BBBY - Bed Bath & Beyond stock pops on sky-high volume
Bed Bath & Beyond ( NASDAQ: BBBY ) ripped a 59% gain in Monday afternoon trading even with the retailer indicating recently that it has missed payments to debtholders and could file for bankruptcy at some point.
Bloomberg has also reported that former employees have not been paid severance payments owed to them.
Over 92M shares of BBBY have swapped hands on Monday vs. normal activity of about 37 shares. That sky-high volume is with still more than an hour of trading left to go. After a few weeks of drama, it is still unclear if the retailer will survive with no bankruptcy filing, restructure with some assets being sold, or completely liquidate its assets and cease to operate,
Shares of BBBY rose to their highest level since January 12 with the Monday pop. Of note, over 92M shares of BBBY have swapped hands on with more than an hour of trading left to go. The frenzied trading on BBBY coincides with short interesting standing at more than 45% of total float.
Seeking Alpha contributor Ryan Glover recently posted a detailed breakdown on what would happen in a Bed Bath & Beyond bankrupcty.
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Bed Bath & Beyond stock pops on sky-high volume