Bed Bath & Beyond stock surged despite mixed quarterly figures

Bed Bath & Beyond (BBBY.US) stock jumped more than 10% despite the fact that the household retailer posted mixed quarterly figures. Company earned 5 cents per share, while analysts expected earnings of 8 cents per share, still this is a positive change from the company’s loss in the fiscal first quarter of 2020. Revenue beat market expectations. Bed Bath & Beyond predicted better-than-expected current-quarter comparable sales, and raised its full-year revenue outlook. However, later in the session price erased most of today's gains, suggesting that some of the increase may be caused by Reddit investors who took an interest in the company's stock earlier this year.

Bed Bath & Beyond (BBBY.US) which is considered as one of the "meme" stocks surged during today's session, however buyers failed to uphold momentum and price pulled back towards major support at $30.75 which is marked by 61.8 Fibonacci retracement of the recent upward wave and 50 SMA (green line). Source: xStation5