Kohl’s goes haywire as r/WallStreetBets is at it again
It’s a banner day for those among us who shake their ass for Kohl’s cash.
Shares of the department store are mooning, and were halted for volatility by the NYSE less than 10 minutes into the session after being up more than 100% and then paring that advance to a gain of 62%. After the halt, shares are still up more than 40%.
75 million shares traded by 9:51 a.m. ET. That is already a daily record for the stock!
Per exchange data, about 50% of its float was sold short at the end of June, making the stock a prime opportunity for a potential squeeze. Shares rose nearly 9% on Monday, with call volumes hitting 74,205 versus a 20-day average of less than 20,000. On Tuesday, 66,173 call options have changed hands less than 25 minutes into the session, which includes a five-minute period when shares were not able to be traded.
The folks on the r/WallStreetBets subreddit have some interesting thoughts on the price action.
(Notably, there are a lot of commenters who say they’ve played this from both sides during the first few minutes of trading!)
And, to be sure, the options activity is heavy on both sides: as of 9:52 a.m. ET, 55,734 put options have changed hands, as well.
Per SwaggyStocks, it’s the most commented-on ticker on the subreddit over the last 12 hours. And it’s rare to see anything supplant Tesla!
