Bed Bath & Beyond stock pops on no news as potential bankruptcy looms – Yahoo Finance

Bed Bath & Beyond hasn't filed for bankruptcy (yet), which looks to be keeping hopes alive among the few remaining bulls on the stock.
Shares of the near-death retailer shot up as much as 75% in pre-market trading on Monday before giving back some of its gains to be up about 40% as of around 6:00 AM ET.
The speculative move in the stock comes ahead of Bed Bath & Beyond's highly-anticipated earnings on Tuesday. Chatter has been the company would declare bankruptcy prior to its earnings release.
Another potentiality is that the earnings results serve as a final indication that Bed Bath & Beyond will likely file bankruptcy sooner than later.
Bed Bath & Beyond said last week that bankruptcy is on the table as it works to shore up its tattered balance sheet after a disastrous holiday shopping season.
For its fiscal third quarter ending November 26, 2022, sales dropped over 30%, to $1.259 billion from $1.878 billion in the same quarter last year. The company said those numbers reflected "lower customer traffic and reduced levels of inventory availability, among other factors."
Bed Bath & Beyond expects to report a net loss of $385.8 million for the quarter.
"I think it's inevitable that they file [for bankruptcy]," Macco CEO and bankruptcy expert Drew McManigle said on Yahoo Finance Live.
When asked about the bankruptcy question late last week, Bed Bath & Beyond spokesperson Julie Strider told Yahoo Finance: "Since initiating Bed Bath & Beyond Inc.’s comprehensive turnaround plan at the start of the third quarter, which included financial actions to improve our balance sheet and cash flows, we have been working with strategic advisors to evaluate all paths to regain market share and enhance liquidity, our stated priorities. Such paths may include restructuring or refinancing our debt, seeking additional debt or equity capital, reducing or delaying the Company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures. No determinations have been made as of this time."
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