Sitting pretty? Revlon stock surges after bankruptcy filing
CNN
Move over, GameStop and AMC. And forget about bitcoin and other cryptocurrencies. Revlon, the struggling makeup and cosmetics company that filed for bankruptcy last week, is the latest meme stock craze among the army of individual investors on Reddit.
Shares of Revlon (REV) soared nearly 35% Wednesday afternoon in volatile trading. The stock is now up more than 300% in just the past three sessions — from about $2 to about $8 — after falling 13% on the day the company announced its Chapter 11 reorganization plan. (Talk about putting lipstick on a pig ... )
Revlon's stock surge is eerily reminiscent of what happened with rental car company Hertz (HTZ) in 2020 after it filed for bankruptcy. Shares initially soared thanks in part to positive mentions from traders on Reddit, who were betting against short sellers that thought Hertz stock would continue to fall further.
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