Only in Jerome Powell’s Brave New World can a bankrupt stock soar 1,000 percent in just one week.
That is exactly what happened to the century-old car rental company, Hertz.
Hertz recently declared bankruptcy and saw its stock crater to 40 cents a share. Billionaire hedge fund investor Carl Icahn sold his entire stake in the company, showing that nobody in his company thought the stock was worth holding.
Well, shares have climbed to $5 in a handful of trading sessions.
Here is its trading pattern since June 2:
Who is driving this trade? Liberty Nation has the story: “Before the big bankruptcy announcement, about 43,000 Robinhood accounts owned shares of Hertz. By close of business for the week, this figure surged to roughly 73,000.”
What do armchair retail investors know that a billionaire trader doesn’t?
Leave a Comment