Kohl's Corporation struggles with declining sales, inventory issues, and high debt costs signal structural decline. Click for why I have a Sell rating on KSS stock.

Small investors piled into Kohl's Tuesday and sent shares flying upwards as the department store retailer became the latest business caught up in a stock market frenzy.

Even as Opendoor and Kohl’s stalled, two other stocks were taking up the meme-trade mantle on Wednesday. Shares in doughnut chain Krispy Kreme surged 20% ahead of the opening bell, and mortgage lender Rocket jumped 14%. Both have significant short interest and have drawn interest on WallStreetBets in recent days.

Kohl’s Corp. on Tuesday went abruptly from beleaguered broadline retailer and beaten-down stock to the big gainer on Wall Street as traders took their cue from social media and dove in. Shares of Kohl’s shot up as much as 105 percent to $21.

Kohl's stock has experienced a sharp short squeeze in recent sessions. Jim Cramer says those continuing to short KSS shares may in trouble.

Kohl's and Krispy Kreme have been subject of online chatter, including on WallStreetBets, about their potential. Rocket Companies is up 6%.