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5h ago

Kash Patel Calls Krispy Kreme a 'Good Investment,' Shares Jump Then Fade

He said the May stock buys were pre-cleared under Justice Department review and disclosed by ethics officials with no current conflict.

Krispy Kreme doughnuts was founded in North Carolina in 1937. The company's shares are down 68% this year despite brief rallies.
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Overview

  • During House Judiciary testimony on Sept. 17, the FBI director acknowledged purchasing Krispy Kreme on May 9 and ON Semiconductor on May 12.
  • Financial disclosures show buys of $15,001–$50,000 in Krispy Kreme and $50,001–$100,000 in ON Semiconductor, with the Office of Government Ethics noting no current conflict.
  • Patel said he submits proposed trades under DOJ guidance for review before executing them.
  • Krispy Kreme jumped as much as 11.5% intraday following his remarks before closing up 0.96%, while ON Semiconductor ended roughly 0.5% higher; shares also ticked higher after hours.
  • Patel’s trading drew questions from Rep. Joe Neguse as Congress advances proposals to restrict stock trading by officials, and Patel said he would work with him on the issue.