Why Revlon More Than Doubled This Week
Showing there is no stock so distressed that meme stock traders won't pile into it, shares of Revlon (NYSE: REV) rocketed 113.1% higher this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence, after the cosmetics giant filed for bankruptcy.
Traders on Reddit see parallels with another big bankruptcy, Hertz Global Holdings (NASDAQ: HTZ). The car rental outfit's stock plunged to $0.56 per share upon its bankruptcy filing, but subsequently soared 1,000% within just a few weeks. And because there are very few Revlon shares to trade, but over one-third of them are sold short, traders are looking to ignite a massive short squeeze.
Image source: Getty Images.
Source Fool.com
