by Wolf Richter
Wolf Street
Revenues collapsed. Bankruptcy filing hangs over it. This is a money-suck. But hey, it incinerated $11.6 billion on share buybacks.
Shares of Bed Bath & Beyond [BBBY], one of the heroes in my pantheon of Imploded Stocks, spiked by 92% today during the day, and by 350% from a month ago, and then collapsed afterhours and gave up about half of that 350% gain in minutes after the company announced a desperate and ruthless proposal to sell a whole bunch of shares into this rally to raise over $1 billion, diluting the bejesus out of existing shareholders.
The appropriately lugubrious purple line indicates the afterhours action today that took shares down to $3.70 (data via YCharts):