Can $500 Million Save Bed Bath & Beyond?
Bed Bath & Beyond (NASDAQ: BBBY) is all the talk on Wall Street these days. The stock has whipsawed through August, gaining as much as 700% thanks to a short squeeze driven by Reddit's WallStreetBets traders.
However, activist investor Ryan Cohen pulled the rug out from under the stock two weeks ago by selling his entire stake in the stock. That sent shares down more than 50%, but the stock has been on the rebound since then, driven by anticipation of its strategic update on Wednesday morning.
That, however, failed to deliver a convincing turnaround plan, and shares tumbled after the company announced a number of cost-cutting measures, including store closures and layoffs, as well as a new financing package.
Source Fool.com
