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BBBY Stock Forecast: Bed Bath & Beyond posts small gain as meme stocks ignore volatile market

BBBY Stock Forecast: Bed Bath & Beyond posts small gain as meme stocks ignore volatile market
  • BBBY gained 0.16% during Tuesday’s trading session.
  • Bed Bath & Beyond is set to report its second quarter earnings on Thursday.
  • Meme stocks bounce off market lows for best trading day in weeks.

 

Bed Bath & Beyond (BBBY) eked out a positive day on Tuesday as the meme stock snapped its recent five-day slide. Shares of BBBY gained 0.16% and closed the trading session at a price of $6.38. Stocks looked to be on the rise on Tuesday morning, but by the closing bell the S&P 500 had slid back below water for the fifth straight day. Overall, the Dow Jones fell by 125 basis points, the S&P 500 hit a new intraday bear market low and lost 0.21%, while the NASDAQ managed to post a modest gain of just 0.25% during the session.

BBBY stock price

On Thursday, Bed Bath and Beyond is set to report its second quarter earnings before the markets open. To say the recent quarter has been eventful is certainly an understatement. The company saw a brief short squeeze, followed by a turnaround plan to close 150 stores, and even the unfortunate suicide of its CFO, Gustavo Arnal.

Bed Bath & Beyond is widely expected to report a significant loss for the quarter, while revenues are also expected to decline significantly on a YoY basis. It is definitely not a positive outlook for the stock or the company, and it will be interesting to see how meme stock traders react to the earnings.

Meme stocks were on the rise across the board on Tuesday as the sector bounced higher after weeks of downward pressure. AMC (AMC) and APE (APE) rose by 9.1% and 0.3% respectively, while GameStop (GME) added back 6.7% as well. 

BBBY 5-minute chart

 

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Written by Andy KIng

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