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GRAPEVINE, Texas, June 22, 2021 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced that it has completed its previously announced “at-the-market” equity offering program (the “ATM Offering”).
The latest rally in meme stocks has given AMC Entertainment and GameStop the biggest and third-largest market capitalizations among companies in the Russell 2000 index of small companies. The Russell indexes' annual reconstitution is coming up next week, so investors have been wondering it the pair might graduate into the large-cap Russell 1000 .
Were traders on the WallStreetBets subreddit right about GameStop (NYSE:GME) after all?
MarketWatch FUD media wrote: Could insider sales of meme stocks signal a coming crash in their share price? The empirical research suggests the answer is yes.
BBB launches new brands as retail investors send stock skyrocketing
Let's just say that investors really, really, REALLY love that Bed Bath & Beyond (BBBY) introduced three new, high margin private label brands on Wednesday.
Shares of the home goods retailer exploded by as much as 50% in afternoon trading as retail traders returned to old friend Bed Bath & Beyond (and meme trades such as AMC and BlackBerry) amid its positive product news. The company said it will debut the three new home brands —Our Table, Wild Sage and Squared Away — in the coming weeks as part of CEO Mark Tritton's ongoing revival of the business.
Bed Bath and Beyond has now unveiled six new private label brands in five months. It plans to release two more by February 2022. The company is targeting 10 new private label brands overall within the next three years.
Tritton told Yahoo Finance Live he is staying focused on executing the turnaround plan rather than getting swept up into watching the surging stock price.
"I can honestly say this is not distracting. We believe in the plan," Tritton said. That's good seeing as Tritton has big goals on tap for Bed Bath & Beyond.
The company plans to invest $1 billion to $1.5 billion in the business over the next three years. During that stretch, Tritton will earmark $250 million to remodel some 60% of Bed Bath & Beyond stores. The rest of the funds will be split between improvements to e-commerce technology and the supply chain. Money will be spent on launching the aforementioned 10 new private label brands.
Bed Bath & Beyond is targeting low- to mid-single digit same-store sales growth by 2023 and $1 billion in operating profits.
The moves are paying off already.
Bed Bath & Beyond notched its third straight quarter of same-store sales gains in its most recent quarter amid better merchandising and promotional strategies. Adjusted operating profits rose 13% in the quarter from a year ago.