Yahoo Finance Live anchors discuss how meme stocks are trading.
- Let's also check in on some of our favorite meme stocks that we've been tracking here. Not our faves, but, you know, the ones that are the most favorite.
- Oh, these are my favorite.
- These are your favorite, OK. All right, well, I speak for myself-- myself alone, I suppose. Bed Bath & Beyond, the headliner this week, as we've been tracking that. Right now, it's actually down by about 2.4% this morning. You're seeing AMC shares hold onto gains here pre-market by about 1.7%, 1.8% we'll round that off to. GameStop GME, poster child. It's up by about 2.4% right now.
And, you know, I was just-- I've been continuing to keep an eye on the short interest of all of these. BBBY, 40% of the float is shorted there. 26% of the AMC float is shorted. 20% of the GME float is shorted. So you're probably not going to see a massive short squeeze to the same extent that we had seen in early 2021.
And really, we have to remind that that was an intersection of events, perhaps once in a narrative, that we will see where you weren't sure what type of traffic it would come back to some of these stores, whether it be Bed Bath & Beyond, or whether it be GameStop because all of them were also sputtering. And not just sputtering, were on the decline in their own ways, respectively.
And AMC, it was just a question of how many people would go back into the movie theater experience, considering the rise of streaming and how many new customers that had seen over the course of the pandemic and the pull forward of demand there. So that was a once in a narrative type of situation that took place, even if you do see 40% of the BBBY shares floated right now.
- Yeah. And, you know, let's just stay on Bed Bath & Beyond. For all those folks tweeting me these putrid, vile things, I own no shares in Bed Bath & Beyond. We own no shares. We are just providing critical analysis for a company that is in full-on crisis mode.
We're seeing the stock down over 2% here, down 30% since the Wednesday update from the company. This is the type of action we saw within financial companies in the great financial crisis. This is a major red flag to see the stock continuing to fall through a trap door after saying, hey, guys, guess what. We're raising a ton of cash to potentially make it through the holiday season. Major red flag.
And Brett, I almost can't believe it. I'm on the Yahoo Finance ticker page for Bed Bath & Beyond. This is a company now with a sub-$700 million market cap. I remember when they were around $13 billion. The value destruction has been immense and quite shocking.
- Because there's been no change. The company has not changed for two decades.
- Well, they can't. They can't. There's nothing they could do.
- Well, I mean, there is a way that they could have. They could have looked at some of their leasing arrangements. They could have streamlined some of the square footage that they operate. They could have limited the number of SKUs when they realized that there weren't enough of those actually moving through.