Daily stock watch: WallStreetBets has got people watching Kohl's
Increased Reddit chatter about Kohl's high short interest fueled the stock's rise.
Krispy Kreme, Rocket Companies, Lockheed Martin, and NIO also saw notable premarket moves.
This is where they were trading premarket at 7 a.m. ET Wednesday — and what's driving the moves.
1. Kohl's
The move: The department store giant was down 0.4% to $14.29 after jumping about 38% by the close on Tuesday.
Why: The stock surged after chatter on WallStreetBets Reddit thread about Kohl's stock's high short interest, which prompted retail investors to pour in.
2. Krispy Kreme
The move: The doughnut chain soared almost 20% to $4.96 per share, bringing total gains since the beginning of the week to over 50%.
Why: Discussions across Reddit, X, and other platforms about a potential short squeeze have fueled interest in Krispy Kreme, despite its first quarter results, its most recent, showing a 15% decline in revenue year-on-year.
3. Rocket Companies
The move: Rocket Companies surged more than 6% to $17.07 per share following an increase of about 6% on Tuesday.
Why: The Detroit -based financial services firm is set to announce its results for the second quarter next week. Analysts expect the company to report a boost in earnings after closing its acquisition of Redfin.
4. Lockheed Martin Corporation
The move: The American defense and aerospace manufacturer was up nearly 1% to $414.05 a share after falling 11% by Tuesday's close.
Why: Lockheed Martin reported an 80% fall in profits in its second quarter on Tuesday. It said it lost $1.6 billion to pretax charges connected to a classified defense program.
5. NIO
The move: The Shanghai-headquartered, NYSE-listed EV maker rose 4% to $5.20 a share, having shot up almost 11% on Tuesday.
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