Core Viewpoint - Kohl's Corp. experienced significant volatility in its stock price, reflecting characteristics of a meme stock, despite ongoing struggles in its business operations [1][3][5] Stock Performance - Kohl's shares surged over 100% from a closing price of $10.42 on Monday, but gains were largely erased shortly after the market opened [1] - By 10:30 a.m. ET, shares were still trading approximately 30% higher, with trading volume exceeding ten times the average of the past three months [2] Market Dynamics - There were no major corporate announcements or stock ratings influencing the stock's movement, but the high short interest of about 50% of outstanding shares contributed to its meme stock status [3] - Recent discussions on the Wall Street Bets forum indicated potential for a short squeeze, as retail investors recognized the stock's name and short interest [4] Business Challenges - Kohl's has been facing declining sales, increased competition, and is currently led by an interim CEO following the ousting of the former CEO due to a conflict of interest scandal [5] - The company projected a sales decline of 5% to 7% for fiscal 2025, with comparable sales expected to decrease between 4% and 6% [5]
Shares of department store Kohl's surge 30% in wild trading