Wendy's stock soars as meme traders target the struggling fast-food chain

Retail investors flooded into Wendy's stock after the struggling chain named a new CFO, with short interest above 23% fueling squeeze speculation

NurPhoto / Getty Images

Wendy's $WEN stock jumped more than 20% in premarket trading Wednesday after the fast-food chain named Steve Cirulis as chief financial officer and chief strategy officer, a move that touched off a wave of retail investor enthusiasm centered on the chain's potential as a short-squeeze target.

Wendy's stock was more traded in premarket hours than chip makers Micron $MU and Intel $INTC, with more than 14 million shares changing hands before the opening bell, according to Barron's. A sustained close at those levels would mark the stock's........

© Quartz