Why Revlon Stock Was Sliding Today
Shares of Revlon (NYSE: REV) were pulling back today, taking another step in a wild ride since the cosmetics company filed for Chapter 11 bankruptcy protection nearly two weeks ago.
Though the company owns several prominent cosmetics brands including its namesake, Elizabeth Arden, and Almay, it has struggled for years with a heavy debt burden and more recently with supply chain constraints that ultimately forced it into Chapter 11.
However, something surprising happened after Revlon's filing. After shares plunged to just over $1 on the announcement, they skyrocketed to more than $8 in just a few days, fueled in part by a short squeeze organized by Reddit traders.
Source Fool.com
