Newest meme stock, Bed Bath & Beyond, tumbles after big day
NEW YORK (AP) — Now comes the downside of the meme-stock craze for investors in Bed Bath & Beyond. Shares fell 16% in after-hours trading Wednesday following reports that a big-name investor with a cult-like following may sell his stake in the struggling New Jersey-based retailer. It’s a sudden turnaround for a stock that had just quadrupled in a little more than two weeks, in part on hopes that the investment by Ryan Cohen could help turn around its finances. Cohen’s notice of proposed sale came to U.S. regulators Tuesday, and it said the RC Ventures investment firm may sell up to nearly 7.8 million shares, along with options.
