Bed Bath Beyond (BBBY) Stock Continues to Climb Ahead of Aug. 31 Update
Meme stock Bed Bath Beyond (NASDAQ: BBBY ) continues to fascinate investors. Shares rose nearly 25% on Aug. 29 and tacked on another 15% overnight. BBBY stock opened today at around $14.50, but has since fallen to about $13.60. The shares have been volatile all year. They traded for more than $27 when Gamestop (NYSE: GME ) chairman Ryan Cohen got on the board and demanded a breakup of the company. BBBY stock fell below $9 when he suddenly sold out his interest. Shares are trading today very close to where they started the year. Now, the catalyst may be more fundamental: a “strategic update” expected Aug. 31 from interim CEO Sue Gove. The Sleeping Giant If BBBY could make some money, it would be worth far more than its present $1.1 billion. It did $7.3 billion in business last year. Even its “disastrous” May quarter saw revenue of $1.46 billion . The trouble is it lost $358 million, or $4.49 per share, on those May quarter sales, leading to reports suppliers might halt product shipments .
Bed Bath Beyond (BBBY) Stock Continues to Climb Ahead of Aug. 31 Update
Meme stock Bed Bath Beyond (NASDAQ: BBBY ) continues to fascinate investors. Shares rose nearly 25% on Aug. 29 and tacked on another 15% overnight. BBBY stock opened today at around $14.50, but has since fallen to about $13.60. The shares have been volatile all year. They traded for more than $27 when Gamestop (NYSE: GME ) chairman Ryan Cohen got on the board and demanded a breakup of the company. BBBY stock fell below $9 when he suddenly sold out his interest. Shares are trading today very close to where they started the year. Now, the catalyst may be more fundamental: a “strategic update” expected Aug. 31 from interim CEO Sue Gove. The Sleeping Giant If BBBY could make some money, it would be worth far more than its present $1.1 billion. It did $7.3 billion in business last year. Even its “disastrous” May quarter saw revenue of $1.46 billion . The trouble is it lost $358 million, or $4.49 per share, on those May quarter sales, leading to reports suppliers might halt product shipments .