US EditionInvestors Breathe Life Into New Batch of Meme Stocks as Kohl’s and Opendoor Technologies Surge
UNITED STATES, JUL 22 – Kohl's stock surged over 100% amid a suspected short squeeze with nearly half of shares sold short and trading volume 11 times average, prompting a temporary halt.
- On Tuesday, Kohl's shares surged, rising up to 105% at the open and briefly halting trading amid high volatility, Bloomberg News reported.
- High short interest combined with retail chatter, no catalyst, setting the stage for Kohl's surge, with about 50% of shares shorted, according to Factset.
- Volume surged to 11 times its 25-day average, with about 87 million shares traded by 10 a.m. ET, and the stock last up 30% at US$13.32 after the halt.
- Steve Sosnick of Interactive Brokers said, `'It’s all social media chatter,' underscoring market sentiment versus fundamentals,'`, highlighting speculative retail-driven moves.
- With more than 1,100 stores, Kohl’s continues to attract activist interest, and its upcoming earnings on November 26 face headwinds from falling sales and leadership changes.
54 Articles
54 Articles
Kohl's reaches "meme stock" status in latest stock surge
NEW YORK, NY— Over the past 24 hours, Kohl’s share prices have doubled from $10.41 per share on Monday to almost $20 on Tuesday. Many economic and finance experts says this move on Wall Street is being performed by who have labeled Kohl’s as a ‘meme stock’, meaning they have the backing of young and inexperienced investors. Marquette Associate Professor Finance David Krause says he personally doesn’t believe that Kohl’s has reach the status of b…
Associated Press News
Investors breathe life into new batch of meme stocks as Kohl's, Opendoor Technologies surge
Investors are again turning to meme stocks in the hopes of scoring quick gains. The latest meme stocks are Kohl’s and Opendoor Technologies, two companies with struggling businesses.
According to the original report, Kohl's (KSS) shares skyrocketed more than 30% on Tuesday morning, leading the New York Stock Exchange to stop its trade due to high volatility.This phenomenon is similar to Opendoor (OPEN), which has also seen significant movements in its recent stocks.A rise and fall in the marketIn the pre-opening market, Kohl's shares reached a rise of more than 100%, opening at approximately $10.70 and rising to $21.39 at th…
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