Meme-Stock Traders Embrace Avaya Despite Wall Street Fears

Particular person buyers are backing a brand new underdog, Avaya Holdings pumping up the software program firm’s downtrodden inventory by about 200% over the previous month and confounding Wall Street professionals.

Avaya’s followers embrace day merchants who congregate on Reddit and Twitter boards, and a 35-year-old software program entrepreneur who has snapped up a 15% stake. They’re going through off towards a bunch of huge fund managers comparable to Apollo International Administration and Ares Administration that might profit if the corporate seeks bankruptcy-court safety.