Shares of Williams-Sonoma (NYSE: WSM) were moving higher today primarily due to a case of mistaken identity.

The launch of a Wall Street Memes token with the same ticker (WSM) seemed to cause some investors to buy Williams-Sonoma stock. On X, formerly known as Twitter, most references to the cashtag "$WSM" were to the Wall St. Memes token, not Williams-Sonoma, evidence of the confusion.

As a result, Williams-Sonoma stock was trading up 11.5% as of 3:26 p.m. ET Monday.

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Source Fool.com