Bed Bath & Beyond jumps 68% to lead last gasp rally in meme stocks; AMC gains 21%
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A "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Johnny Milano | Bloomberg | Getty Images

A group of highly speculative stocks rallied double digits on Wednesday as retail investors pushed meme names up again in the new year after a dismal 2022. Bed Bath & Beyond skyrocketed a whopping 68.6% to trigger the trend Wednesday. Shares of GameStop , the original star of 2021's meme stock mania, climbed more than 7% , while AMC Entertainment soared over 21%.

Meme stocks rallying one more time Stock Short interest % float Wed. Gain % off 52W high Bed Bath & Beyond (BBBY) 48.9% 68% -88% AMC (AMC) 21% 21% -77% GameStop (GME) 21% 7% -62%

Source: FactSet

The rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business. The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow.

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