Why Party City Stock Was Popping Today

Shares of Party City (NYSE: PRTY) were soaring today as the struggling party-themed retailer seemed to become the latest retail stock to benefit from a short squeeze. There was no fundamental news driving Party City shares higher. Instead, it seemed to be benefiting from similar behavior in meme stocks like Bed Bath & Beyond and GameStop as traders have banded together on forums like Reddit's WallStreetBets to execute a short squeeze and drive the stocks higher.