B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
The newest meme stock on Wall Street, Bed Bath & Beyond, tumbled even further in after-hours trading Thursday after a high-profile activist investor confirmed that he's bailed out of the stock.
Ryan Cohen, the co-founder of Chewy who helped ignite a couple of meme stocks to jaw-dropping heights, confirmed in a filing with U.S. regulators that he no longer owns any shares or options related to Bed Bath & Beyond's stock.
The move disappointed hordes of smaller-pocketed and novice investors, who had piled into the stock amid hopes Cohen could turn around the company's struggling finances, or at least send its stock on a moonshot like GameStop's early last year.
Bed Bath & Beyond's stock dropped 42% in after-hours trading, after it had already sank nearly 20% during the regular session to close at $18.55. The steep drop follows a monstrous run from $5.77 at the start of the month to $23.08 on Tuesday, which Wall Street analysts saw as irrational.
Cohen sold all of the nearly 7.8 million shares he held in Bed Bath & Beyond on Tuesday and Wednesday, at prices between $18.68 and $29.22. He also sold options tied to the stock. In March, he first revealed that he had built a nearly 10% stake in Bed Bath & Beyond, with shares purchased at prices between $13.08 and $17.10.
Investors on Reddit's WallStreetBets forum, a hub of discussion for the stock, were trying to gauge their next steps in what one commenter called "BLOOD BATH AND BEYOND."
"How many times are `meme traders' going to keep mindlessly gambling on false prophets instead of actually learning how to invest and trade?" one commenter wrote.
Cohen was a big reason many investors piled into Bed Bath & Beyond, particularly after his earlier investment in GameStop helped that stock soar to heights that stunned all of Wall Street. As Bed Bath & Beyond's stock kept going higher in recent days, many voices on Reddit and other social media sites urged other investors to keep buying. Along the way, some reveled in facing down the professional investors who had bet Bed Bath & Beyond's stock would fall.
Despite all the furor, Bed Bath & Beyond continues to lose money as it struggles to navigate the post-pandemic retail landscape.
Bed Bath & Beyond fired CEO Mark Tritton in June after the company based in Union, New Jersey, reported a 25% drop-off in sales in its most recent quarter, which followed a 22% sales decline the previous quarter. Tritton, who as CEO of Target revitalized that retailer by introducing a bevy of new brands, laid out a similar plan for Bed Bath & Beyond in 2021, but with less success.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
Devastating tornadoes tore across parts of eastern Nebraska and northeast Texas Friday as a multi-day severe thunderstorm event ramped up in the central United States.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
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.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.