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It’s a new day, and meme traders have found more stocks to put on the pedestal.
Reddit-obsessed retail traders targeted wearable camera firm GoPro and doughnut maker Krispy Kreme on Wednesday, triggering wild price swings in the names. GoPro surged as much as 73% during the session before ending the day up 12.4%. Krispy Kreme popped 39% at its session high and closed the day gaining just 4.6%.
The cohort seemed to have already ditched their old love OpenDoor, whose shares fell another 20% following a wild speculative run. Kohl’s, which also had a crazy few sessions, dropped 14.2% Wednesday.
GoPro shares one-day chart
Much like OpenDoor, GoPro is also a beaten-down penny stock, trading consistently below $1 this year. Krispy Kreme is another cheap stock, selling around $4 apiece. The doughnut chain has 28% of its float shares sold short, while GoPro has about 10%, according to FactSet.
The two stocks were heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.
“YOLO DNUT,” one post on WallStreetBets reads. YOLO stands for “you only live once” and is used to describe a high-risk, all-in trading strategy.
Krispy Kreme stock one-day chart
The heightened speculative activity on Wall Street coincided with a record-setting rally in the broader market as investors breathed a sigh of relief amid better-than-feared tariff headlines. The S&P 500 closed at another record high Tuesday, bringing its 2025 gains to more than 7%.
“We attribute the initial phase of the junk rally to removal of downside risks to U.S. GDP with passage of the OBBB bill, hopes for several Fed rate cuts between now and Y/E, stronger than expected U.S. economic data, and tariff news flow being not as bad as feared,” Wolfe Research said in a note to clients.
