Tag: BBBY Stock

Here’s How Meme Stocks Performed This Week

The performance of so called ‘meme stocks’ will be updated every week below. The latest news will also be available for your reading pleasure.

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Here’s how meme stocks performed for the week of: 2/27-3/3

Here's how meme stocks performed this week: GameStop (GME).
Here’s how meme stocks performed this week: GameStop (GME).

#1. GameStop

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GameStop Corp. (NYSE:GME) closed: up -4.79% this past trading week.

The latest press release details the retailer’s earnings for the third quarter of fiscal year 2022.

During that period, GameStop reported net sales of $1.186 billion, down from $1.297 billion a year ago.

Gross profit tallied in at $291.6 million, while selling, general and administrative expenses were $387.9 million.

That led to a net loss of $94.7 million compared to a net loss of $105.4 million the previous year.

According to an amended Schedule 13G filingVanguard owns a total of 24.66 million shares of GME as of Dec. 30, equivalent to an 8.1% ownership stake.

As of Q3, the firm owned 24.16 million shares, meaning it purchased about a half a million shares during Q4.

Here's how meme stocks performed this week: AMC Entertainment (AMC).
Here’s how meme stocks performed this week: AMC Entertainment (AMC).

#2. AMC Entertainment

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AMC Entertainment Holdings, Inc. (NYSE:AMC) closed the week: up +4.28% this past trading week.

The company stock is now making higher highs and higher lows in 2023.

In recent news, AMC and its board members, including CEO Adam Aron, are getting sued by a pension fund.

The latest lawsuit comes from the issuance of AMC’s preferred equity, APE.

The shareholder vote to either convert APE equity back into common AMC shares or go through a reverse stock split has been delayed — though Adam Aron has not made an official statement yet.

Read: AMC Failure-to-Delivers Are Skyrocketing Through the Roof

#3. APE

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AMC Preferred Equity (NYSE:APE) closed this week: down -17.65%.

The equity has risen more than +90% this year after surging from $0.35 to more than $3 per share earlier this year.

44% of shareholders say they hold more APE over AMC stock.

The company is also proposing converting APE shares back into common AMC stock through a shareholder vote.

If approved, AMC’s share price will rise and the equity will be delisted.

APE has been able to provide the company with hundreds of millions of dollars in liquidity to pay down debt.

Will APE squeeze prior to the merge (if approved)?

Leave your thoughts below.

Related: AMC CFO Sean Goodman Cashes in $230K of APE

Here's how meme stocks performed this week: Bed Bath & Beyond (BBBY).
Here’s how meme stocks performed this week: Bed Bath & Beyond (BBBY).

#4. Bed Bath & Beyond

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Shares of Bed Bath & Beyond (NASDAQ:BBBY) were: down -5.04% in the past trading week.

On social media, shareholders of the so called ‘meme stock’ continue to buy the stock despite talks of bankruptcy.

The company edged closer to a bankruptcy filing in late January after the retailer said it had received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn’t have enough funds to make payments. 

Creditors are demanding immediate repayment of the company’s debt after it breached the terms of a credit line, according to a regulatory filing Thursday, per Bloomberg.

“Generally, in situations like this where a company defaults on their loan agreement our experience is, if they don’t come to an agreement with their lenders, the likelihood of a bankruptcy filing within the next 30 days is relatively high,” said Dennis Cantalupo, chief executive officer of Pulse Ratings, a credit-rating and consulting firm.

BBBY stock is up +1.73% this year-to-date.

Here's how meme stocks performed this week

#5. Hycroft Mining Holding Corporation

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Shares of Hycroft Mining (NASDAQ:HYMC): rose +0.86% in the past week.

The mining company’s stock is down more than -28% this year-to-date.

In December, the company’s share price jumped 25% after announcements it had discovered more silver and gold deposits than anticipated.

Shares rose to $0.57 from a previous low of $0.44.

AMC CEO Adam Aron made the exciting announcement on Twitter stating, “so far ALL 20 of the newly drilled bores contained gold/silver, and 14 of the 20 showed higher grades than previously known to Hycroft.

AMC acquired a 22% stake in the silver and gold mining company in 2022 when they received 23.4 million warrants in Hycroft at $1.07 per share.

The stock at the time surged to $1.70 after trading at $0.60 earlier that same year.

More updates coming soon

market news - meme stocks this week

This page will get updated every week with news, performance, and updates.

Readers are receiving updates like this from various stocks and news daily via push notifications or from the newsletter.

Are you holding any of these ‘meme stocks’?

Leave your thoughts on this week’s performance or ideas on how to make this page better down in the comment section.

Franknez.com is the media blog that keeps retail investors informed.

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What is The Possibility of Bed Bath & Beyond Going Bankrupt?

Market News Today: is Bed Bath & Beyond going into bankruptcy?
Market News Today: is Bed Bath & Beyond going into bankruptcy?

(Bloomberg) Bed Bath & Beyond Inc. edged closer to a bankruptcy filing on Thursday after the retailer said it had received a default notice from JPMorgan Chase & Co., its loan agent, and warned it didn’t have enough funds to make payments. 

Creditors are demanding immediate repayment of the company’s debt after it breached the terms of a credit line, according to a regulatory filing Thursday.

Bed Bath & Beyond listed around $2.1 billion of obligations it owed as of November. 

Bed Bath & Beyond stock rose 8.3% at 9:45 a.m. in New York trading on Friday. The shares plunged 22% on Thursday. 

Will Bed Bath & Beyond go bankrupt?

Retail investors certainly don’t think so.

Here’s what sources are saying about the company.

How Likely is it Bed Bath & Beyond Defaults?

“Generally, in situations like this where a company defaults on their loan agreement our experience is, if they don’t come to an agreement with their lenders, the likelihood of a bankruptcy filing within the next 30 days is relatively high,” said Dennis Cantalupo, chief executive officer of Pulse Ratings, a credit-rating and consulting firm.

Bed Bath & Beyond had said earlier this year that it was considering all options to fix its strained finances, including the possibility of filing for bankruptcy. 

“At this time, the company does not have sufficient resources to repay the amounts under the credit facilities and this will lead the company to consider all strategic alternatives, including restructuring its debt under the US Bankruptcy Code,” the company said in the filing.

In an emailed statement, a Bed Bath & Beyond spokeswoman said the company is continuing to “work with our advisers and implement actions to manage our business as efficiently as possible.” She added: “We will update all stakeholders on our plans as they develop and finalize.”

The notice is the latest sign that one of the largest sellers of home goods in the US is likely to seek bankruptcy protection in short order after years of falling revenue.

The company has begun speaking with potential lenders that would fund the firm during bankruptcy proceedings, Bloomberg reported earlier. 

Related: Bed Bath & Beyond CFO Dies After Insider Trading Lawsuit Claims

What Are Shareholders Saying?

Shareholders aren’t convinced BBBY stock will get delisted through bankruptcy.

The BBBY community say on social media they are buying more of the company stock.

Others are speculating the company will see a merger very soon, eliminating all possibilities of bankruptcy.

Regardless of where retail investors stand, it’s important to stay informed and have a plan in place to prevent severe or total losses.

Declining Demand

Bed Bath & Beyond Bankruptcy News.
Bed Bath & Beyond Bankruptcy News. Is Bed Bath & Beyond Going Bankrupt?

“I’m expecting a filing any day,” said Cristina Fernández, a Telsey Advisory Group analyst. “I’m not sure what other avenues there are for them at the moment.” 

Fernández said she had visited a Bed Bath & Beyond store in Paramus, New Jersey, in recent days and noticed that many shelves were bare — echoing the observations of many shoppers in recent months as the retailer struggles to convince suppliers to supply merchandise. 

Bed Bath & Beyond’s revolving credit line, administered by JPMorgan, is secured by a claim on its inventory, the fluctuating value of which determines the amount of credit available at any given point.

The company must provide regular updates to the bank regarding the value of inventory it has on hand, calculated at an agreed discount. 

The filing indicates that the value of Bed Bath & Beyond inventory during the most recent update to JPMorgan had fallen below the amount the company had already borrowed from its revolver.

The mismatch breaches the terms of the loan and must be remedied by a cash payment in order to avoid a default.

Recent BBBY Stock News

Bed Bath & Beyond said it had appointed Carol Flaton to its board.

Flaton specialized in restructuring and turnarounds at consultancy AlixPartners and also at the bank Lazard.

The retailer said she will be paid $30,000 per month. 

Will Flaton be able to turn Bed Bath & Beyond around?

I’d love to hear your thoughts in the comment section below.

About Bed Bath & Beyond 2023

The ubiquitous US brand, founded in 1971 in Union, New Jersey, Bed Bath & Beyond was once a staple of going-to-college shopping lists and wedding registries.

The firm’s decline has been years in the making and has accelerated in recent months as suppliers become increasingly concerned about the retailer’s future and demand to receive payments in advance.

Other manufacturers have lowered their credit limits with the retailer in order to reduce the risk of not getting paid.

That limited the retailer’s merchandise during the pivotal holiday season, exacerbating a vicious cycle of falling inventory levels, declining foot traffic and declining revenue — making it harder, in turn, to pay suppliers.

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FrankNez News Today – Is Bed Bath & Beyond Going Bankrupt? Market News, Business News, + more.

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Franknez.com is the media blog that keeps retail investors informed.

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Bed Bath & Beyond CFO Dies After Insider Trading Lawsuit Claims

Market News: Bed Bath & Beyond's CFO Gustavo Arnal has died after insider trading claims.
Market News: Bed Bath & Beyond’s CFO Gustavo Arnal has died after insider trading claims.

Bed Bath & Beyond’s CFO Gustavo Arnal died shortly after facing lawsuit claims of insider trading with GameStop’s Ryan Cohen.

His death occurred days after the company had announced it would be closing 150 stores and cutting 20% of its corporate staff.

The incident occurred less than two weeks after the executive, 52, was named in a federal class-action lawsuit on allegations of federal securities fraud, insider trading, and breach of fiduciary duty, according to court documents, per Business Insider.

The Chief Financial Officer was found dead on Friday after falling from the 18th floor of a New York City apartment building.

Arnal was cited in the suit along with activist investor and GameStop chairman Ryan Cohen, who the lawsuit claims collaborated with the CFO in a “fraudulent scheme to artificially inflate the price of Bed Bath & Beyond’s publicly traded stock.”

On August 18, both Arnal and Ryan Cohen sold shares of the company, with Arnal selling more than 42,000 shares for an estimated $1 million, and Cohen selling the entirety of his 9.8% stake through his firm, RC Ventures, causing share prices to plunge.

The lawsuit claims Cohen — who is also the co-founder of Chewy and chairman of GameStop — approached the CFO about his “pump and dump” scheme in March 2022, and “convinced Gustavo that their plan would be a mutually beneficial one.”

BBBY CFO & GameStop Chairman allegedly collude in pump and dump scheme

Ryan Cohen BBBY Insider Trading Lawsuit Claims.
Ryan Cohen BBBY insider trading lawsuit claims.

“Under this arrangement, defendants would profit handsomely from the rise in price and could coordinate their selling of shares to optimize their returns,” the lawsuit states. 

Arnal allegedly worked with JPMorgan, which is listed as a defendant in the suit on claims the bank “aided and abetted” the plan by “enabling Cohen to use JPM’s accounts to effectuate such transactions and otherwise launder the proceeds of their criminal conduct.”

Ryan Cohen made a profit of $68.1 million from his stake in Bed Bath & Beyond.

Bed Bath & Beyond was one of the so called ‘meme stocks’ that was halted last year alongside AMC Entertainment stock and GameStop after retail investors had aimed to squeeze short sellers from their positions.

Investors and shareholders are still figuring out how to process this tragic death.

Leave your thoughts down below.

Market News Published Daily

FrankNez News Today – Market News, Business News, + more.
FrankNez News Today – Market News, Business News, + more.

For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media blog that keeps retail investors informed.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily posts.


Ryan Cohen Gets 3 Bed Bath & Beyond Board Seats

GameStop Chairman and investor activist Ryan Cohen just received three Bed Bath & Beyond board seats.

BBBY stock surged as much as 8%.

Bed Bath & Beyond’s new board members were chosen by Cohen’s RC Ventures according to a Bloomberg report.

Ryah Cohen also recently increased his stake in GameStop to 11.9% this month.

Let’s break it down.

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RC Ventures joins Bed Bath & Beyond

RC Ventures LLC Bed Bath & Beyond
RC Ventures LLC Bed Bath & Beyond – Fintel

Mark Tritton, Bed Bath & Beyond’s Chief Executive Officer, said in the statement that the company looked forward to integrating the new directors’ ideas.

Two of the three members will also join a special committee to weigh strategic alternatives for Buybuy Baby (Bloomberg).

Buybuy Baby is an American chain of stores sell clothing, strollers, and other items for use with infants and young children.

Cohen stated the Bed Bath & Beyond needs to narrow its focus and maintain the right inventory mix to meet demand.

He suggested exploring the sale of Buybuy Baby.

“Our Buybuy Baby business is a tremendous asset, and we are committed to unlocking its full value,” said CEO Mark Tritton.

Ryan Cohen’s RC Ventures disclosed a 9.8% stake in Bed Bath & Beyond this month.

Marjorie L. Bowen, Shelly C. Lombard and Ben Rosenzweig have been named to the board effective immediately, and Bowen and Rosenzweig will join the four-person Buybuy Baby committee. 

The GameStop chairman increased his stake in GameStop to 11.9% this month too, purchasing 100,000 shares of GME stock (+5.56%).

GameStop’s share price soars

GameStop

GameStop shares are up more than 66% this week with the stock currently trading around $150.

This week’s surge has put GameStop at a 11.45b market cap.

Shareholders cheered Ryan Cohen on Twitter when the Chairman announced his stake increase in GameStop.

The company recently announced their partnership with Loopring, where they unveiled the beta version of GameStop’s NFT marketplace.

The partnership with Bed Bath & Beyond only seems fitting in the ‘meme stock’ world.

What are your thoughts on Ryan Cohen’s moves recently?

Leave your thoughts below.

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