🍔 Wendy's becomes the latest WallStreetBets favorite

Wendy's ($WEN) surged 42% in a single session, its biggest one-day gain since the rebound from the 2020 market crash.

The rally started after the company appointed Steven Cirulis, a former Potbelly executive, as CFO. But the scale of the move had more to do with market positioning than management changes.
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Just one day earlier, Wendy's had fallen to a 13-year low of $6.07, down nearly 40% over the past year after weak results that included a 5.5% decline in sales and a 42% drop in net income.
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At the same time, short interest reached a record 26%, creating conditions for a potential short squeeze. As the stock rose, short sellers were forced to buy shares back, adding more fuel to the rally.
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The stock also became the second most discussed name on WallStreetBets over the last 24 hours, drawing comparisons to the meme-stock frenzy that lifted GameStop and AMC in 2021.
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The difference this time is that Wendy's entered the rally with one of the highest short interests in its history.

✔️ @venture

❕ Morgan Stanley and Others Limit Withdrawals Amid Rising Redemptions

Morgan Stanley is restricting withdrawals from its $7 billion North Haven Private Income Fund after 11.6% of investors sought redemptions this quarter, up slightly from before.

The bank is fulfilling only about 43% of requests.

Apollo paused withdrawals from a large private credit fund after redemption requests hit $2.4 billion (16.8%), imposing a 5% quarterly cap.

Partners Group, with an $8.6 billion fund, limited withdrawals after requests surged to 9.8%, nearly double its limit. The Swiss firm’s shares fell 13% in Zurich.

Blackstone Mortgage Trust issued a $343 million loan tied to a June 9 default on a Chicago skyscraper. The 2018 loan included about $159 million in commercial mortgage-backed securities.

Redemption gates are often an early sign that stress is spreading through the financial system.

✔️ @venture