Why Krispy Kreme Stock Is Skyrocketing (Again) Today
Shares of Krispy Kreme (NASDAQ: DNUT) skyrocketed on Wednesday morning, reaching prices not seen since early May. The donut shop operator's stock was up 23.2% at 10:50 a.m. ET, down from an earlier peak of 37.7%. Krispy Kreme did not report business results (the Q3 report will drop in November).
The Frankendough Dozen promotion it announced this morning shouldn't have this kind of market-moving power. Instead, Krispy Kreme investors are attempting to unleash a short squeeze with the usual meme stock tricks.
According to meme stock trackers like YoloStocks, Krispy Kreme posts are kicking up a storm in Reddit channels such as r/pennystocks, r/ShortSqueeze, and r/WallStreetBets -- the typical social media venues for no-news meme stock pushes. Notably, Krispy Kreme is not one of the 10 most-discussed stock tickers in more serious Reddit channels like r/Investing or r/Stocks today.
Source Fool.com
