Bankruptcy stocks increase the volatile trading premarket due to renewed enthusiasm for Hertz and for the new incoming CNG.
Hertz (NYSE: HTZ), up to 13% before hours, GNC (NYSE: GNC) up to 58% and Retailwinds (NYSE: RTW), on the brink of bankruptcy, up to 16%.
GNC, the new entrant in this ultra high risk trading category is the big winner before hours, but has seen its share of volatility. Shareholders are around $ 0.97 before trading, below the pre-market high of $ 1.38.
Hertz is watching a replay of his roller coaster trade yesterday. In the previous session, it rose as much as 100% on Jefferies’ speculation that it could raise $ 3B, as companies like AutoNation circulate their fleet of used cars. Hertz installed almost 30% yesterday. This morning it is at $ 1.82, out of the pre-trade highs of $ 2.05.
Retailwinds is at $ 0.28, out of the pre-market highs of $ 0.35.
While Robinhood traders have made trading in these stocks almost trendy, only Hertz, 49, is in the top 50 in Robinhood’s headline ranking. GNC is at 169 (though more than 1,000% in popularity) and Retailwinds is down at 775.
Read more: CNG: Avoid This Bankrupt Dump Fire