Shares of Kohl’s surged in volatile trading reminiscent of meme stock rallies. The stock doubled before dropping, but still traded over 40% higher by 2 p.m. ET. Trading volume was 17 times higher than average. With no major news, Kohl’s fits the meme stock profile due to heavy short interest and speculation on Reddit. Despite the stock surge, Kohl’s business fundamentals remain weak, with falling sales and rising competition. Former CEO was ousted in May over a conflict-of-interest scandal. Sales expected to fall in fiscal 2025.

Read more at CNBC: Kohl’s shares rise amid short interest, Reddit posts