(hex:86) is a glitch item in Pokémon Red and Blue. It is an unterminated name glitch item.
As it is an unterminated name glitch item, it has effects associated with those items, and can be used for screen data exploits like LOL glitch, Yami Shop glitch or will usually cause the TMTRAINER effect in battle.
If a 0x50 sub-tile is early enough on the screen, using this glitch item outside of battle will act as a Bicycle with the only differences that Yes/No appears and the menu must be closed manually. If the same is true in battle (via GameShark code 0150A0C3 or theoretically OAM DMA hijacking), then it will give Professor Oak's message that it isn't the time to use the item.
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