New kids on the block: Fresh batch of meme stocks arrives

Trading in so-called meme stocks took off this week, with chatter abuzz on the potential for short squeezes.

Another batch of names has been added to the meme-stock frenzy as retail traders latched on to their latest favorites Wednesday. Prison operator GEO Group Inc. soared 60% and Clean Energy Fuels Corp. jumped 24% as of 2:32 p.m. in New York, supplanting names like ContextLogic Inc. and Clover Health Investments Corp. that had led the charge higher on Tuesday. In Europe, Air Berlin jumped 138% after surging 54% the day before. Meanwhile, shares of fast-food restaurant chain Wendy’s Inc. reversed gains from Tuesday after both Northcoast and Stifel downgraded the stock to hold-equivalent recommendations from buy. Trading in so-called meme stocks took off this week, with chatter building on WallStreetBets and other social media platforms on the potential for short squeezes as investors in the forums rallying against short sellers.