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BED BATH & BEYOND INC.

(BBBY)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
3.600 USD   +1.69%
11/25Bed Bath & Beyond Reportedly Struggles to Stock Shelves Ahead of Holiday
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11/25MarketScreener's World Press Review: November 25, 2022
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11/21Bed Bath & Beyond Inc : Other Events, Financial Statements and Exhibits (form 8-K)
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'The selling pressure is feeding on itself:' ARK, meme stocks tumble as Fed hike looms

09/16/2022 | 12:38pm EST
FILE PHOTO: 2022 Milken Institute Global Conference

NEW YORK (Reuters) - Sizzling inflation that helped send 2-year U.S. Treasury yields to fresh 14-year highs continued to burn some of the winners of the so-called pandemic bubble Friday.

The ARK Innovation Fund, run by star stock picker Cathie Wood, dropped 4.3%, helped along by steep declines in top holdings including Intellia Therapeutics Inc and Block Inc, the company formerly known as Square.

The fund is now trading nearly 20% below the high it reached in late August, when investor hopes that the Federal Reserve would pause in raising interest rates helped the fund surge 40% from a two-year low reached in May. The fund is down nearly 55% for the year to date.

Higher yields punish more speculative, unprofitable companies that Wood tends to invest in by lowering the expected future value of returns while increasing the cost of capital.

Other speculative assets, including Bitcoin and meme stock AMC Entertainment Holdings Inc, fell Friday as well, with the movie theater operator losing around 5% and Bed Bath & Beyond Inc tumbling 5.2%.

"Market cycles have their own dynamics and we're currently in a downdraft where the selling pressure is feeding on itself," said Charles Lemonides, head of hedge fund Value Works LLC. "The valuation that some of these stocks reached during the pandemic was so outstretched that there has to be more pain ahead of them."

Higher-than-expected inflation data released on Tuesday has pushed investors to price in more aggressive rate hikes by the Fed. Markets are now forecasting a 16% chance that the central bank will raise benchmark rates by 100 basis points at its meeting ending Sept. 21, up from a 0% chance one week ago..

Despite Friday's declines, speculative assets are becoming more attractive given the likelihood that the Fed will overtighten financial conditions and be forced to cut rates early next year as the global economy slides into a recession, triggered in part by the Fed's aggressive hikes, said Jamie Cox, managing partner at Harris Financial Group.

"Most of the speculative stocks have dropped more than what is reasonable given where we think rates will end. You can be a buyer of many of these stocks," he said

(Reporting by David ; editing by Jonathan Oatis)

By David Randall


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMC ENTERTAINMENT HOLDINGS, INC. 0.00% 8.17 Delayed Quote.-52.73%
ARK INNOVATION ETF ACC - USD 0.69% 38.16 Delayed Quote.-59.66%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.04% 0.6814 Delayed Quote.-6.20%
BED BATH & BEYOND INC. 1.69% 3.6 Delayed Quote.-75.72%
BITCOIN (BTC/EUR) -1.12% 16043.3 End-of-day quote.-61.83%
BITCOIN (BTC/USD) -1.21% 16888.3 End-of-day quote.-64.62%
BLOCK, INC. -1.43% 68.18 Delayed Quote.-57.79%
BRITISH POUND / US DOLLAR (GBP/USD) -0.03% 1.22902 Delayed Quote.-9.40%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.01% 0.74358 Delayed Quote.-5.91%
EURO / US DOLLAR (EUR/USD) 0.00% 1.05432 Delayed Quote.-7.41%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012284 Delayed Quote.-8.26%
INTELLIA THERAPEUTICS, INC. 0.70% 46.12 Delayed Quote.-60.99%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.05% 0.64012 Delayed Quote.-6.84%
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Analyst Recommendations on BED BATH & BEYOND INC.
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Financials (USD)
Sales 2023 6 033 M - -
Net income 2023 -954 M - -
Net Debt 2023 1 448 M - -
P/E ratio 2023 -0,31x
Yield 2023 -
Capitalization 420 M 420 M -
EV / Sales 2023 0,31x
EV / Sales 2024 0,44x
Nbr of Employees 32 000
Free-Float 24,4%
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Technical analysis trends BED BATH & BEYOND INC.
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Mean consensus UNDERPERFORM
Number of Analysts 16
Last Close Price 3,60 $
Average target price 4,05 $
Spread / Average Target 12,5%
EPS Revisions
Managers and Directors
Sue E. Gove President, Chief Executive Officer & Director
Laura Crossen SVP-Finance, Chief Financial & Accounting Officer
Harriet Edelman Independent Chairman
Rafeh Masood Executive VP, Chief Customer & Technology Officer
Scott Lindblom Chief Technology & Digital Officer
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