CNBC’s Mad Money Host Jim Kramer is known as Paramount Skydance Corporation (NASDAQ: PSKY). “Meme Stock” Wednesday on X. This tweet comes just minutes after the opening bell and shows that PSKY could fall in value. To everyone’s surprise, but not everyone was surprised, Paramount Skydance surged by 36% on the same day. Crypto commentators call it the “reverse kramer” effect, highlighting the double-digit rise in PSKY.
Paramount Skydancestock has taken the top spot in the US market after boosting Jim Cramer’s tweets by 36%. PSKY opened trading bell on Wednesday at $11.19, surged 4.03 points to close the $15 trade at $15. It remained stagnant between $10 and $11 for over a week, but its value has skyrocketed dramatically. Investors that brought $1,000 worth of PSKY had their portfolio grown to $1,360 on the same day.
Why did Paramount Skydance stock rise 36% after Jim Cramer’s tweet?
In reality, Jim Kramer is calling Paramount Skydance a “Meme Stock” It didn’t surge in value. PSKY has spiked as it completed a highly-profile merger with SkyDance Media and added a massive library of content and a global distribution network. The merger was announced on August 13th, and it acquired a new ticker PSKY at the NASDAQ index. Jim Kramer may have underestimated Paramount Skydance’s stock when he tweeted.
Additionally, Paramount announced a $7.7 billion media rights partnership with TKO Group Holdings in a seven-year agreement. The company will become the exclusive distributor of UFC events in the US starting in 2026. The agreement allows Paramount to stream all UFC battles and events across the United States.
Should I buy equity now?
With the Joint Venture Ticker released yesterday, it is too early to provide PSKY with price predictions. Large analytics companies have not yet analyzed price outlook and market impact. The merger will undoubtedly boost the outlook for Paramount Skydancestock, allowing those who believe in its long-term outlook to take an entry position.
