Shares of Bed Bath & Beyond Inc. BBBY took a 6.8% beating Thursday, which put them on track for a third-straight loss and a seven-week closing low. The stock has shed 16.6% over the past three sessions, and plunged 74.2% amid a 12-day stretch in which it has declined 11 sessions. That stretch of weakness followed the home-goods retailer’s announcement of plans to sell convertible preferred shares, in an effort to get out of a loan default and stave off bankruptcy. That announcement came after the Feb. 6 closing bell, and just after a “meme”-like 92.1% surge in the stock. The stock was headed for the lowest close since Jan. 6, which was the day it closed at a 30-year low of $1.31. Among other former and recent “meme”-stocks, AMC Entertainment Holdings Inc. shares AMC eased 0.2% in afternoon trading Thursday, while shares of GameStop Corp. GME lost 2.8% and Carvana Co. CVNA shed 3.6%. Meanwhile, the S&P 500 SPX fell 0.3%.
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