BBBY Stock Forecast: Bed Bath & Beyond skyrockets ahead of company’s strategic update

NASDAQ:BBBY gained 24.77% during Monday’s trading session.
Bed Bath and Beyond is announcing its strategic update on August 31st.
GameStop and AMC also rebounded despite the market sell off.

Stocks Reporter FXStreet

NASDAQ:BBBY surged out of the gate to start the week as meme stocks enjoyed a nice bounce back day of trading. On Monday, shares of BBBY soared higher by 24.77% and closed the trading session at a price of $13.35. For the most part, stocks extended their losses as the words of Fed Chairman Jerome Powell still weighed on the minds of investors. All three major indices fell lower again although the sell off was modest compared to Friday’s drop. Overall, the Dow Jones fell by 184 basis points, the S&P 500 dropped lower by 0.67%, and the NASDAQ tumbled by a further 1.02% during the session.

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It looks like the fun isn’t quite over for retail traders as Bed Bath and Beyond saw another resurgent rebound. The surge was brought on by excitement over the company’s strategic update that it is revealing on Wednesday. This will likely include details on the $375 million loan that it has secured, which Morgan Stanley called a crucial first step for the company’s revival. Some also believe the company will announce that it will be selling its Buy Buy Baby subsidiary which had been valued at $1 billion previously.

BBBY stock price

Other meme stocks were also in the positive despite the broader market sell off on Monday. GameStop (NYSE:GME) and AMC (NYSE:AMC) rose higher by 1.81% and 3.50% respectively snapping their mini losing streaks. Donald Trump’s SPAC merger Digital World Acquisition Corp (NASDAQ:DWAC) was a meme stock loser on Monday after DWAC filed for an extension to complete the merger. Shares of DWAC were down by 7.99% during Monday’s trading.

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Stocks Reporter

FXStreet

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