Bed Bath & Beyond stock rises 92% as meme stock soars

Shares of Bed Bath & Beyond (BBBY) jumped 92% on Monday to close at $5.86 as the near-bankrupt retailer’s recent rally continues to gather momentum. The stock rose 120% during the trading session.

Shares of the embattled retailer are heavily short, with a short stake in BBBY at around 53% of free float, according to data from S3 Partners.

Bed Bath & Beyond tried to save money as it was on the verge of bankruptcy after racking up more than $1 billion in debt and losses by the end of 2022.

The company warned in a recent regulatory filing that it had been hit by a recall from JPMorgan and did not have sufficient funds to repay its loans.

Meme stocks have generally rallied over the past month as some of the trades reminiscent of the “meme craze” of 2021 have regained popularity so far this year.

GameStop (GME) is up 29% YTD and shares of AMC (AMC) are up 68% YTD 2023. AMC was briefly halted on Monday due to volatility so that the stock soared as much as 19%. Shares closed up 11% on Monday.

Shares of Bed Bath & Beyond hit a 52-week low of $1.27 on Jan. 6, and shares have more than quadrupled since then.

Investors have taken a risk-focused approach over the past month, with AI-related stocks seen alongside struggling tech names as the biggest winners alongside meme names of yesteryear.

Artificial intelligence maker (AI) rose 6% on Monday, while smaller, lesser-known names like (BBAI) rose 18% and voice AI company SoundHound (SOUN ) gained 42%.

Ines is Senior Business Reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre

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New grads create $500 ‘human dog bed’ that goes viral on TikTok to take napping to the next level

According to the founders, the idea for Plufl came from the desire to make naps even more comfortable. plusfl

  • Plufl was invented by two college graduates who love to nap.

  • Since going viral on social media, the company has grossed over $1 million, according to ABC7.

  • The duo responsible for Plufl appeared on “Shark Tank” in October 2022.

Less than a year after graduating from college, two entrepreneurs manage to take siesta to the next level.

Noah Silverman and Yuki Kinoshita, both 22, created what they call the first “human dog bed” just a month before graduating from the University of British Columbia in May 2022. according to ABC7. Today, his business, Plufl, is said to have generated more than $1 million in sales, largely through social media.

Videos on Plufl’s official TikTok account have received millions of views and comments from users intrigued by the human-sized dog bed.

The duo told ABC that the idea for their giant portable bed was born out of jealousy after seeing a Great Dane sleeping in their large bed.

“I was always so jealous of how comfortable and relaxed he looked while I was working,” Silverman said.

While some nappers liked the idea of ​​finally being able to sleep comfortably in the plush dog bed, others were put off by the $499 price tag.

“$400? I’m just going to buy a real dog bed,” one user wrote.

“My queen mattress was cheaper. $500 is a bit too much,” another comment read.

Plufl countered skepticism by justifying the price, noting that the product was more than just a large dog bed.

According to the official website, Plufl features “orthopedic, gel-infused memory foam,” edge pads for comfort, and handles for easy portability. Plus, according to the makers, it comfortably fits a six-foot-tall adult male.

Amid online success, Silverman and Kinoshita appeared on Shark Tank in October 2022, where they landed a $200,000 contract from Mark Cuban and Lori Greiner. According to the ABC7 report, Plufl’s first customers received their orders in December.

Read the original article on Business Insider


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