Why fuboTV Stock Closed 9.9% Higher on Monday
Shares of fuboTV (NYSE: FUBO) rose 9.9% on Monday despite a nearly total lack of news from or about the TV-streaming company. This stock often follows along when other heavily shorted tickers are getting a push from Reddit's WallStreetBets (WSB) channel, and that was the case again today.
The only company-specific news was a report about all of fuboTV's preferred stock having been exchanged for a larger number of common shares, thus simplifying the company's shareholder structure to a single class of ordinary shares. That's hardly market-moving news -- more like reshuffling the paperwork on an accountant's desk.
At the same time, WSB traders drove several of their favorite stocks higher today, led by GameStop's (NYSE: GME) 18.3% gain on heavy trading volume. fuboTV is almost as heavily shorted as GameStop these days, so it's no surprise to see the sports-focused media streamer tagging along.
Source Fool.com
