Meme stock continues to soar
Bed Bath & Beyond Inc’s shares extended their rally on Tuesday ahead of a strategy update from the struggling retailer this week that has sparked hopes of the company nearing a funding deal of about $400 million.
Reuters, citing a source, reported last week that Bed Bath & Beyond was nearing final terms with investment firm Sixth Street that would provide a loan of nearly $370 million. “The fundamentals of the business remain rocky but its Reddit army of bulls have upheld its share price.” Morgan Stanley in a note to clients said on Sunday one of the most important items of the update is the magnitude of potential financing Bed Bath & Beyond has secured, as well as support from its vendors.The “meme” stock is on track for its best month since its debut in 1992, having risen about 180% in August after a rally and u-turn triggered by billionaire Ryan Cohen’s sale of his 9.8% stake almost five months after amassing it and pushing for changes.
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