Key Takeaways Paramount Skydance shares jumped nearly 40% Wednesday after CNBC stock commentator Jim Cramer called it a "meme stock."The newly merged media conglomerate experienced a surge in trading volume after Cramer's tweet noting the company's "small float" of shares available to the public.

After climbing 8.4% Tuesday, Paramount Skydance shares were up 32% to $14.49 in trading Wednesday. That’s the best two-day stretch on record dating back to Paramount’s initial public offering in 1990, according to Dow Jones Market Data. The company was a recent Barron’s stock pick.

After shares of the new Paramount Skydance shot up double digits, Wall Street watchers compared it to a meme stock.