Investors have spent almost $200 million trading theoretically worthless shares in Bed Bath \u0026amp\u003B Beyond Inc. since it went bankrupt. Read more.
The trading activity comes in an unexpectedly strong year for stocks in the United States, with the Nasdaq composite recording its strongest first half in 40 years despite aIt's an extension, almost a mutation, of the meme-stock phenomenon“It’s an extension, almost a mutation, of the meme-stock phenomenon,” said Anthony Chukumba, an analyst at Loop Capital Markets LLC who previously covered Bed Bath & Beyond.
More than 12,000 stocks trade on the U.S.’s main over-the-counter exchange, which is operated by OTC Markets Group Inc. The exchange is split into three markets, with the riskiest and most lightly regulated stocks trading on the Pink Open Market — so-called because of the coloured pink sheets on which quotes used to be published.
Whether shareholders receive anything at the end of bankruptcy proceedings depends on whether bondholders, who get paid before equity holders, can recover their money.Steve Sosnick“The bond market is telling you the stock is worthless,” Sosnick said.
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Investors spend nearly $200 million on 'worthless' Bed Bath & Beyond sharesInvestors have spent almost $200 million trading theoretically worthless shares in Bed Bath \u0026amp\u003B Beyond Inc. since it went bankrupt. Read more.
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