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 new owners of the venerable studio, now trading as PSKY, have seen a volatile stock rally of 30 percent over two days.

Wall Street investors in aggregate are optimistic and expect a better turnaround for Paramount under David Ellison's leadership, who battled lawsuits and struggled for almost a year convincing regulators to approve the merger transaction while simultaneously negotiating profitable content deals for its streaming platform.