{"id":83252,"date":"2023-11-11T00:25:43","date_gmt":"2023-11-11T05:25:43","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/weworks-stock-has-continued-the-strange-trend-of-the-bankruptcy-bounce\/"},"modified":"2023-11-11T00:25:46","modified_gmt":"2023-11-11T05:25:46","slug":"weworks-stock-has-continued-the-strange-trend-of-the-bankruptcy-bounce","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83252","title":{"rendered":"WeWork\u2019s stock has continued the strange trend of the bankruptcy bounce"},"content":{"rendered":"
\n

In a strange flashback to the demise of Bed Bath & Beyond Inc., WeWork\u00a0Inc.\u2019s stock soared on its over-the-counter debut this week, just days after the office sharing company\u00a0filed for chapter 11 bankruptcy protection.\u00a0<\/p>\n

WeWork
\n WEWKQ,
\n +23.02%<\/bg-quote>
\n filed for Chapter 11 in New Jersey on Monday and the beleaguered company\u2019s stock was halted before the open that day. The New York Stock Exchange started the delisting process for WeWork that same day.<\/p>\n

\n

Trading resumed over the counter on Wednesday, with WeWork shares ending their first session as an OTC stock up 91.5%.<\/p>\n

WeWork Chapter 11 a meme stock reality check: \u2018No one should ever buy a stock that is rumored to be headed to bankruptcy<\/strong>\u2019<\/p>\n

A similar scenario happened when shares of Bed Bath & Beyond began trading over the counter in May after the Nasdaq started the delisting process for the bankrupt home-goods retailer and sometime meme-stock darling. Despite Bed Bath & Beyond\u2019s well-documented woes, the stock ended its first session as an OTC stock up 30.4%. Bed Bath & Beyond\u2019s shares were canceled in September.<\/p>\n

In June Overstock.com acquired Bed Bath & Beyond\u2019s intellectual property, and began operating as Bed Bath & Beyond, before changing its corporate name\u00a0to Beyond Inc.
\n BYON,
\n +2.06%<\/bg-quote>.<\/span>\n <\/p>\n

Like Bed Bath & Beyond, WeWork has continued to attract investor attention even as the company\u2019s problems mounted. In mid-September WeWork\u2019s stock saw a\u00a0record run-up\u00a0amid meme stock chatter, just weeks after WeWork\u00a0warned\u00a0that it may not be able to stay in business.<\/p>\n

Related: <\/strong>WeWork files for bankruptcy, capping a stunning downfall<\/p>\n

Users on social media noted the activity in WeWork\u2019s share price this week, with Twitter user @asunapg warning Thursday that the OTC markets are \u201cmuch more volatile and often a death trap for a lot of companies.\u201d<\/p>\n

\u201cHere we go again\u201d tweeted @B2Investor Friday, with popcorn and clown emojis.<\/p>\n

WeWork\u2019s stock ended Thursday\u2019s session down 21.3% and the stock is down 12.7% Friday, compared with the S&P 500 index\u2019s
\n SPX
\n gain of 1.3%.<\/p>\n

Related:<\/strong> Why investors gamble on shares of bankrupt companies \u2014 Bed Bath & Beyond, for example<\/p>\n

Tom Bruni, head of content at StockTwits, a social platform for investors and traders, told MarketWatch that, from what he is seeing, there doesn\u2019t seem to be broad interest in the stock. <\/p>\n

\u201cUnlike Bed Bath & Beyond and others where it seemed possible to restructure and continue operating, the current situation for WeWork is mainly a math equation,\u201d he told MarketWatch. \u201cIt\u2019s looking most likely that it\u2019ll be bought out, the question is at what price and how much cash (if anything) does that leave for common shareholders to receive? The consensus right now is that all value from its 52 million shares of common stock will be wiped out.\u201d<\/p>\n

Set against this backdrop, short covering could be driving the stock price up in the short term, according to Bruni. \u201cMany market participants don\u2019t want to risk being squeezed by unexpected good news, so they\u2019d rather take their gains than ride it all the way down to zero,\u201d he said. \u201cShould that high short interest start to create sustainable upside momentum (more than a few days), then we\u2019d likely see other traders get involved on the long side.\u201d<\/p>\n

\u201cBut for now, with earnings season in full swing, there\u2019s plenty of volatility and news elsewhere for investors\/traders to focus on,\u201d he added.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a strange flashback to the demise of Bed Bath & Beyond Inc., WeWork\u00a0Inc.\u2019s stock soared on its over-the-counter debut this week, just days after the office sharing company\u00a0filed for chapter 11 bankruptcy protection.\u00a0 WeWork WEWKQ, +23.02% filed for Chapter 11 in New Jersey on Monday and the beleaguered company\u2019s stock was halted before the […]<\/p>\n","protected":false},"author":1,"featured_media":83253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-83252","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWeWork\u2019s stock has continued the strange trend of the bankruptcy bounce | iFintechWorld<\/title>\n<meta name=\"description\" content=\"In a strange flashback to the demise of Bed Bath & Beyond Inc., 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