The Next GameStop? Meme Stock Traders Make Biggie-Size Bet on Wendy's
Bitcoin is sinking Wednesday, but retail investors have their eye on a different risk asset, helping shares in fast-food chain Wendy’s (WEN) surge nearly 26%. The McDonald’s and Burger King rival sank as low as $6.08 per share in early week trading, but finished Wednesday trading at $7.86, a more than 25% daily increase after the recently frosty stock was tagged on Reddit as a franchise in need of saving. Shares rose as high as $8.89 in Wednesday trading, and are rising again in after-hours trading as of this writing.