• BBBY gained 1.25% during Wednesday’s trading session.
  • Bed Bath & Beyond will report its earnings on Thursday before the markets open.
  • Meme stocks gain for the second straight day as Netflix releases new short squeeze documentary. 

 

Bed Bath & Beyond (BBBY) put together two consecutive positive trading days ahead of its second quarter earnings call on Thursday before the markets open. On Wednesday, shares of BBBY gained 1.25% and closed the trading session at a price of $6.46. Stocks finally snapped their losing streak as all three major averages rebounded off of the fresh bear market lows seen on Tuesday. The Dow Jones and the S&P 500 both ended their six-day slides and added 548 basis points and 1.97%, respectively. The Nasdaq led the way with a 2.05% gain despite an uncharacteristic tumble from Apple (AAPL) after rumours circulated about slowing demand for its iPhone 14.

BBBY stock price

On Thursday before the markets open, Bed Bath & Beyond will report its second quarter earnings. Analysts have a consensus earnings estimate of -$1.80 per share, and it certainly appears to be a bleak report given the events of the recent quarter. It should be noted that last quarter, Bed Bath & Beyond missed on earnings by $1.44, and yet the stock did not move much. This could be a case of all of the bad news already being baked into the current stock price.

Meme stocks also rallied as a sector on Wednesday as GameStop (GME) and AMC (AMC) rose again, while AMC’s APE preferred units traded flat. The sector could be receiving some extra chatter as Netflix (NFLX) released its documentary on the short squeeze saga entitled Eat the Rich: the GameStop Saga. It will be interesting to see how these stocks react to Bed Bath & Beyond’s earnings on Thursday morning. 

 

BBBY 5-minute chart

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