Bed Bath & Beyond is collapsing. Investors are wondering “is it going to get worse?
Bed bath and beyond BBBY,
has been one of the most volatile stocks on Wall Street in recent months after the company became one of the latest companies to join the “meme stocks” phenomenon.
On a Wednesday morning, shares of Bed Bath & Beyond fell 24% after losing 9.3% on Tuesday. As part of its restructuring effort, Bed Bath & Beyond announced that it was reducing its workforce by 20% in corporate and supply chain operations, and closing 150 of its stores.
Amid this tumultuous time for the retailer, many people took to social media to question whether owning the company’s stock was a logical move.
A user of the popular Wall Street Bets Reddit page wondered if Bed Bath & Beyond’s recent big losses would get any more nasty.
During Wednesday’s carnage for stocks, a user on the same BBBY Reddit forum joked about taking financial advice he may regret.
Several other users on social media said they were still strong holders of Bed Bath & Beyond shares.
See also: As Warren Buffett turns 92, fans tweet his most timeless investment advice
“BBBY’s outlook is deteriorating, with the potential for significant restructuring,” Wedbush analyst Seth Basham wrote in a note late Aug. 22.
Despite this decent downtrend for Bed Bath & Beyond, the company’s stock is still on course for its second-best monthly performance in the company’s 30-year history.
See also: Economist predicts recession ‘whopper’ in 2023 – and it’s not necessarily due to higher interest rates
Shares of another GameStop Corp meme stock. EMG,
are down 4.19% on Wednesday, while AMC Entertainment Holdings Inc. AMC,
is down 5.72%, and Weber Inc. WEBR,
is down 14.02%.
The S&P 500 SPX index,
is down 0.02% on Wednesday morning and is down 16.38% in 2022.