Here is why Bed Bath & Beyond Inc. (BBBY) stock skyrocketed on Tuesday?

Bed Bath & Beyond Inc. (BBBY) shares soared 67.46% in after-hours on Tuesday, November 02, 2021, and closed the daily trading at $28.05. Even in the regular trading session, BBBY’s stock gained 9.62%. BBBY shares have fallen 17.08% over the last 12 months, and they have moved up 18.54% in the past week. Over the past three months, the stock has lost 38.26%, while over the past six months, it has declined 31.32%.

Let’s have a look at its recent news and developments.

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BBBY share repurchase program

On November 2, 2021, Bed Bath & Beyond Inc. (BBBY) announced that it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal 2021, two years ahead of schedule.

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The total expected share repurchase amount for fiscal 2021 has now increased to approximately $625 million, nearly doubling the initial share repurchase plan of $325 million for the current fiscal year.

Redefining business model

On November 2, 2021, Bed Bath & Beyond Inc. (BBBY) launched its new digital marketplace to build on the Company’s existing authority in key Home & Baby categories. The marketplace will expand its range of key products from a highly curated selection of third-party brand partners that will be seamlessly integrated into the Bed Bath & Beyond digital platform.

BBBY collaboration with The Kroger

On November 2, 2021, Bed Bath & Beyond Inc (BBBY) and The Kroger Co. (KR) signed a strategic collaboration to directly offer Kroger customers an extensive selection of the most sought-after goods for the home and baby products carried by Bed Bath & Beyond.

The multi-category omnichannel collaboration will include Bed Bath & Beyond’s popular items such as bedding and storage to baby furniture and gear and buybuy Baby’s assortment.

BBBY on Uber Eats

On November 1, 2021, Uber Technologies, Inc. (UBER) announced that Bed Bath & Beyond (BBBY) and buybuy BABY® products will be available in the Uber Eats app. This new partnership will make it easier than ever for parents to get all of their babies, kids and family essentials on-demand and delivered right to their door, such as diapers and wipes, first aid kits and bath toys, as well as a wide variety of Bed Bath & Beyond’s offering for the home, all at the tap of a button.

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Well, we have plenty of positive news from yesterday, which took BBBY stock to new heights. We can expect it to continue to perform well in the coming trading session as well.

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