{"id":143604,"date":"2021-11-03T17:08:47","date_gmt":"2021-11-03T17:08:47","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143604"},"modified":"2021-11-03T17:08:47","modified_gmt":"2021-11-03T17:08:47","slug":"bed-bath-beyond-ceo-says-stock-surge-is-a-moment-in-time-amid-turnaround-plan","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bed-bath-beyond-ceo-says-stock-surge-is-a-moment-in-time-amid-turnaround-plan\/","title":{"rendered":"Bed Bath &amp; Beyond CEO says stock surge is a &#x27;moment in time&#x27; amid turnaround plan"},"content":{"rendered":"<ul>\n<li>Bed Bath &amp; Beyond Chief Executive Officer Mark Tritton said the retailer&#x27;s surging stock price won&#x27;t deter the company from executing its turnaround plans, including an accelerated share repurchase plan.<\/li>\n<li>&quot;We&#x27;ve seen this a few times before, unfortunately &#8230; where we see these spikes and then a regrouping,&quot; the CEO told CNBC.<\/li>\n<\/ul>\n<p>Bed Bath &amp; Beyond Chief Executive Officer Mark Tritton said the retailer&#x27;s surging stock price won&#x27;t deter the company from executing its turnaround plans, including an accelerated share repurchase plan.<\/p>\n<p>&quot;We&#x27;re not in it for the day by day, we&#x27;re in it for the long term,&quot; Tritton said in an interview on CNBC&#x27;s &quot;Squawk on the Street.&quot; &quot;We&#x27;ve got a process to assess and evaluate really prudent spend to maximize shareholder value. Shares shooting up to $27.32? That&#x27;s a moment in time, not part of the overall plan to invest at those levels.&quot;<\/p>\n<p>On Tuesday, the company made a flurry of announcements, including the launch of a new digital marketplace, a tie-up with Kroger and leadership changes. Bed Bath &amp; Beyond also said it expects to complete a\u00a0$1 billion share repurchase plan\u00a0by the end of fiscal 2021, two years ahead of schedule.<\/p>\n<p>That sent the stock soaring more than 80% in extended trading. Bed Bath &amp; Beyond shares opened Wednesday up 53%, hovering around $25.60. The massive gains began to dissipate by mid-morning, however, with the stock price up about 23%.<\/p>\n<p>The sudden spike was likely fueled by a so-called short squeeze, in which hedge funds that had bet against the stock were forced to scramble and buy back their shares to cut their losses.<\/p>\n<p>Bed Bath &amp; Beyond has been among the most heavily shorted stocks in the country with 27% of its shares available for trading sold short. That&#x27;s the third-highest among the 1,500 largest U.S. stocks, according to FactSet.<\/p>\n<p>There was also a huge jump in mentions on Reddit after the bell, according to sentiment tracker\u00a0Swaggy Stocks. Bed Bath &amp; Beyond was a meme crowd favorite earlier this year, joining the likes of\u00a0GameStop\u00a0and\u00a0AMC Entertainment, before falling out of favor as the retail trading movement lost some momentum.<\/p>\n<p>When asked if the company&#x27;s repurchase plans would be affected by the stock gyrations, Tritton said the company would act cautiously.<\/p>\n<p>&quot;We&#x27;ve seen this a few times before, unfortunately &#8230; where we see these spikes and then a regrouping,&quot; Tritton said. &quot;We&#x27;re not going to waste our precious dollars and also the shareholders&#x27; dollars.&quot;<\/p>\n<p>But, the CEO added, &quot;when things settle down, we will have the right share price to be able to purchase ahead of what we see is our three-year trajectory.&quot;<\/p>\n<p>A number of Wall Street banks also issued notes to their clients warning that Bed Bath &amp; Beyond shares could fall, with some warning as much as 50%, after Wednesday&#x27;s runup.<\/p>\n<p><em>\u2014CNBC&#x27;s <\/em><em>John Melloy<\/em><em> contributed to this reporting.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/03\/bed-bath-beyond-ceo-stock-surge-is-moment-in-time-amid-turnaround.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bed Bath &amp; Beyond Chief Executive Officer<\/p>\n","protected":false},"author":3,"featured_media":143603,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bed Bath &amp; Beyond CEO says stock surge is a &#x27;moment in time&#x27; amid turnaround plan - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/bed-bath-beyond-ceo-says-stock-surge-is-a-moment-in-time-amid-turnaround-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bed Bath &amp; Beyond CEO says stock surge is a &#x27;moment in time&#x27; amid turnaround plan - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bed Bath &amp; 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