Bed Bath and Beyond stock suffering third worst day in its 30-year history

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Shares of Bed Bath & Beyond Inc. BBBY, -40.54% were plunging Thursday toward their worst one-day performance in over a year, after a large investor in the meme stock — GameStop Corp. Chairman Ryan Cohen — disclosed plans to sell off their stake. The stock was down 25.0% in morning trading, putting them on track for the biggest decline since it sank 27.8% on June 3, 2021. The home-goods retailer’s stock is also headed for the third-biggest decline since it went public in June 1992; at the top of the list is the record 36.4% drop on Jan. 28, 2021. Other meme stocks were also pulling back, with shares of AMC Entertainment Holdings Inc. AMC, -6.58% down 5.0% and GameStop GME, -3.80% shedding 6.1% in morning trading. Meanwhile, the S&P 500 SPX, -1.29% was up 0.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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