Bed Bath & Beyond, GameStop and AMC all rise as meme craze returns

Bed Bath & Beyond, GameStop and AMC all rise as meme craze returns

Meme stocks are having a moment. Again.

Shares of Bed, Bath & Beyond ( BBBY ), GameStop ( GME ) and AMC ( AMC ) rose on no news until Monday morning, other than renewed attention to those names from traders on the Wallstreetbets message board of Reddit. know in early 2021.

Seconds data from Ape Wisdoma site that tracks ticker mentions in Wallstreetbets threads, mentions of Bed, Bath & Beyond, GameStop, and AMC have spiked in the past 24 hours and are the three most popular tickers on the subreddit as of Monday morning .

Bed, Bath & Beyond soared as much as 50%, while shares of GameStop and AMC rose more than 15%. Shares of GameStop and AMC were halted on volatility in early trading.

Both GameStop and Bed, Bath & Beyond have ties to Ryan Cohen, the Chewy co-founder who has become one of the most prominent investors in the meme trade that grabbed national attention in January 2021.

Cohen is the chairman of the board at GameStop, and his company RC Ventures has a nearly 10% stake in Bed, Bath & Beyond. In June, Bed, Bath & Beyond CEO Mark Tritton he left his position as president and CEOa jolt that follows the company reaching an agreement with Cohen in March to add directors to the board and explore strategic alternatives for its buybuy BABY brand.

A person leaves a Bed Bath & Beyond store in Manhattan, New York, U.S., June 29, 2022. REUTERS/Andrew Kelly

Last week, AMC reported quarterly results which showed that losses have narrowed compared to the previous year, while also announcing a special dividend to shareholders

AMC CEO Adam Aron appeared on Yahoo Finance Live at 10 a.m. Monday.

Another entry in this latest iteration of the meme market is the inexplicable trading of several new Chinese IPOs, with shares of AMTD Digital (HKD) surging more than 15,000% after its recent debut. The company, which operates a “comprehensive digital solutions platform,” was at one point worth more than $400 billion despite posting just $25 million in revenue in the most recent year. according to Bloomberg.

The story continues

Shares of AMTD IDEA Group (AMTD), of which AMTD Digital is a subsidiary, also rose more than 300%.

Last week, Magic Empire Global ( MEGL ), another Hong Kong-based company, surged more than 1,000% after its IPO. Shares of Magic Empire jumped as much as 80% early Monday.

This latest resurgence in meme trading also comes as markets continue to turn from mid-June lows, with investor Tom Hearden. pointing to monday that Goldman’s “shorter” basket of stocks has gained 17% in the past three trading days.

More to come. This post will be updated.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!