A Most Remarkable Rally: Kohl’s Stock and the Mysterious Case of the Meme-Squeeze
Now, one might have expected some grand announcement from the company—a new line of bespoke hosiery, perhaps, or a strategic alliance with a certain Mr. Wodehouse himself—to account for this peculiar vigor. Alas, no such epistle arrived. Instead, the stock became the darling of a peculiar set of investors who, with the enthusiasm of a man ordering a third helping of trifle at a garden party, decided to rally behind it. Short sellers, those uninvited guests at the feast, found themselves in a rather awkward pickle, for the sudden demand for Kohl’s shares forced them to buy back their borrowed securities at a most inconvenient pace. Bingo! A short squeeze, as neat as a bow on a Christmas present.