Wendy's jumps 30% as meme-stock traders trigger NYSE halt
What's new: About 23% of Wendy's free float was sold short, leaving the burger chain exposed to a squeeze as Reddit chatter surged.
Wendy's shares surged Wednesday in a meme-stock rally that briefly halted trading on the New York Stock Exchange for volatility. The fast-food chain climbed more than 42% at one point and last traded up about 30% after touching $8.89 a share. CNBC reported the move appeared far larger than any reaction to Wendy's naming former Potbelly executive Steven Cirulis as chief financial officer and chief strategy officer. Retail traders had pushed Wendy's to the second-most mentioned stock on Reddit trading forums over the previous 24 hours, with posts casting the company as a turnaround play. S3 Partners data cited by CNBC showed roughly 23% of Wendy's free float was sold short, a setup that can intensify gains if short sellers rush to cover.
Earlier in this story
- 4 hours agoWendy's jumps 25.7% as retail traders drive meme-stock squeeze
- 11 hours agoWendy's jumps 30% as meme-stock traders trigger NYSE haltreading now