Shares of Bed Bath & Beyond Inc. skyrocketed as much as 106% in the extended session Tuesday after the retailer announced a partnership to have some of its “most sought-after” baby and home items available at Kroger Co.’s stores and site and said it was ahead of its share buyback schedule.
Bed Bath & Beyond stock is one of the most heavily shorted, and is popular among “meme” retail investors who post on Reddit. Tuesday’s deal may have spurred a short squeeze, forcing hedge funds that had bet against the stock to buy back their shares to cut losses. After peaking above $106 in after-hours trading, shares ended the extended session up 67%, at $28.05, after closing the regular session at $16.75.
The partnership will include popular items such as bedding and storage, and baby furniture and gear, which will be available at some Kroger grocery stores and Kroger’s website starting next year, the companies said.Quick Telecast