Investors betting that Bed Bath & Beyond Inc. would be the next meme stock to go to the moon are facing the harsh reality that fundamentals are particularly important during a market rout.
Shares of the home-goods retailer sank 24% to $4.99 on Wednesday, crashing to the lowest since April 2020, after the company reported disappointing earnings. It follows a tumultuous two-year stretch when the company captivated retail traders alongside stocks like GameStop Corp. and AMC Entertainment Holdings Inc.
