SKHY Falls 10% After 27% Jump as Direxion Launches Fourth Leveraged ETF

On Wednesday, SK Hynix's U.S.-listed shares (SKHY) fell 10% in morning trade, a day after surging 27%, as Direxion launched its new 2x leveraged ETF tracking the stock—the fourth such product since SKHY's U.S. market debut. Direxion's Direxion Daily SK Hynix Bull 2X ETF (SKHL) aims to deliver twice the daily return of SK Hynix's ADR before fees, following GraniteShares' launch of long- and short-leveraged ETFs and ProShares Ultra SK Hynix earlier this month.

Retail sentiment around SKHY remained in 'extremely bullish' territory on Stocktwits, with message volume jumping over 3,500% in the past 24 hours. SK Hynix's U.S. ADR offering raised $26.5 billion, making it the largest U.S. equity offering by a foreign company.