Why Revlon More Than Doubled This Week

·2 min read
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. 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. Revlon has been around for nearly a century, meaning it's gone through recessions, wars, depressions, and pandemics, but current economic conditions were a perfect storm of calamity for the cosmetics company.

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