Teetering WeWork Takes on Meme-Stock Flavor as Stock Surges
- Stock soars 43% after company warned about its finances
- Bullish options activity jumps, adding to the stock rally
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In what has all the contours of a classic meme-stock rally, WeWork Inc. leaped by a record 43%, after earlier soaring as much as 153%, just days after the co-working space provider warned that it may have difficulty staying solvent.
Thursday’s surge drove the stock as high as $0.33 before closing at $0.18, with a flood of options activity likely amplifying the gains. Volumes in bullish options on the stock exceeded bearish bets by more than 100 times as of 1 p.m. in New York. The three most-active options were $0.50 calls for various expiration dates. Most block trades were done at the ask, signaling aggressive buying.