Why Dole Stock Became a Meme Stock and Jumped 6%
Remember that you heard it here first: The Dole (NYSE: DOLE) fruit company is now a meme stock.
As Marketwatch reported this morning (OK, so I guess you actually heard it here second), "Reddit's 'Apes' have gone bananas and made Dole ... a meme stock." Turns out this morning, momentum traders on Reddit decided that a fungicide-resistant fungus is going to devastate South American banana crops this year, boosting prices on the fruit and fattening Dole's bottom line as a consequence.
And Dole stock is up 6.3% as of 12:30 p.m. EDT because of this report.
Source Fool.com
