Passengers wait to get on a Hertz shuttle bus at Los Angeles International Airport.
Patrick T. Fallon | Bloomberg | Getty Images
To get a slice of one of the market’s most epic rallies, investors are snapping up stocks everywhereincludingshares in bankrupt companies, which in theory will be worth nothing.
Hertz, Whiting Petroleum, Pier 1and J.C. Penney, which all declared bankruptcy amid the pandemic,saw their shares surging at least 70% each in Monday’s trading alone, some of which more than doubling. Imminent bankruptcy filersChesapeake Energy and California Resources also skyrocketedfrom a few pennies to a couple of dollars in a matter of days.
The wild moves in bankrupt names came as the market rallies aggressively with eac…
Read the full article at: https://www.cnbc.com/2020/06/09/the-hot-new-thing-to-make-your-stock-pop-go-bankrupt.html
