Why Bed Bath & Beyond Stock Popped and Then Dropped Today

Shares of Bed Bath & Beyond (NASDAQ: BBBY) opened the day up as much as 13% as yesterday's rally seemed set to continue today. 

However, that surge quickly faded, and as of 11:26 a.m. ET on Tuesday, the stock was actually down 3.9%, mirroring a sell-off in the broad market as the S&P 500 was down more than 1% after opening the day in positive territory. 

This morning's price action was a reminder of how unpredictable the meme stock has become. Shares of Bed Bath & Beyond rallied more than 700% in the span of a few weeks earlier this month on a short squeeze fueled by traders on platforms like Reddit's WallStreetBets and Stocktwits. However, that surge evaporated two weeks ago after activist investor Ryan Cohen suddenly sold his entire stake in the home furnishings retailer.

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Source Fool.com