Bed Bath & Beyond soars after bankruptcy warning

Hot stock: A store closing banner at a Bed Bath & Beyond store in New York. The company’s bankruptcy warning set off a burst of retail buying, with the cohort purchasing nearly US$33mil (RM143.1mil) of its shares since the markets closed on Jan 4. — Bloomberg

NEW YORK: It has been a dizzying start to the year for Bed Bath & Beyond Inc investors after the company’s bankruptcy warning sparked renewed buying by retail traders and fuelled a rally reminiscent of the meme-stock frenzy two years ago.

Shares in the home-goods retailer soared 179% this week, more than wiping out the share-price drop that followed the company’s warning on Jan 5 that it may need to file for bankruptcy.