also skyrocketed from a few pennies to a couple of dollars in a matter of days.
With the economic conditions improving suddenly, investors are betting these bankrupt companies are now in better shape than when they limped into Chapter 11. However, to say the bet is risky is an understatement — Equity holders technically are last in line for payout and typically get wiped out in bankruptcy.
Many on Wall Street said this gambling-like behavior speaks to how speculative this comeback has been. Julian Emanuel, chief equity and derivatives strategist at BTIG, called it a sign of "euphoria" he last saw before the burst of the tech bubble. The rally in bankrupt and distressed names in part was boosted by retail investors on stock trading apps likeTrading activities in those companies on Robinhood surged in the days following their bankruptcy filings, according to Robintrack, which tracks Robinhood account activity but is not affiliated with the company.
Add Centric Brands. This company was grossly mismanaged over the year prior to Covid-19, stiffed shareholders, & reopened under a protected entity. Part owners of the company are from Sequential Brands - an organization whose business was ‘gutted like a fish’ LONG before Covid!
YEP--why NOT--ITS the DOTCOM era--4T will do that 2 ya!
This unsubstantiated run in the market will end badly.
What hertz stock does is symbolic to these surreal times, that J powell and FED are accountable for
Bankrupt? Doesn’t matter. Bid up. Stonks
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