the New York Stock Exchange for volatility after the stock resumed and hit $8.89. The move followed Wendy's appointment of former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer, but market data pointed to meme-stock dynamics rather than a fundamental reaction. Wendy's ranked as the second-most mentioned stock on Reddit trading forums tracked by Swaggy Stocks, while Vanda said net retail buying was on pace for its second-highest day on record for the shares. S3 Partners said roughly 23% of Wendy's free float was sold short, setting up the potential for a squeeze.