Krispy Kreme Stock Spikes
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Krispy Kreme (DNUT), Opendoor (OPEN), Rocket Mortgage (RKT) and Kohl’s (KSS) had become the meme stocks of the moment, along with a new moniker from traders — “DORK,” a reference to the first letters of their tickers.
WallStreetBets, the infamous subreddit credited with helping to spawn the meme-stock phenomenon, is giving its regular readers a taste of what it was like during the trend’s heyday in early 2021.
The latest meme-stock frenzy shows that “market psychology and crowd behavior can sometimes matter more than the numbers,” says Capital.com analyst Daniela Sabin Hathorn
As a result, Krispy Kreme's short interest had increased to 14.2% of shares outstanding, but a higher 26.4% of its publicly traded float, as of June 30. That's a high-enough short interest, especially in a lower-float stock, to cause a big move on a surge of unexpected buying. And it appears meme stock traders happened to target Krispy Kreme today.
Kohl's and Krispy Kreme have been subject of online chatter, including on WallStreetBets, about their potential. Rocket Companies is up 6%.
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To celebrate its 88th birthday, the chain will let you buy a dozen Original Glazed donuts for under a buck, but you have to make an additional purchase. If you’re on the way to the office this morning and want to pick up some treats for your colleagues,