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Bed Bath & Beyond Surges as Meme Rally Sweeps Up Carvana, AMC

Bloomberg-compiled basket of meme stocks is up 10% in 2023
Bed Bath & Beyond advance erases slump from bankruptcy warning

A Bed Bath & Beyond store in Westbury, New York.
Photographer: Johnny Milano/Bloomberg

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By Katrina Compoli and Bailey Lipschultz

January 11, 2023 at 4:02 PM UTC

Updated on

January 11, 2023 at 9:50 PM UTC

This article is for subscribers only.

Bed Bath & Beyond Inc. soared Wednesday, more than wiping out a 46% drop last week and sparking a rally in other so-called meme stocks.

Shares in the home-goods retailer climbed 69% in a record advance to $3.49, erasing the share-price slump that followed the company’s warning on Jan. 5 that it may need to file for bankruptcy. Its share rose 24% on Monday and 28% on Tuesday, even after Bed Bath & Beyond reported a wider net loss than expected, which underlined the likelihood of a bankruptcy filing soon. More than 225 million shares changed hands on Wednesday, about 12-times the average for the past month.