Companies Say They Don't Know Why Their Stocks Are Surging

By Akane Otani

Companies caught up in this week's social media-fueled trading frenzy say they don't have a reason to give for why their shares have rocketed higher.

Nokia, whose stock was halted multiple times Wednesday after a dizzying surge, said it was "not aware of any material, undisclosed corporate developments or material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its shares."

Canada-based BlackBerry, another company heavily mentioned on Reddit's WallStreetBets, released a similar statement Monday.

The statements illustrate the somewhat bewildering nature of this week's stock moves: nothing fundamental about these companies' businesses has changed to necessarily justify their stock surge. But when retail traders gather in mass with a handful of targets, as they have this week, they can clearly move prices in a big way.

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(END) Dow Jones Newswires

January 27, 2021 14:01 ET (19:01 GMT)

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