Bed Bath & Beyond, a 'meme' favorite, surges 35%
Bed Bath & Beyond (BBBY) shares surged around 35% in the first minutes of trading on Wednesday morning.
The stock had been up in premarket more than 50% after the home goods retailer announced on Tuesday evening that it would complete its share buyback program sooner than expected. It also revealed a deal with Kroger (KR) to sell some of its items on Kroger.com.
The stock has been a Reddit "meme stock" favorite among retail investors. Share prices have skyrocketed when short sellers who bet against the stock have been forced to cover their positions, creating a short squeeze.
Record surges on the stock took place on June 2 when shares spiked 62% and on January 27 amid a spike of 43% in one session.
The company is the middle of a turnaround plan under CEO Mark Tritton, who is well aware of the army of retail traders tracking the company's stock.
"Every decision we make is for our investors and our customers, and so we take that very seriously. And whether you've put $10 or $10 million in our goal is to make you a happy investor, now and over time," Tritton told Yahoo Finance's Brian Sozzi.
On Tuesday, Bed Bath & Beyond announced that it expects to complete its $1 billion three-year share buyback plan by the end of fiscal 2021, two years ahead of schedule.
Separately, the company said it will offer some of its home and baby products through Kroger.com. It will also take part in a small-scale physical store pilot at select Kroger stores. Those product offerings will begin in 2022.
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