Kohl’s Corp. shares more than doubled Tuesday, minting it as the newest meme stock, amid an influx of mentions by retail traders on social media.
The retailer’s stock price soared as much as 105% when the equity market opened, its largest one-day jump ever, bringing it to $21.39, a level last seen nearly a year ago. The shares were briefly halted for volatility after paring their gains and were up about 36% to more than $14 as of 11:13 a.m. in New York. Before Monday, the shares had been trading in the single digits since March 11.
“It’s all social media chatter,” said Steve Sosnick of Interactive Brokers. “Remember that a highlight of the meme stock era was a dose of nostalgia for companies like GameStop and AMC. Social media chatter can become self-fulfilling.”
A Kohl’s spokesperson didn’t immediately respond to a Bloomberg News request for comment.
Bloomberg’s Mary Ross-Gilbert reports.
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