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Krispy Kreme Joins Meme-Stock Frenzy
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, July 24. In today's briefing, struggling donut maker Krispy Kreme joins the surge in meme stocks like Opendoor Technologies and GoPro in a renewed wave of speculative trading.
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Krispy Kreme shares surged 25% Wednesday. Some analysts are wondering if such exaggerated stock moves are the result of investor complacency or the gamification of investing. Photo: Justin Sullivan/Getty Images
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Krispy Kreme Joins the Meme Stocks. How These Two Trends Have Powered the Revival.
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The recent revival in meme stocks, evident in today’s 25% surge in Krispy Kreme, could reflect both a targeting of investors betting against the bull market and the impact of passive investment strategies that have sapped liquidity and stoked volatility.
Opendoor Technologies appeared to resurrect the meme-stock theme, birthed in 2021 by the meteoric surge in videogame retailer GameStop, by soaring more than 188% last week. Several names have followed, including Beyond Meat, which is up nearly 12% on Wednesday, and gadget maker GoPro, which is up 50%.
The moves have left some analysts and commentators on Wall Street wondering if the revival is yet another sign of investor complacency, or the logical extension of the so-called “gamification” of investing, powered by the massive expansion of online platforms—such as Robin Hood and Coinbase Global.
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Kohl’s and Opendoor Headline a New Class of Meme Stocks
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Individual investors are once again loading up on a group of unloved stocks and taking to social media to defend them from the haters and the short sellers. Meet the cast of the meme-stock craze, season two.
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Bankruptcy Pressures Persist for U.S. Gaming and Hospitality, Fitch
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Recent bankruptcy filings among gaming, leisure, lodging and restaurant companies continued to attribute their challenges to the lingering pandemic aftershocks, according to a Fitch Ratings report. Rising costs, tighter consumer spending, high interest rates and intense competition have also pressured these sectors.
Maverick Gaming, Blink Fitness and Hornblower were among recent chapter 11 filers. Chains like Red Lobster and BurgerFi also used bankruptcy to shed unprofitable locations and renegotiate lease terms.
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Podcast: Musk Taps Into Private Credit to Fund AI Ambitions
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LISTEN: To keep his company competitive in a wild and costly AI battle, Elon Musk is seeking up to $12 billion for xAI as it looks to build a new data center. Plus, Republican leaders in the House have cut short this week’s session as the furor over disclosures from the Jeffrey Epstein investigation continues. “Buy now, pay later” plans become more popular among Americans, but they might hurt their chances of mortgage or credit-card approval. WSJ personal economics reporter Imani Moise discusses why banks are worried about the rise of “buy now, pay later.” Alex Ossola hosts.
Sign up for the WSJ's free What's News newsletter.
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Tariff-Hit Clients Are Reviewing Spending on Cloud Services, SAP CEO Says
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Some clients of German business-software group SAP are taking longer to sign up for its services amid uncertainty from President Trump’s tariffs, its chief executive said.
Unlike many tech companies that rely on hardware sales, SAP is relatively insulated from the direct impact of levies since it generates revenue from cloud and software services. However, the group is still vulnerable to economic uncertainty that is prompting some of its clients to review their spending plans.
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The Justice Department’s bankruptcy monitoring program is losing 171 staffers who have so far accepted the Trump administration’s offer to participate in its deferred resignation program. (Bloomberg)
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