Bed Bath & Beyond (NASDAQ:BBBY) stock is soaring 29% in early trading and trending on social media, even though the retail chain is widely expected to be headed for bankruptcy. Some retail investors may be trying to turn BBBY stock into the next name that rallies for a while after going belly up.
On Thursday, the troubled retailer disclosed that, based on its financial results and outlook, it has substantial doubt about its ability to avoid bankruptcy. Its cash balance is low after the sales for its third quarter that ended in November sank more than 30% year-over-year. The firm noted that it could go bankrupt but added that it was looking to take steps to improve its balance sheet and is pursuing all strategic alternatives.
The Wall St…
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