Benzinga
Published Apr 03, 2023 20:33
Updated Apr 03, 2023 21:40
Bed Bath & Beyond Reaches New All-Time Low With Legal Woes Approaching
Benzinga - Bed Bath & Beyond, Inc (NASDAQ: BBBY) reached another new all-time low of 36 cents on Monday after it was reported former CEO Mark Tritton is suing the beleagured company for $6,765,000.
Tritton accuses Bed Bath & Beyond of failing to honor his severence agreement. The company also recently entered into a market offering program worth $300 million, which is bearish for the stock.
Bed Bath & Beyond plans to print its fourth-quarter earnings later this month but said it expects to report net sales of about $1.2 billion. The number comes in under the consensus estimate of $1.43 billion.
From a technical analysis perspective, the stock has no support in term of prior price history to the downside, meaning that only key psychological levels are in play.
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The Bed Bath & Beyond Chart: Bed Bath & Beyond is trading in a consistent downtrend, with the most recent lower high formed on March 24 at 88 cents and the most recent comfirmed lower low printed at the 76-cent mark on March 20. On Monday, Bed Bath & Beyond was looking to print a bearish Marubozu candlestick, which suggests lower prices could come again on Tuesday.
Photo via Shutterstock.
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