These 2 Nasdaq Meme Stocks Crashed Back to Earth Thursday
The stock market has seen a lot of violent moves among individual stocks lately, and that's played a role in the volatility in the Nasdaq Composite (NASDAQINDEX: ^IXIC). As of 12:30 p.m. EDT, most major market benchmarks were little changed, but the Nasdaq was down almost a full percentage point.
Investors are paying a lot of attention to so-called "meme stocks," especially those in which large institutional investment companies have taken significant short positions. Yet, while short squeezes can lift share prices substantially in the short run, there's often a shoe that drops and prompts a retreat from those higher spikes. On Thursday, both Bed Bath & Beyond (NASDAQ: BBBY) and PetMed Express (NASDAQ: PETS) suffered exactly that type of reversal in their stocks.
Shares of Bed Bath & Beyond were down more than 25% on Thursday afternoon. The downward move gives back a substantial portion of the home goods retailer's gains from Wednesday.
Source Fool.com
