Wendy’s becomes first fast-food stock to enter meme stock marketing
Burger and fast-food chain Wendy’s secured the honour of becoming the first fast-food stock to enter into the red-hot meme stock marketing.
Shares of Wendy’s skyrocketed by 16% during early afternoon trading on Tuesday after a mention by traders on Reddit in support of the company.
The Wendy’s ticker page was the second most visited on the Yahoo Finance platform, following other meme fans favourite Clover Health.
Wendy’s share prices outnumbered the small dip in meme stock favourite AMC Entertainment and a 6% increase in the master of meme trading, GameStop.
“We’re aware of the unusual trading activity this morning and we’re closely monitoring,” Wendy’s spokesperson told Yahoo Finance.
The burger chain’s U.S. same-store sales in the first quarter soared by 13.5%, due to diners heading back out after receiving their COVID-19 vaccine and releasing the chain’s new breakfast menu.
The company’s same-store sales internationally increased by 7.9%.