GoPro, Krispy Kreme join the meme party as Wall Street speculation ramps up
Reddit-obsessed retail traders targeted wearable camera firm GoPro and donut maker Krispy Kreme on Wednesday, pushing shares up 63% and 33%, respectively, in premarket trading. The cohort seemed to have already ditched their old love OpenDoor, whose shares fell another 9% following a wild speculative run.Much like OpenDoor, GoPro is also a beaten-down penny stock, trading consistently below $1 this year. Krispy Kreme is another cheap stock, selling around $4 apiece. The donut chain has 28% of its float shares sold short, while GoPro has about 10%, according to FactSet.
The two stocks are heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.
"YOLO DNUT," one post on WallStreetBets reads. YOLO stands for "You Only Live Once" and is used to describe a high-risk, all-in trading strategy.
The heightened speculative activity on Wall Street coincided with a record-setting rally in the broader market as investors breathed a sigh of relief amid better-than-feared tariff headlines. The S&P 500 closed at another record high Tuesday, bringing its 2025 gains to more than 7%.
"We attribute the initial phase of the junk rally to removal of downside risks to U.S. GDP with passage of the OBBB bill, hopes for several Fed rate cuts between now and Y/E, stronger than expected U.S. economic data, and tariff news flow being not as bad as feared," Wolfe Research said in a note to clients.
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