Guy Adami and the CNBC Fast Money traders discuss Bed Bath & Beyond after Ryan Cohen exited his position in the stock at a range of prices between $18.68 per share and $29.22 per share. Shares of the stock fell 42% in morning trading Friday, adding to a loss of nearly 20% during Thursday's regular trading session.
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00:00 It is a very different story at this point in time for Bed Bath & Beyond.
00:03 The stock is down 40% right now, Guy, an extraordinary move.
00:07 No, and it's unfortunate, again, we talked about this last night, and again, I don't
00:11 think he did anything, I don't think any of us are saying he did anything illegal.
00:15 My problem is it doesn't pass the sniff test, and the fact that, listen, Karen pointed this
00:20 out last night, the options, if you went and looked at the filing, they were there, but
00:24 somehow magically it just came to the public domain over the last couple days when magically
00:29 the stock traded up to nearly $30, and then magically once again he decided it was a good
00:35 point to exit.
00:36 I don't think, my opinion, which I'm entitled to, he ever thought in his wildest dreams
00:41 the stock was going to $75.
00:44 What I do think, though, is he understood intuitively what's going on in the market
00:47 now, and if people got their arms around that, it would be somewhat self-fulfilling that
00:52 the stock would go up.
00:53 That's the problem that I have.
00:55 I have to say that just as sort of a, you know, mainstream media plays a role in this
01:01 whole thing, too.
01:02 Absolutely.
01:03 So, I mean, discussion of the options, positions that he had that were disclosed in a 13-D
01:08 filing from months ago, we talked about that as well.
01:11 So it's all part, we talked about it because the stock was moving, and after the stock
01:15 moved, then we discussed that.
01:18 So it's all this sort of crazy viral thing that feeds on itself, Tim.
01:23 Well, that's the world of social media, meme stocks, Reddit chat rooms, and whatnot.
01:28 But it is interesting, you know, why did we have to see notice of options purchases from
01:36 months ago yesterday or the day before?
01:39 And the discussion that I'm hearing about, well, they had to restate the percentages
01:45 based upon there was a different share count outstanding, and so that, you know, it equated
01:49 to slightly different options.
01:50 Like, I'm not sure that that news was necessary to restate.
01:55 And so that's where I think people are a little frustrated here, that that news came to market
02:01 magically when, in fact, it wasn't necessary to have it come to market.