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  4. Retail favorite Bed Bath & Beyond slides on stock offering plan
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Retail favorite Bed Bath & Beyond slides on stock offering plan

(Reuters) -Bed Bath & Beyond Inc shares tumbled 16% in premarket trading on Wednesday ahead of its strategic update after the struggling home goods retailer said it would issue...
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Retail favorite Bed Bath & Beyond slides on stock offering plan © Reuters. FILE PHOTO: Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) -Bed Bath & Beyond Inc shares tumbled 16% in premarket trading on Wednesday ahead of its strategic update after the struggling home goods retailer said it would issue and sell common shares.

The company, which is a favorite among retail traders, did not reveal the size of the potential stock offering, which would be its first since 2014.

"The business is in real trouble and the fact that they are going to issue and sell stock without actually giving an amount of stock, that's pretty catastrophic," said Jim Dixon, equity sales trader at Mirabaud.

"They are running out of cash and desperately need to raise cash just to keep the business going."

The retailer had a long-term debt of $1.38 billion and only $107.5 million in cash as of the end of May.

Later in the day, the company is expected to disclose a roughly $375 million loan when it provides an update on its turnaround plans.

Its shares have gained more than 13% in the last two sessions following a roller-coaster ride triggered by billionaire Ryan Cohen's sale of his 9.8% stake.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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