Shares of Carvana (NYSE: CVNA) were soaring today on an apparent short squeeze in shares of the struggling online seller of used cars, which could be approaching bankruptcy.

The stock was up 24% as of 11:16 a.m. ET on Wednesday.

The movement in Carvana comes as meme stocks like Bed Bath & Beyond, which is teetering on bankruptcy, and AMC Entertainment were rallying on a short squeeze, showing a coordinated effort to drive these stocks higher.

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Source Fool.com