Kohl's, Opendoor Surge in Meme Stock Rally

Kohl's Corp. shares surged over 100% in early trading before closing about 30% higher, triggered by a meme-stock rally fueled by retail investors on platforms like Stocktwits and Reddit’s Wall Street Bets. The stock experienced multiple temporary trading halts amid extreme volatility and high short interest, with about 50% of its float sold short. This trading activity mirrors earlier meme-stock episodes such as GameStop and AMC, with volumes far above normal and no new corporate developments. Kohl's continues to face business headwinds, such as declining sales, recent CEO turnover due to scandal, and persistent bankruptcy rumors, but speculative trading has overshadowed these concerns. Opendoor Technologies, a real estate platform, also saw a dramatic rally as meme traders returned to riskier assets. Analysts warn that these surges are driven by momentum rather than company fundamentals, recalling the speculative fervor of the 2021 meme-stock craze.