I guess I know now why the FOMO was so strong in the past week. See what has happened to those stocks with the company on the verge of bankruptcy.
Just mind-blowing and unbelievable!! Let's see if this feneticality will continue next week. For now, enjoy the long weekend!
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The retail disaster released its third-quarter earnings report Tuesday. It featured...
- A 33% decline in net sales over the previous year
- A $100.7 million accounting loss in the quarter
- Negative operating cash flow of $307.6 million
- The clear failure of its turnaround plan
These abysmal results practically guarantee that Bed Bath & Beyond will soon go bankrupt. It's incapable of making money. And it's rapidly burning up the little bit of cash it still holds.
In fact, just over a week ago, the company itself admitted it's on borrowed time.
And yet... Bed Bath & Beyond's stock soared as much as 300% this week!
Money-losing used-car seller Carvana (CVNA) was up about 83% before pulling back today.
Party-supply retailer Party City (PRTY) was up as much as around 130% this week.
Video-game retailer GameStop (GME) climbed as much as 25% this week. And movie-theater chain AMC Entertainment (AMC) rose roughly 30% through yesterday's close.
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