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Bed Bath & Beyond stock dives 40% at market open

Yahoo Finance anchors report that Bed Bath & Beyond stock tanked on Friday morning, falling by the most since January 2021.

Video Transcript

JULIE HYMAN: OK, and then one more stock that we have to check because we've been talking about it so much. Bed Bath & Beyond, we were talking about how much it was falling in premarket trading.

BRIAN SOZZI: Oh.

JULIE HYMAN: Now, that it is open--

BRIAN SOZZI: Oh, God.

JULIE HYMAN: --it's down 45-- 41 and 1/2%.

BRIAN SOZZI: And this is what we heard from Michael Lasser yesterday at UBS. Once this stake is now sold by Ryan Cohen, focus is going to turn back onto the fundamentals of the struggling retailer and a potential cash raise at the end of this month, as Bed Bath teased, that could really add further pressure to the bottom line. No company-- no bank is going to give this company money if it's not at a very, very high level of interest.

JULIE HYMAN: Right. And the analysts we talked to from Wedbush, which you had brought up as well, there are some concerns now with Bed Bath & Beyond suppliers, right? Most of the retail industry operates on credit or factoring, right? When they buy merchandise into the stores, it has to be a negotiation process between it and its vendors. And if the vendors are not willing to extend that credit and get that merchandise in the stores, that's a problem.

BRIAN SOZZI: Am I really the problem? Am I the problem?

JULIE HYMAN: No.

BRIAN SOZZI: OK, cool, I just want to, you know, get that on the record, too.