Bed Bath & Beyond Is Jumping 10% Today -- Is It a Buy?
Bed Bath & Beyond (NASDAQ: BBBY) defied market expectations after reporting a dreary fiscal 2021 Q3 earnings report by running to an early 10% gain in morning trading and then holding firm throughout the session.
In afternoon trading, the stock was still up 10% despite having badly missed Wall Street expectations and the company's own estimates due to supply chain disruptions and the impact of sharply higher inflation (it had been up as much as 23% in the morning session).
The home goods retailer fell well short of both sales and earnings forecasts, but some analysts attributed the rally to its status as one of the original meme stocks. Some 22% of Bed Bath & Beyond's outstanding shares are sold short, and Reddit traders have been rallying around the stock once more.
Source Fool.com
