Shares of Express (NYSE: EXPR) soared Monday along with other WallStreetBets stocks such as GameStop and Koss , as day traders appeared to pile into the same names that have been popular in the Reddit group since the beginning of the year.
There was no company-specific news out on Express. However, the market is more broadly rotating out of high-value tech stocks and into value plays that are likely to benefit from the economic reopening -- a category that includes apparel retailers like Express. The company will also report fourth-quarter earnings on Wednesday morning, and strong results could support Monday's gains.
The stock closed the session up by 61.8% on high-volume trading, with the average share changing hands more than once.
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Why Express Stock Was Screaming Higher Today