Paramount Skydance, over its first full week on the stock market under new owners, saw its stock jump 30% — and boomed as much as 60% in intraday trading Wednesday. But what triggered the investor enthusiasm wasn’t totally clear.

The spike in share price, which increased the company’s market capitalization by roughly $2 billion, did not appear to be correlated with any notable news from Paramount Skydance , led by chairman and CEO David Ellison.

On Aug. 12-13, Paramount Skydance shares soared 48%, the biggest two-day gain ever for the stock dating back to predecessor company Viacom’s IPO in 1990, per Dow Jones Market Data. Over the following two days, Paramount Skydance’s shares settled back down, closing Friday at $13.72 per share.

Wall Street analysts were at a loss to pinpoint wha

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