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Retail Army Defies Bond Logic to Drive Revlon Stock 600% Higher

In an echo of meme-stock mania, individual investors are piling into Revlon shares even after the troubled cosmetics company filed for bankruptcy.

Revlon lipstick arranged in the Brooklyn borough of New York, U.S., on Monday, June 20, 2022.
Revlon lipstick arranged in the Brooklyn borough of New York, U.S., on Monday, June 20, 2022.Photographer: Gabby Jones/Bloomberg
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With Revlon Inc. spiraling toward bankruptcy last week, Justin Brain, an insurance salesman in South Florida, saw a rare opportunity to make a killing. Brain, 37, snapped up $40,000 of stock in the cosmetic giant. 

He was thinking about companies like Hertz Global Holdings Inc., which filed for bankruptcy in 2020 and then became a retail-trader darling, or GameStop Corp., the struggling video-game retailer that came to epitomize meme-stock mania.