Rallies in Hasbro, Qualcomm, Twitter, and Kohl's on Tuesday showed how investors who bet against a stock can cause a short squeeze and bolster stocks even higher, CNBC's Jim Cramer said.
Short-sellers, whose strategy is to borrow a company's shares and turn a profit if its price falls, tend to push a stock even higher if their prediction backfires, as they rush to sell and mitigate their losses. Hasbro, the company behind iconic products such as Monopoly, G.I. Joe, and Furby, gained more than 14% Tuesday after shocking analysts with its earnings announcement. The toymaker delivered a quarterly profit of 21 cents per share, in stark contrast to the 11 cents per share loss that was expected.
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