AMC Entertainment Holdings Inc AMC shares are trading higher Wednesday amid strength in heavily-shorted names. AMC shares are also moving in sympathy with Bed Bath & Beyond Inc BBBY, which has attracted retail investor interest amid bankruptcy volatility.
What To Know: Tuesday morning, Bed Bath & Beyond reported disappointing earnings results. Although the struggling retailer moved quickly to act on its turnaround plans, the company said inventory remained constrained during the quarter and it failed to achieve its goals.
On the conference call following the release, CEO Sue Gove told analysts and investors the company continues to work with advisers to consider all strategic alternatives.
Multiple paths are being explored, and the next steps are expected to be determined “in a timely manner,” Gove said: “We are implementing our plan expeditiously while managing our financial position in a changing landscape.”
Related Link: Bed Bath & Beyond’s Bankruptcy In The Coming Weeks ‘Far More Likely’: Analyst
Why It Matters: Volatility in Bed Bath & Beyond shares appears to have sparked renewed retail investor interest in several retail darlings from the last two years. AMC and Bed Bath are leading the charge with double-digit gains, but GameStop Corp GME is also tailing the pair higher and was last up 6%.
According to Benzinga Pro, approximately 21% of AMC’s float is currently sold short.
Check This Out: A Massive Short Squeeze Is Underway: Bed Bath And A Few Favorites Are In Play
AMC Price Action: AMC has a 52-week high of $21.08 and a 52-week low of $3.77.
The stock was up 16.1% at $4.72 at time of publication, according to Benzinga Pro.
Photo: Paul Sableman from Flickr.
Image and article originally from www.benzinga.com. Read the original article here.