Shares of Paramount Skydance, the newly merged entity now headed by David Ellison, shot up by double-digits on Wednesday — despite no news indicating a change in the media company’s financial outlook.
As of 2:30 p.m. ET, shares of the new Paramount, trading under the symbol “PSKY” on the Nasdaq exchange, were up 38% to $15.12 per share. That came after the stock hit an intra-day high of $17.53/share around 1:10 p.m. ET, a 60% bump from the previous price price.
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That led Wall Streeters to conclude that Paramount Skydance was seeing a “meme stock” bump. According to Merriam-Webster, a meme
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