8:11 AM · 29 June 2020

Wirecard explodes at the open!

Wirecard stock (WDI.DE) literally explodes at the open on Monday after the company said during the weekend it still plans to continue operations despite filling for insolvency. At one point the stock was nearly 300% up from a Friday low. To recall, Wirecard is the German payments fintech company that mysteriously lost 1.9 billion euros. Ex-CEO has been arrested and the stock plummeted more than 95% within 2 weeks on fraud concerns. A case of Hertz (HTZ.US) reminds that stocks in insolvency can witness extreme volatility.

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