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Bed Bath & Beyond jumps 50% to lead ‘nonsense’ rally in meme stocks; AMC gains 16%



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A “Store Closing” banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023.Johnny Milano | Bloomberg | Getty ImagesA group of highly speculative stocks rallied double digits on Wednesday as retail investors pushed meme names up again in the new year after a dismal 2022.Bed Bath & Beyond rallied a whopping 50% to trigger the trend in morning trading Wednesday, and shares last traded up 39%. Shares of GameStop, the original star of 2021’s meme stock mania, climbed more than 5 after gaining over 10% earlier. AMC Entertainment soared about 16%.related investing news 5 hours agoMeme stocks rallying one more timeStock Short interest % float Wed. Gain % off 52W high Bed Bath & Beyond (BBBY)48.9%60%-89%AMC (AMC)21%15%-78%GameStop (GME)21%8%-62%Source: FactSetThe rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business.The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow. “We don’t love the strength in nonsense stocks like AMC, CVNA, GME, BBBY, PRTY, etc.,” said Adam Crisaf …

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