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Investing.com -- American Eagle (NYSE:AEO) shares jumped 14.6% in premarket trading on Thursday, extending Wednesday’s gains after the apparel retailer announced a campaign featuring actress Sydney Sweeney.
The stock initially rose 6.2% during Wednesday’s regular trading session when the campaign was first announced.
The rally accelerated in after-hours trading and continued Thursday morning, with shares climbing as much as 25% in premarket trading before moderating.
American Eagle has attracted attention on Reddit’s WallStreetBets forum, a community known for driving meme-stock rallies in the past.
According to data from S3 Partners, approximately 13% of American Eagle’s float is currently sold short.
The significant price movement follows the announcement of Sweeney as the face of the retailer’s new campaign, though specific details about the partnership were not provided in the available information.
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