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Wendy’s $WEN stock surged as much as 37% in premarket trading with no major news.
The move appears to have started after a WallStreetBets post called on traders to “save Wendy’s before it’s too late.”
Wendy’s shares were already down more than 70% since mid-2023, while short sellers had built large bearish positions.
That is the perfect setup for a meme-stock squeeze.