: WeWork stock more than doubles in 2 days, after closing at a record low


Shares of WeWork Inc. WE, +86.97% rocketed 80.8% on heavy volume in afternoon trading Tuesday, enough to make them the best performers trading on major U.S. exchanges, and have more than doubled in two days. Trading volume spiked to 47.5 million shares, compared with the full-day average over the past 30 days of about 2.4 million shares. The stock’s rally, which would be it’s biggest one-day gain since it started trading under the “WE” ticker on Oct. 21, 2021, comes even though the troubled flexible work space provider has not released any news Tuesday. The company has not immediately responded to a request for comment or information. The stock had rallied 15.9% on Monday — it’s up 109.1% in two days — after plunging 43.9% amid a five-day losing streak to close Sept. 8 at a split-adjusted record low of $2.65. The company’s 1-for-40 reverse stock split took effect at the market open on Sept. 5, which effectively multiplied the stock’s price by 40. Also last week, the company said it will look to renegotiate all of its leases, as its lease liabilities remain too high and “dramatically out of step with current market conditions.” The stock has still plunged 90.3% year to date, while the S&P 500 SPX, -0.57% has climbed 16.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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