This meme stock had its best trading day ever, surging back to highs not seen since January's short squeeze on huge volume as retail traders couldn't stop posting or tweeting about it after some bullish comments from the company's chief executive.
We're talking about Bed, Bath & Beyond (BBBY), of course. Why, what did you think we were talking about? AMC ?
Despite a wild and manic day that saw the stock soar over 100% and get halted more than once () on volatility concerns, it turns out that AMC Entertainment (AMC) was Wednesday's second-hottest meme stock.
According to data from HypeEquity, which runs a platform that compiles social-media activity on individual stocks and uses that data to track what it calls "social sentiment analysis," AMC's monster day paled in comparison to the home goods retailer in one key metric -- increased social media mentions volume.
While AMC stock soared, retail investors went nuts talking about Bed, Bath & Beyond, with social media volume popping by more than 2,000% compared to the previous 30 days. Chatter around AMC was up a mere 264% making it actually the third most popular stock with BlackBerry (BB.T) mentions popping more than 1,500%.
All three stocks closed up significantly higher on Wednesday, but the chatter around BlackBerry and Bed, Bath & Beyond are similar to what HypeEquity data showed for AMC and GameStop ( ) on May 18, predicting a second major short squeeze in those stocks.
AMC is up roughly 370% and GameStop has climbed almost 57% since that data point.
"AMC may be starting to peak from a Social perspective, but this is one of the beloved BANG stocks," mused HypeEquity founder Travis Rehl, citing the acronym for the main meme stocks: BlackBerry, AMC, Nokia (NOKIA.HE) and GameStop. "So it's really up in the air in terms of share price at this point."
A quick perusal of social media activity does show some investors urging each other to cash out on AMC now and rotate into the other memes, with BlackBerry and Bed, Bath & Beyond being top choices for where to park their earnings.
One key factor in Bed, Bath & Beyond's big day appears to be comments from Chief Executive Mark Tritton who said the company will launch three more house brands in the coming week (aimed at younger shoppers and back-to-school shopping.
While he didn't go so far as to offer free towels to any retailer investors () holding BBBY shares, Tritton's announcement seems to have gotten the attention needed for a record day.
-Thornton McEnery; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 02, 2021 16:17 ET (20:17 GMT)
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