Shares of Bed Bath & Beyond surged about 50% in trading Wednesday afternoon as a number of so-called meme stocks rallied.
The stock had been in positive territory after the retailer said it would launch three private label brands this quarter, putting a key element of its turnaround strategy ahead of schedule. However, the stock continued to gain momentum, caught up in a frenzy that was driving up the value of companies such as AMC Entertainment and BlackBerry as well.
Bed Bath & Beyond shares are up nearly 120% this year, giving it a market value of more than $4.1 billion. Some of the gains have been helped by retail investors who have been placing speculative bets on a number of heavily…