In recent times, much has been written about the bizarre circumstances that saw bankrupt Hertz being bid by a hoard of freshly minted day-traders. In a story that will likely be fable in years to come, as a perfect example of hedonistic investment malfeasance (or just plain stupidity) in the face of global equity ramps (amidst the worst economic conditions EVER recorded) it seems there is about to be another sword taken to the army of day-traders.
This time, US mall-operator CBL is set to prepare a Chapter 11 filing as early as Monday morning US time. Disturbingly, the retail bag-holders seem to yet again have acted as harbingers of doom, with the amount of accounts holding CBL in Robinhood accounts increasing 1.5 times in 4 months, as the price of CBL stock maintained a steady downtrend towards almost certain death. Read more…
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