Shares of fuboTV (FUBO -1.61%) were surging 16% higher in afternoon trading Wednesday although there was no big news surrounding the sports live-streaming platform. It did, however, announce its programming lineup for the upcoming Qatar World Cup qualifying matches for the South American Football Confederation.
Soccer is huge in South America and there will be some 70 qualifying matches aired. That's a large amount of programming that should attract millions of viewers, as fuboTV has exclusive live-streaming rights to the events.
Also, fuboTV's stock is heavily shorted at the moment with some 21% of its float sold short, the largest percentage since January when retail traders piled into so-called "meme stocks" to drive up the sharp price and hammer the hedge funds shorting the stocks.
fuboTV's stock is down 60% from those heady, early 2021 days and internet chat rooms are full of traders hoping for a repeat. With summer approaching, sporting events back on schedule, and some of the most popular events occurring in countries where they appeal to massive audiences, it's quite possible a new short squeeze on the live-streamer's stock could happen.
That's no reason to pile into a stock. Rather the fundamentals of fuboTV, the disruptive nature of its business, and its eventual entry into sports betting should be reason enough to consider taking a position.