Sydney Sweeney sparks latest meme stock rally as American Eagle soars 18%
The "Euphoria" and "Anybody But You" star will headline a fall campaign for the retailer, American Eagle announced Wednesday. Shares of the company surged nearly 18% in Thursday premarket trading.
Thursday's jump makes American Eagle poised to join the ranks of a new class of meme stocks that has emerged this week. American Eagle's high short interest and inherent brand recognition make it a prime candidate for meme-obsessed retail traders, who have been sending specific stocks on volatile rides in recent days.
GoPro and Krispy Kreme came into the fold after the pair saw wild trading in Wednesday's session. Earlier in the week, meme traders had focused attention on Opendoor Technologies and Kohl's.
More than 13% of American Eagle shares available for trading are sold short, according to FactSet data. The stock generated discussion among users on the Wall Street Bets Reddit page, a popular forum for retail investors, beginning Wednesday night. As investors betting against the stock move to cover their hefty short position, it can fuel some artificial buying in the shares.
Sweeney's campaign will center on American Eagle's denim jeans, according to the company. That comes as retailers lean into the growing preference for the fabric amid a boom in popularity for Western styles.
"With Sydney Sweeney front and center, she brings the allure," Jennifer Foyle, the company's president and executive creative director, said in a statement. "We add the flawless wardrobe for the winning combo of ease, attitude and a little mischief."
Thursday's action can provide a reprieve for the battered stock, whose shares have tumbled around 35% so far in 2025 through Wednesday's close.
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