Audible Shares Skyrocket
Investors flocked to shares of Audible (ADBL) on Wednesday, a day after the company narrowed its fourth-quarter loss and beat analysts' projections on both the top and bottom lines.
The audio book company's stock shot up 212% in recent trading, tacking on $1.73 to $9.68 in heavy volume.
The Street's reaction to the quarter was largely positive, with several Wall Street analysts boosting their ratings on the shares to buy. Still, at least one analyst said the huge price jump was likely due to the "proverbial short squeeze."
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