Bed Bath & Beyond Inc. stock
BBBY,
slid 6% in premarket trade Tuesday, a week after it announced the closure of almost 130 stores as it attempts to resolve its financial woes. The company announced the closures, along with third-quarter results that missed analysts’ top- and bottom-line estimates, just days after it said it may need to declare bankruptcy. “Bed Bath & Beyond remains one of the weakest names within our coverage, with traffic declining 14.9% year-over-year,” wrote KeyBanc analysts in a note to clients on Tuesday. Meanwhile, investor Ryan Cohen, who has invested in meme stocks including GameStop Corp.
GME,
and Bed Bath & Beyond, has built a stake in Alibaba
BABA,
according to a Wall Street Journal report and is pushing the Chinese e-commerce giant to boost its stock buyback program. The retail investors who followed Cohen in his meme stock adventures, are not expected to follow him into Alibaba.
