Bed Bath & Beyond is making a rally on the stock market, jumping 68.6% to lead a day of interesting trends on Wednesday that included the likes of GameStop climbing more than 7% and AMC Entertainment jumping over 21%.
MEME STOCKS RALLYING ONE MORE TIME
| STOCK | SHORT INTEREST % FLOAT | WED. GAIN | % OFF 52W HIGH |
|---|---|---|---|
| BED BATH & BEYOND (BBBY) | 48.9% | 68% | -88% |
| AMC (AMC) | 21% | 21% | -77% |
| GAMESTOP (GME) | 21% | 7% | -62% |
Source: FactSet
The Bed Bath & Beyond rally was likely triggered due to headlines that it was set to lay off more employees and shut down locations as the company attempts to reduce their costs so that they can stay in business.
That news came on the heels of some poor fiscal third-quarter results and talk that the company is approaching a potential bankruptcy as its sales decline and losses grow.
According to S3 Partners, about 48% of Bed Bath & Beyond’s float shares are sold short, compared with an average of 5% short interest in a typical United States stock.
