Revlon ( NYSE: REV ) had another volatile trading session on Thursday with shares rising as much as 43% before settling back for a 30% gain at 2:02 p.m.
Trading volume on the highly-shorted topped 14M shares, almost triple normal activity. Call options on REV were also reported to be at a higher level than normal.
What's new with Revlon? Yesterday, debtors filed a motion to extend the exclusivity periods to file Chapter 11 plans and solicit acceptances pursuant to the bankruptcy code. A hearing is set on that motion for October 27. CNBC also reported that creditors of the company sent hundreds of millions of dollars by Citi on accident were denied any further review of a ruling from an appeals court that they had to return the money.
The sudden interest in REV comes ahead of the company's earnings report due in November.
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Revlon jumps 30% on high-volume move