A seven-fold increase in trading volume for the stock was caused by retail investors rushing into the stock again.
Over 44 million shares were traded in New York, more than seven times the average for the past three months, as the cosmetics giant rose nearly 30% after it filed for Chapter 11. More than 400 million shares were traded since the company's all-time low on June 13.
The retail traders are behind the gains. Individual investors are taking advantage of a 2.5% advance on the S&P 500 Index and are looking at the stock in hopes of making a quick profit.
The summer of 2020 is shaping up to be a wild one.
The summer of 2020 is shaping up to be a wild one.
Revlon was one of the most traded assets on Tuesday. Over the past week, the stock has attracted $10 million in retail trader cash, with nearly $6 million pushed into the company on Friday alone.
A US bankruptcy judge approved $375 million of new financing for Revlon on Friday. The company wants to borrow more money.
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