Wendy’s (WEN) took off yesterday and was one of the top 5 most mentioned tickers on WallStreetBets. For those of you that don’t hang around WallStreetBets that often, one of the auto-moderator “bot” accounts usually auto-replies to any post that has a few paragraphs in length by saying “Sir, this is a Wendy’s” suggesting that a due diligence post does no good in a “casino” like forum. Many of the users have adopted this phrase and like to use it when someone is trying to make a serious play among meme-stock traders.
I’m not sure what is more crazy, the fact that Wendy’s was trending or that Jim Cramer actually agreed with WallStreetBets on a stock. Around the same time that Wendy’s began trending, Cramer tweeted this:
Wendy’s stock (ticker WEN) was up 30% pre-market in a what came first a chicken or the egg scenario. Was Wendy’s up because WallStreetBets was interested, or because Jim Cramer had tweeted? Nobody can say for sure, but the stock closed at +25% for the day and was up again in after-hours.
How crazy did it get on WallStreetBets? There were only 4 tickers that ranked higher in terms of comment mentions, mostly bullish of course. In total there were about 1,400 comments for the day, a high benchmark to beat for any ticker.
Will WSB end up adopting Burger King or McDonalds as their next play? I can’t say for sure, but my guess is they will go where the “tendies” go.