- BBBY fell by 4.2% during Thursday's trading session.
- Bed Bath & Beyond posted a larger than expected loss for the quarter.
- Meme stocks tumbled following the report as AMC, APE and GME all had rocky trading days.
Bed Bath & Beyond (BBBY) followed up a volatile quarter and a plan to close up to 150 stores across the country with a predictably disappointing earnings report. On Thursday, shares of BBBY sank by 4.2% and closed the trading session at a price of $6.19. Stocks erased most of the gains made during Wednesday’s brief rally, as the S&P 500 closed the day at a new low for 2022. Overall, the Dow Jones lost 458 basis points, the S&P 500 fell by 2.1%, and the NASDAQ dropped lower by 2.8% during the session.
BBBY stock price
Before the markets opened on Thursday, Bed Bath & Beyond reported its fiscal year second quarter earnings. The struggling company missed on both the top and bottom lines, posting a wider than expected loss due to a 28% drop in sales. The stock has now lost any gains it had made during the short squeeze from this summer and is back to trading within reach of its 52-week lows. As the company reiterated its plan to close 150 stores and layoff a percentage of its workforce, it is clear that investors are skeptical of Bed Bath & Beyond’s turnaround plan.
Meme stocks did not react well to BBBY’s earnings and tumbled alongside the broader market sell-off. Shares of AMC Entertainment (AMC) and its APE preferred units were crushed as APE hit a new all-time low price, pushing the combined value of the two stocks to below the $10 price level. GameStop (GME) fell by 6.7% in sympathy as the sector saw another rocky trading day.
BBBY 5-minute chart
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