CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. On today’s show, CNBC’s Dominic Chu breaks down why traders have bought so much stock in bankrupt companies like Hertz and J.C. Penney, and how it can quickly become a losing game. Also, CNBC’s Elizabeth Schulze explains how empty sports stadiums pose an imminent threat to city and county budgets, and why the whole situation could lead to higher local taxes for those residents.
Here’s what you missed:
The hot new thing to make your stock pop: Go bankrupt
To get a slice of one of the market’s most epic rallies, investors are snapping up stocks everywhere including shares in bankrupt companies, which in theory will be worth nothing.
Hertz, Whiting Petro…
Read the full article at: https://www.cnbc.com/2020/06/09/why-people-are-buying-bankrupt-stocks-like-hertz-cnbc-after-hours.html
