2024-08-16 18:39:33 +0300

Bed Bath & Beyond’s 75% Surge Extends Huge Rally, Defies Bears

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Bloomberg
By Bailey Lipschultz

The 510% three-week surge by Bed Bath & Beyond Inc., which has helped reinvigorate a wave of meme stock buying, stands in the face of Wall Street banks sounding the alarm on the stock’s lofty valuations.

The buying spree extended on Tuesday as the stock soared 75% to $28.04 and triggered a trading halt as more than 160 million shares changed hands to make it the most actively traded stock, Bloomberg data show. Call options betting on the stock to trade above $45 by the end of the week and others that would be in-the-money if it traded at $80 by mid-January were among the most active derivatives tied to the stock, according to data compiled by Bloomberg

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