BBBY Stock Forecast: Bed Bath & Beyond rises, GameStop and AMC tumble during market sell off

NASDAQ:BBBY gained 5.94% during Friday’s trading session.
Daily trading volume surged on Friday as BBBY looks to squeeze again.
Investors might also be interested in the company’s strategic update next week.

Stocks Reporter FXStreet

NASDAQ:BBBY pulled off an improbable rise on Friday despite the broader markets tumbling to close the week. Shares of BBBY rose higher by 5.94% and closed the trading week at a price of $10.70. Stocks were hammered on Friday as Fed Chairman Jerome Powell delivered a hawkish speech from Jackson Hole that hinted at more pain ahead for the US economy. The eight-minute speech was short and to the point, and caused an immediate crash on Wall Street. Overall, the Dow Jones sank by 1,008 basis points, the S&P 500 dropped lower by 3.37%, and the NASDAQ tumbled by 3.94% during the session.

Stay up to speed with hot stocks' news!

How did Bed Bath and Beyond manage to eke out a positive day despite the broad market sell off? The daily trading volume soared past the recent average, as more than 56 million shares changed hands on Friday. Intense buying pressure was offset by selling pressure for other meme stocks, including GameStop (NYSE:GME) which continues to fall following Chairman Ryan Cohen selling his stake in BBBY in the middle of the short squeeze. Both AMC (NYSE:AMC) and Ape (NYSE:APE) also sank lower, in what has been a volatile week of trading for meme stocks.

BBBY stock price

There could also be some optimism surrounding Bed Bath and Beyond as the company announced it would deliver a strategic update on August 31st. While the company is far from being in a strong financial state, it is believed that it recently secured a new loan plan in the amount of $375 million. We could continue to see buying pressure for BBBY until the announcement on Wednesday.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

GBP/USD advaces beyond 1.3450 after BoE decision, US Q2 GDP

GBP/USD gains positive momentum on Thursday, surpassing 1.3450 and trading at fresh multi-week highs. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helped the pair advance, while renewed US Dollar weakness across the FX board pushed the pair further up ahead of the monthly close.

EUR/USD confortable around 1.1530, highest in six weeks

The EUR/USD pair trades around 1.1530 in the American session on Thursday, reaching fresh six-week highs. The US Dollar is in sell-off mode, with multiple factors weighing on the American currency. Not only did the Federal Reserve vote divided to keep rates on hold on Wednesday, creating doubts about a September hike, but US Q2 GDP missed expectations. A suspected JPY intervention adds pressure on the Greenback.

Gold recovers the $4,100 level as US Dollar weakens further

Gold trades just above $4,100 amid a US Dollar sell-off. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew at an annual rate of 1.5%, missing the market's expectations of 2.1%.

Bank of Japan set to keep interest rates unchanged after suspected Yen intervention

Investors are turning their attention to the Bank of Japan’s monetary policy announcement on Friday, after the Japanese Yen staged a dramatic rebound during Thursday's American session. The move came amid growing speculation that Japanese authorities intervened in the foreign exchange market after USD/JPY tumbled from above 163.00 to below 158.00 within minutes.

Aave to sunset Sonic, Aptos, zkSync, Scroll reserves, affecting $98 million in supply

Aave is planning to sunset 75 low-activity reserves across its decentralized finance protocol as part of a broader effort to reduce operational, technical and economic risks across its network of deployments.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.