Bed Bath & Beyond leads revival in meme stocks' rally

Shoppers enter and exit a Bed Bath & Beyond in Schaumburg, Ill., Thursday, Jan. 14, 2021. (AP Photo/Nam Y. Huh)

Shares of Bed Bath & Beyond Inc (BBBY.O) umped 23 per cent on Wednesday, leading a surge in meme stocks again as individual investors continued to dabble in highly shorted shares.

Bed Bath & Beyond has gained in 14 out of the past 15 sessions, helping the home goods company's market value more than quadruple to over US$2 billion. The stock was last trading at US$25.93 after rising up to US$30 earlier in the session.

"It truly is a quality company (but) shares are probably overvalued in the low teens and it is ridiculously overvalued at high US$20s," said Jake Dollarhide, chief executive officer at Longbow Asset Management in Tulsa, Oklahoma.

Retail investors net bought US$73.2 million worth of the company's shares on Tuesday, the highest single-day purchase in at least five years, according to Vanda Research's retail trade flows data, as a filing showing activist investor Ryan Cohen's long-term call option purchases enthused retail punters.

Bed Bath & Beyond was the most actively traded single stock option on Wednesday, far ahead of popular options trades including Apple Inc and Tesla Inc, data from Options Clearing Corp showed.

The resurgence in retail trading comes after a rebound in U.S. stocks that helped the S&P 500 recoup more than half of the benchmark's losses since its June low.

"It's possible for the meme rally to spread since there is a lot of short-term capital entering the market. We've seen the same with Chinese meme stocks over the past few weeks as well," Siddharth Singhai, chief investment officer at New York-based hedge fund Ironhold Capital.

Among others, e-commerce firm Vinco Ventures advanced 32 per cent and meal-kit delivery firm Blue Apron rose 8.7 per cent.

About 55 per cent of Bed Bath & Beyond's free float is shorted, an increase of 19 per cent in the past 30 days despite the price surge, according to S3 Partners.

"While short-sellers were squeezed out when BBBY hit US$10, US$15 and US$20 per share, there were other traders who saw (that) as attractive short-side entry points," said S3's Ihor Dusaniwsky.

(Reporting by Medha Singh in Bengaluru, additional reporting by Bansari Mayur Kamdar; Editing by Maju Samuel)

CTVNews.ca Top Stories

Half of Canadians have negative opinion of latest Liberal budget: poll

A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.

opinion

opinion Why you should protect your investments by naming a trusted contact person

Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.

'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad

A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.

'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date

A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.

Ottawa injects another $36M into vaccine injury compensation fund

The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.

Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired

A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.

An Ontario senior called Geek Squad for help with his printer. Instead, he got scammed out of $25,000

An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.

Accused of burglary at stepmother's home, U.S. senator says she wanted her father's ashes: charges

A Minnesota state senator and former broadcast meteorologist told police that she broke into her stepmother's home because her stepmother refused to give her items of sentimental value from her late father, including his ashes, according to burglary charges filed Tuesday.

Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon

When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.

Canada

Speed limits to increase on some sections of Ontario highways, province says

The Ontario government says it will be raising the speed limit along certain stretches of provincial highways soon, including Highway 401 and Highway 403.
LGBTQ2S+ rallies to be held across Canada, billed as largest since marriage equality

Organizations across the country are gearing up for what they describe as the largest LGBTQ2S+ mobilization since the push for marriage equality.
Wildfire southwest of Peace River spurs evacuation order

People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
Train derailed in Sarnia after colliding with a truck

Police are investigating after a transport truck collided with a train in Sarnia.
An 'ambitious' global plastic treaty demands limits on production, Guilbeault says

A global treaty to end plastic waste will not be ambitious enough if it does not include some limits on plastic production, Environment Minister Steven Guilbeault said Tuesday as the fourth round of negotiations kicked off in Ottawa.
Competition bureau finds 'substantial' anti-competitive effects with proposed Bunge-Viterra merger

The proposed merger of agricultural giants Viterra and Bunge is raising competition concerns from the federal government.

World

'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad

A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
Australian police arrest 7 alleged teen extremists linked to stabbing of a bishop in a Sydney church

Australian police arrested seven teenagers accused of following a violent extremist ideology in raids across Sydney on Wednesday, as a judge extended a ban on social media platform X sharing video of a knife attack on a bishop that started the criminal investigation.
UN calls for investigation into mass graves uncovered at two Gaza hospitals raided by Israel

The United Nations called Tuesday for 'a clear, transparent and credible investigation' of mass graves uncovered at two major hospitals in war-torn Gaza that were raided by Israeli troops.
A Greek lawmaker faces criminal charges following a brawl in parliament

Greece's parliamentary speaker said that he would seek criminal charges against a lawmaker who allegedly punched a colleague during a debate on Wednesday.
More U.S. aid will help Ukraine avoid defeat in its war with Russia, winning is another matter

A big, new package of U.S. military aid will help Ukraine avoid defeat in its war with Russia. Winning will still be a long slog.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote

The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.

Politics

Canadians should expect politicians to support right to bail, Virani's office says

The office of Canada's justice minister says the public should expect politicians to support their right to bail and to be presumed innocent - warning that 'immediate' and 'uninformed reactions' only worsens matters.
Half of Canadians have negative opinion of latest Liberal budget: poll

A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change

Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.

Health

U.S. FDA says commercial milk safe despite bird flu virus presence

The U.S. Food and Drug Administration said on Tuesday that it had found bird flu virus particles in some samples of pasteurized milk, but said commercial milk supply remains safe.
Ottawa injects another $36M into vaccine injury compensation fund

The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Fewer medical students going into family medicine contributing to doctor shortage

As some family doctors are retiring and others are moving away from family medicine, there are fewer medical students to take their place.

Sci-Tech

U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature

The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
The first glow-in-the-dark animals may have been ancient corals deep in the ocean

Many animals can glow in the dark. Fireflies famously blink on summer evenings. But most animals that light up are found in the depths of the ocean.
Unprecedented images reveal jaw-dropping features of Jupiter's 'tortured moon'

Close flybys of Io, one of Jupiter’s moons and the most volcanically active world in our solar system, have revealed a lava lake and a towering feature called 'Steeple Mountain' on the moon's alien surface.

Entertainment

Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired

A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Season 3 of Shoresy debuts May 24, Crave confirms

Season 3 of Shoresy, which is filmed and based in Sudbury, Ont., debuts next month with a two-episode premiere.
Ex-gang leader's account of Tupac Shakur killing is fiction, defence lawyer in Vegas says

The defence attorney representing a former Los Angeles-area gang leader accused of killing music legend Tupac Shakur in 1996 in Las Vegas says his client’s accounts of the killing are fiction.

Business

Competition bureau finds 'substantial' anti-competitive effects with proposed Bunge-Viterra merger

The proposed merger of agricultural giants Viterra and Bunge is raising competition concerns from the federal government.
Liquor sales are a possibility in Alberta grocery stores, but expect pushback

Alberta's alcohol industry is pushing back against a provincial government consideration to allow liquor sales in grocery and convenience stores.
Tesla's first-quarter net income tumbles as falling global sales and price cuts reduce profits

Tesla's first-quarter net income plummeted 55 per cent as falling global sales and price cuts sliced into the electric vehicle maker's revenue and profit margins.

Lifestyle

Cherry blossoms blooming in Canada: Here's what to know

There is a swaying sea of colour in some cities across Canada, and it's a sure sign of spring: cherry blossoms are in bloom.
Calgary lawyer launches clothing line to champion Charter rights

A Calgary criminal defence lawyer has launched a clothing campaign to promote awareness about the Canadian Charter of Rights and Freedoms.
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection

A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.

Sports

Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon

When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
Predators centre from Metro Vancouver facing off against team he once idolized

As a young hockey player growing up in North Vancouver, Colton Sissons was a die-hard Canucks fan. Twelve years after being drafted by Nashville, the Predators centre is facing off against the Canucks during the Stanley Cup playoffs for the first time in his career.
Widow looking for answers after Quebec man dies in Texas Ironman competition

The widow of a Quebec man who died competing in an Ironman competition is looking for answers.

Autos

How Volvo landed a cheap Chinese EV on North American shores in a trade war

A made-in-China electric vehicle will hit North American dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about US$8,000 less.
Tesla's first-quarter net income tumbles as falling global sales and price cuts reduce profits

Tesla's first-quarter net income plummeted 55 per cent as falling global sales and price cuts sliced into the electric vehicle maker's revenue and profit margins.
Electric car sales to rise but affordability in focus, IEA says

Electric car sales will rise strongly in 2024 and increasingly undercut oil demand, the International Energy Agency forecast on Tuesday, adding affordability and charging infrastructure would be key to future growth.

'Secret report' or standard research? B.C. government addresses safe supply allegations

B.C.’s premier and one of his top lieutenants are pushing back against allegations by the Official Opposition that he covertly commissioned a report into the diversion of safe supply drugs onto the streets.
Predators centre from Metro Vancouver facing off against team he once idolized

As a young hockey player growing up in North Vancouver, Colton Sissons was a die-hard Canucks fan. Twelve years after being drafted by Nashville, the Predators centre is facing off against the Canucks during the Stanley Cup playoffs for the first time in his career.
B.C. mayor 'calling BS' on province's new housing target list

The province revealed 20 more cities that will be getting housing targets on Tuesday, but the mayors of some communities on the list argue that they’re already doing everything they can to build and that they’re being singled out.

Toronto

Speed limits to increase on some sections of Ontario highways, province says

The Ontario government says it will be raising the speed limit along certain stretches of provincial highways soon, including Highway 401 and Highway 403.
'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad

A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon

When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.

Calgary

Calgary rezoning debate: What's at stake?

A marathon meeting over proposed blanket rezoning in Calgary continued Tuesday in front of a noticeably smaller crowd at city hall.
'Sign of the times': Bowness residents watch as rezoning, construction changes community around them

In the northwest Calgary community of Bowness, single-family homes are making way for multi-family apartments and row houses.
Calgary police release name of Redstone homicide victim

Calgary police say a woman who died in the community of Redstone over the weekend is the city's seventh homicide of 2024.

Ottawa

BREAKING
BREAKING Ontario to increase speed limit on Hwy. 416 to 110 km/h

Beginning this summer, the speed limit will increase from 100 km/h to 110 km/h on approximately 70 kilometres of Hwy. 416 between Hwy. 401 and Ottawa.
Police credit Chelsea, Que. bar employee for alerting officers to impaired driver

Police in western Quebec are crediting an alert employee at a Chelsea, Que. bar for calling police to report an alleged impaired driver, who police say registered four times the legal limit on a breathalyzer test.
Reusable container pilot project coming to Ottawa grocery stores

A new federal pilot project is in the works to reduce single-use plastics at major grocery retailers and it's taking place right here in Ottawa.

Montreal

Widow looking for answers after Quebec man dies in Texas Ironman competition

The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Shop clerk in hospital after early morning stabbing in Saint-Laurent

One man is in hospital after a stabbing in Montreal's Saint-Laurent borough.
Striking SAQ employees want better insurance, training

SAQ employees begin their two-day strike.

Edmonton

Fire that destroyed historic Hangar 11 is suspicious: EPS

The Edmonton Police Service has confirmed a fire that destroyed a historic hangar in central Edmonton is considered suspicious.
High prices? 'Kings fatigue'? Empty seats evident at Oilers' playoff series-opening home-ice win

The Oilers announced a sellout crowd for their 7-4 win over Los Angeles on Monday that opened a first-round playoff series with the Kings. Unoccupied seats, however, were noticeable throughout the arena.
Wildfire southwest of Peace River spurs evacuation order

People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.

Atlantic

Police release name of teen who died following incident in Halifax mall parking lot

Halifax Regional Police has confirmed the identity of the teen who died following an incident in the parking lot of the Halifax Shopping Centre Monday.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax

A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.
N.B. mother pushes for age mandate changes at childrens' hospital in light of son’s 16th birthday

A New Brunswick mom is speaking out for her son after learning that after over a decade of care, he is now too old for the IWK in Halifax, which age mandate is 16 years of age for children

Winnipeg

'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date

A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Avalanche roll past Jets 5-2, head home with series tied 1-1

Alexandar Georgiev paid back his Colorado Avalanche teammates for believing in him.
'We always have a thoughtful process for that': The dark reality facing aging zoo animals

Anyone who visits Assiniboine Park Zoo can see empty or near-empty exhibits scattered throughout the grounds – spaces that previously served as homes for aging animals that have since passed away.

Regina

Suspect in 2023 Regina homicide joins Canada's Top 25 Most Wanted

Daniel "Juma" Drie Atem, wanted in connection to a Regina homicide last summer, is now one of Canada's Top 25 Most Wanted.
'No better namesake': Veteran support program honours James Smith victim

A new mental health support program for veterans is honouring the life of a Sask. man killed during the mass stabbings on the James Smith Cree Nation.
Sask. teachers to hold online meetings prior to deal vote

The Saskatchewan Teachers' Federation said its members are "strongly encouraged" to attend one of two online town hall meetings scheduled to happen prior to a membership vote on a possible deal.

Kitchener

Pedestrian seriously hurt after crash in Kitchener

A pedestrian had to be taken to an out-of-region hospital following a crash in Kitchener.
'My parking is my freedom': Kitchener resident barred from garage despite illness

For Kitchener resident Chris Wilson, indoor parking is much more than a convenient place to leave his vehicle.
$50,000 reward issued for Kitchener man’s alleged killer

Habiton Solomon is wanted in the fatal 2023 shooting of Joshua Tarnue in Kitchener.

Saskatoon

Punched, kicked, spat on: Saskatoon Transit workers call for help after violent assaults

The union representing the city’s bus drivers says violence against transit workers is out of control.
Trudeau to Sask. residents: We're not coming for your carbon rebates

People in Saskatchewan will keep getting Canada Carbon Rebate payments, despite an ongoing feud between Ottawa and the provincial government.
'No better namesake': Veteran support program honours James Smith victim

A new mental health support program for veterans is honouring the life of a Sask. man killed during the mass stabbings on the James Smith Cree Nation.

Northern Ontario

An Ontario senior called Geek Squad for help with his printer. Instead, he got scammed out of $25,000

An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Mobility scooter burst into flames in northern Ontario

It was a scary sight in northern Ontario Monday morning after an electric mobility scooter caught on fire.
Handgun, drugs and cash seized after Hwy. 69 traffic stop near Sudbury

Two people from southern Ontario are charged with drug and weapons offences following a traffic stop Monday evening in French River, a community near Greater Sudbury.

London

Deputy mayor steers proposed bus pass pilot project through council

Deputy mayor Shawn Lewis sent colleagues a series of photographs taken of London Transit’s #7 bus travelling towards Clarke Road Secondary School on Tuesday morning. He supplied them as evidence that there’s enough unused capacity to fit more high school students on board.
Train derailed in Sarnia after colliding with a truck

Police are investigating after a transport truck collided with a train in Sarnia.
Council defuses 'foolhardy' budget bomb— no tax break from $31 million budget surplus

It seems council is still feeling the heat from approving an 8.7 per cent tax increase earlier this year.

Barrie

Fire at Barrie biodegradable straw company

A fire at a paper straw company occurred Tuesday night.
Barrie's Duckworth Street undergoes major reno

Duckworth Street will be closed between Howard Crescent and Melrose Avenue for construction.
Tattoo you for youth

Youth Haven is in the fundraising stage to reach their goal of $2 million to build a new residence.

Windsor

CBSA wants you to know reporting obligations before you boat in or out of Canada

Canada Border Services Agency is reminding all private boaters of their entry and reporting obligations when navigating Canadian waters or entering Canada by boat.
Windsor shooting suspect John Managhan added to Canada’s most wanted list

A Windsor man sought for attempted murder has been named as one of Canada’s most wanted fugitives.
CBSA seized cash and weapons at Ambassador Bridge earlier this month

A pair of U.S. travellers trying to enter Canada at the Ambassador Bridge were refused entry and handed a fine.

Vancouver Island

Mounties will not be charged in shooting death of B.C. Indigenous man

Three Mounties in British Columbia will not face charges in the killing of a 38-year-old Indigenous man on Vancouver Island in 2021.
Bodies found by U.S. authorities searching for missing B.C. kayakers

United States authorities who have been searching for a pair of missing kayakers from British Columbia since the weekend have recovered two bodies in the nearby San Juan Islands of Washington state.
Vancouver Island man looking to set 3 Guinness World Records on an electric mountain board

Bradley Smith has been electric skateboarding for the past nine years, a passion he says was "addictive" from the first time he tried it.

Kelowna

Search crews called in after missing Kelowna senior's truck found

Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
Homicide investigation underway after body found near Kelowna, B.C.

Major crime detectives in British Columbia are investigating a suspected homicide after a body was found in a remote area southeast Kelowna over the weekend.
Stolen snake named Milkshake returned to Kelowna pet store

A banana ball python that was stolen from a Kelowna pet store on Saturday has been returned unharmed, Mounties said.

Lethbridge

Alberta, B.C. preparing for early start to wildfire season

Wildfires in Alberta and B.C. appear to be getting off to an early start this year. Both province's wildfire services are doing what they can to prepare for what's expected to be a tough summer.
Man sent to hospital with head injury following Lethbridge encampment assault

An assault over property at a Lethbridge encampment ended with a man in hospital suffering from a serious head injury.
Southern Alberta woman wins $2M on Western 6-49 lottery

A southern Alberta woman says she began to hyperventilate when she realized she had won $2 million.

Sault Ste. Marie

Soo Greyhounds out of the playoffs

It was a heartbreaking loss in Game 7 of the OHL playoffs for the Soo Greyhounds on Tuesday night in Saginaw.
Northwest Ont. woman charged with stunt driving

A 43-year-old woman has been charged with stunt driving following an incident on Highway 17 in Terrace Bay on Sunday.
'Armed and dangerous' southern Ont. man wanted by Manitoulin police

Police on Manitoulin Island are looking for an 'armed and dangerous' man following an incident involving a firearm on Friday.

N.L.

Rideshare platform Uber expands to Newfoundland and Labrador

Uber Technologies Inc. says it has brought its ridesharing platform to Newfoundland and Labrador.
Newfoundland director found creeping terror of 'The King Tide' in a tiny coastal town

Newfoundlander Christian Sparkes has shot several films around his home province, but with his new psychological thriller 'The King Tide' he saw an opportunity to wander into one unique town that had eluded him over the years.
2 people dead, 4 others make it to shore after vessel capsizes in Newfoundland

The Department of Fisheries and Oceans says two people were found dead and four others survived after a boat capsized off the west coast of Newfoundland.

Bed Bath & Beyond leads revival in meme stocks' rally

CTVNews.ca Top Stories

opinion | Why you should protect your investments by naming a trusted contact person

BREAKING | Ontario to increase speed limit on Hwy. 416 to 110 km/h

opinion Why you should protect your investments by naming a trusted contact person

BREAKING Ontario to increase speed limit on Hwy. 416 to 110 km/h