Meme-Stock Traders Embrace Avaya Despite Wall Street Fears
Individual investors are backing a new underdog, Avaya Holdings Corp. , pumping up the software company’s downtrodden stock by about 200% over the past month and confounding Wall Street professionals.
Avaya’s fans include day traders who congregate on Reddit and Twitter forums, and a 35-year-old software entrepreneur who has snapped up a 15% stake. They are facing off against a group of large fund managers such as Apollo Global Management Inc. and Ares Management Corp. that could benefit if the…