Nelson Peltz’s Trian Fund Management is not pursuing a take-private bid for The Wendy’s Company at this time, sources familiar with the matter told Reuters, sending WEN down 14% to $7.76 Thursday morning and unwinding much of an earlier rally. Reports that the longtime holder—with roughly 16% of the company—was preparing a consortium bid with BlueFive Capital and franchisee Flynn Group had lifted shares 14.7% on Aug. 12. Short interest climbed to 43% of the float as of that date, fueling short-squeeze chatter after a June 25 WallStreetBets post coincided with a 27% jump and the June 23 appointment of Steve Cirulis as CFO and chief strategy officer. Jim Cramer urged investors who bought the meme-style surge to take profits and focus on earnings momentum. Second-quarter U.S. same-store sales fell 7% and international comps slipped 2.3%, revenue rose 1.7% to $570.6 million and adjusted EPS dropped to 18 cents from 29 cents, prompting withdrawn full-year guidance and a dividend cut as CEO Bob Wright advances a five-point turnaround.