Sydney Sweeney is now moving the stock market
Sydney Sweeney has great jeans.
That’s the tagline for American Eagle’s newest ad campaign, and in this market environment, you better believe that’s enough to send shares sharply higher.
The stock rose 6% on Wednesday as the actress’s affiliation with the apparel seller was unveiled, and is up double digits this morning. It’s one of the top trending stocks on the r/WallStreetBets subreddit, per data from Swaggy Stocks.
And 32,273 call options changed hands on Wednesday, versus a 20-day average of 2,431.
If one part of the appeal about meme stocks is the potential to make a quick buck, another part is nostalgia, and another part is who you get to associate yourself with during these campaigns... well, it appears that some men on the internet are eager to feel some sort of connection with Sydney Sweeney, judging by dozens of posts I have enough sense not to share.
However, I will observe the acronym “DD,” commonly used as shorthand for “due diligence” in finance and on the r/WallStreetBets subreddit — that is, the rationale of one’s case for or against a stock — is being reappropriated en masse for a different purpose in this instance.
That being said, there’s also some interesting commentary on the fundamental and technical merits of such a position:
