Why Tanger Factory Outlet Centers Dropped as Much as 10% Today
Shares of mall real estate investment trust (REIT) Tanger Factory Outlet Centers (NYSE: SKT) fell around 10% at one point in morning trading today. It's highly likely that the move is directly related to the gains this retail landlord saw last week. There's an important lesson here.
Last week, a Reddit message board pushing people to attempt short squeezes in numerous stocks, of which Tanger was one, gained international attention and the ire of more than one politician. Caught up in the frenzy, Tanger's stock was higher by around 50% at one point over the past five days.
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Source Fool.com
