BBBY Stock Forecast: Bed Bath & Beyond rises ahead of second quarter earnings call

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.

Stocks Reporter FXStreet

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

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.