Kohl’s stock is rising amid a brief interest in Reddit posts

Stocks Coles It surged on Tuesday morning with volatile trading, reflecting recent memestock rallies.

Legacy Department Store stocks more than doubled from their closing price of $10.42 per share on Monday, but their profits were wiped out about 30 minutes after the market opened. Share trading temporarily halted Tuesday morning.

Still, the stock was trading more than 30% higher by around 11:30am. The shares have been paced on the best day since January 24, 2022, with the stock winning 36% after Cole received an acquisition offer from private equity company Sycamore Partners.

Meanwhile, trading volumes late Tuesday morning were nearly 17 times the average over the past 30 days.

There were no obvious company announcements or major stock ratings to send stocks that surge on Tuesday, but Coles has all the markings on meme stocks. According to FactSet, this is a heritage hub that many retail investors grew up shopping and shopping, and is a massive short-circuit as there is a shortage of about 50% of the stock.

It has a vast retail footprint of over 1,100 stores, and has been targeted in recent years for acquisition offers, activist campaigns and bankruptcy watchlists.

There was a recent chat about Cole stock at the Wall Street Bet Forum redditit has become popular among GameStop Short filters for 2021. Some noted it as a potential narrowing option, taking into account the short interest and recognition of its name among retail investors.

If investors gather in a significantly reduced inventory, people with short positions may buy more to cover their losses.

Beyond stock prices, Cole’s business has struggled for several years. Its sales are declining and faces increasing competition, and is now led by an interim CEO after former CEO Ashley Buchanan was kicked out into a conflict of interest scandal.

In May, Coles said it expects sales to fall between 5% and 7% in fiscal year 2025, with comparable sales falling between 4% and 6%.