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Meme stocks surge around Bed Bath & Beyond's rally

Markets reporters Jared Blikre examines the gains seen across meme stocks during Bed Bath & Beyond's rally.

Video Transcript

SEANA SMITH: All right, let's get over to Jared Blikre to get us up to speed with what's going on in the meme stocks. Jared.

JARED BLIKRE: All right, well, that's where a lot of the action has been centered this week. We've been watching AMC and GameStop, but Bed Bath & Beyond, that's where all the action has really been. And let's see if I can find a chart here. Down 23%-- 22% today.

Let's check out the five-day total here. This stock has really been on the move. Today-- actually, after the bell yesterday, we got news that Ryan Cohen, one of the largest shareholders, selling about 7.8 million shares. That is a huge stake. And you can see the volatility. Still up 67% over the last five days but had been up quite a bit more. Let's look at the last two days. And we can see still well off those highs.

Now, Ryan Cohen is not only selling some shares but also call options that he has bought over the last few days. There is also this story of a kid in college who happened to make $110 million through an LLC. And I'm not gonna comment on this. I'm just saying, there's probably gonna be a lot of questions in the weeks and months to come.

Nevertheless, we have seen some of these meme stocks on the move over the last month. And you can see-- well, it looks like I lost that chart there. You can see a lot of movement. AMC up 18%. Coinbase holding onto gains of 41% there. And the list goes on. I'm excited to see what happens into options expiration this very Friday. So stay tuned, guys.

DAVE BRIGGS: The college student made how much?

JARED BLIKRE: $110 million in a few weeks.

DAVE BRIGGS: $110 million?

SEANA SMITH: But his initial investment was $25 million, right? $20 or $25 million?

JARED BLIKRE: That's a decent return, though.

DAVE BRIGGS: That's still a pretty--

SEANA SMITH: It is still good.

DAVE BRIGGS: --solid return, sister.

SEANA SMITH: It is a good return. But I just want to make sure everyone knew about the initial investment here. I think that's an important part of the story.

DAVE BRIGGS: Most of us went in the hole a quarter mil in college. Jared Blikre--

SEANA SMITH: Yup.

JARED BLIKRE: --thank you. Good stuff.

[LAUGHTER]