Shares of Wendy's experienced a sharp decline exceeding 14% during after-hours trading Wednesday following a Reuters report confirming that Nelson Peltz's Trian Fund Management has shelved any immediate intentions to pursue a take-private transaction for the fast-food operator.
Shares of Wendy's declined 2.6% during Friday's premarket session following the company's announcement of a dividend reduction and withdrawal of annual guidance, compounding a 7.5% loss from the previous trading day.
Shares of Wendy's climbed 22% to reach $7.63 during Wednesday's session, posting trading volume that rivaled semiconductor heavyweights Micron and Intel in early market hours. The dramatic price action followed an organized campaign on Reddit's WallStreetBets community urging retail traders to buy the struggling fast-food operator.