REV - Revlon stock surges over 100% intraday despite bankruptcy likelihood (update)

Despite reports of imminent bankruptcy for the storied cosmetics retailer, Revlon (NYSE:REV) shares roared higher on Tuesday. In a counterintuitive jump, shares of Revlon Inc. (REV +41.9%) surged in the first half of Tuesday's trading, resulting in a brief halt only about 30 minutes into the session. At the session high, shares reached $3.15. The move was particularly surprising as the company is anticipated to seek Chapter 11 protection by the end of the week, per the Wall Street Journal. Shares had fallen over 70% from the publication of that report on Friday afternoon into Monday’s market close. As of yet, no notice of such action has been filed to the Securities and Exchange Commission.  It is worth noting that the stock is heavily shorted, with 38.44% of its total float held short, creating conditions for a last-gasp squeeze. Trading volume also spiked on Tuesday to 57M against a paltry average

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Revlon stock surges over 100% intraday despite bankruptcy likelihood (update)