Recently remodeled Wendy’s hamburger restaurant showing entire store, northern Idaho. (Photo by: Don & Melinda Crawford/Education Images/Universal Images Group via Getty Images)
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An explosive start to the trading day for Wendy’s meant that trading of the fast-food chain’s stock needed to be halted multiple times during the day.
By the numbers:
After trading at $6.25 the previous night, Wendy’s stock opened Wednesday morning more than a dollar and a half higher at $7.84 per share. Ten minutes later, the stock price jumped another dollar to $8.84, or 41% higher than it was Tuesday night. It retreated to $7.86 by close, but again topped the $8 mark in after-hours trading.
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Big picture view:
At its peak Wednesday, Wendy’s stock price, which has lost more than two-thirds of its value in the past three years, reached its highest point since November of last year.
Dig deeper:
The restaurant chain’s meme-stock-like run on Wednesday was similar to scenarios in 2021 that affected video game retailer GameStop and movie theater chain AMC, Reuters reported, noting how those cases burned hedge funds.
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