According to a Bloomberg News report, Patel noted during his testimony in Congress that he saw “good investment” opportunities in Krispy Kreme and ON Semiconductor Corp.
Krispy Kreme (DNUT) shares jumped over 6% before the bell on Thursday and witnessed a 633% increase in retail user message count on Stocktwits after FBI Director Kash Patel reportedly noted the company has a “good investment” opportunity.
According to Bloomberg News, during his testimony in Congress, Patel was asked about his purchase of individual stocks while in office. The report added that Patel explained he has “long liked” to trade stocks.
Patel noted that he saw “good investment” opportunities in Krispy Kreme and ON Semiconductor Corp. (ON), according to the report. “I just follow certain industries,” he said at the hearing, “and I thought they would be a good investment.”
A user on Stocktwits noted that it was “crazy” that a Senate oversight meeting led to a boost in stock price for a donut company.
https://stocktwits.com/Werewolfoflondon/message/629073308
Retail sentiment on Krispy Kreme jumped to ‘bullish’ from ‘bearish’ territory a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits.
In July, Patel had disclosed that he had purchased between $15,000 and $50,000 worth of Krispy Kreme shares and between $50,000 and $100,000 worth of ON Semiconductor shares.
Bloomberg noted that Joe Neguse of Colorado directed the question to Patel in the context of a growing bipartisan initiative aimed at prohibiting members of Congress from trading individual stocks.
The report said that the proposed measure is part of a broader campaign to strengthen anti-corruption safeguards and that, notably, officials in the executive branch, such as Patel, would remain exempt from the restrictions under the current proposal.
Shares of Krispy Kreme have declined 68% this year and lost 74% of its value in the last 12 months.
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