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    Nearly half of Singaporeans want to travel to one place – and it’s not Malaysia

    Some 49% of Singaporeans say they are considering Japan for their next vacation abroad, according to the market research firm YouGov.
    Interest may be even higher among young citizens. Some 68% of Singaporeans aged 16 to 24 years old indicated they are considering Japan for their “next vacation,” compared to 37% of those aged 55 and older, according to research published in May.

    Japan was the top choice among survey respondents by a good margin, with the second choice, Taiwan, garnering interest from 39% of those surveyed. Some 26% indicated interest in vacationing in Malaysia, according to the results, but this may have been affected by the survey question, which specifically asked about travel plans “by air.”
    Still, Wanping Aw, CEO of the Tokyo-based travel agency Tokudaw said her company saw a large uptick in business after Japan reopened its borders in June — with 50% of enquires and bookings coming from Singapore, she said.

    Why Singaporeans like Japan

    Japan has always been a popular destination with Singaporeans, said Aw, especially among those who want a change of seasons.
    Spring and winter are the two “peak seasons” for travelers from Singapore, she said: “They like cherry blossoms and snow a lot.”
    Singaporean trader Alex Ng said he is planning a trip to Japan this autumn.

    Wanping Aw at Shinjuku Gyoen, a popular park in Tokyo. Aw, who is Singaporean, has lived in Japan for 13 years.
    Source: Wanping Aw

    A self-described “Japanophile,” Ng said the country strikes the “sweet spot” between the familiar and the unknown.
    He said Japan’s safety, cleanliness and professionalism are like that of Singapore, as is the culture’s adherence to social rules for the collective good.
    “The trains aren’t going on strike while you’re rushing back from a day trip,” he said.  “We feel comfortable operating in that structure. It’s familiar to how we live here, probably why most Singaporeans like Switzerland too.”
    The food is also familiar — rice-based with ingredients like fish, pork and tofu — but it “branches off from there in a myriad of fascinating directions.”

    Alex Ng said most Singaporeans enjoy the intricacies of Japanese culture. “It’s cathartic and inspiring to experience it.”
    Source: Alex Ng

    He said he also appreciates the religious differences between the two countries.
    “We’re fortunate to have a range of religions here in Singapore,” he said. But “Shintoism, which informs much of Japanese life and culture — especially their architecture, aesthetics, cultivation and upkeep of natural spaces — is fairly different from what we grew up around.”
    And the cherry blossoms? “Hundreds of years were spent cultivating tens of thousands of cherry blossom trees … for a few weeks of vibrant festivities every year.”
    “I’ve yet to tire of the spectacle,” he said.

    Confusion abounds

    Singapore is one of more than 100 countries and territories marked “blue” in Japan’s color-coded entrance classification system.
    Travelers from those places are not required to take a Covid-19 test or quarantine on arrival, or be vaccinated to enter. Visas and pre-flight Covid-19 PCR tests are required though, according to the website for the Embassy of Japan in Singapore.
    But the requirements beyond this have left many travelers confused, said Aw.
    This is especially true of the rule allowing tourists to enter “only when a travel agency among others organizing the trip serves as the receiving organization of the entrants,” as stated by Japan’s Ministry of Foreign Affairs.
    Websites like these use “language that talks in loops,” said Aw.

    Everyone is confused and stressed about the visa application process.

    Wanping Aw
    CEO of Tokudaw

    “And this misunderstanding is escalated with the fact that the Japanese embassies are using the word — package tour,” she said. This conjures up images of “30 to 40 strangers in a big bus, going on a fixed route with a pre-fixed itinerary.”
    But this isn’t accurate, she said.
    One person can book a “package tour,” she said, adding that she’s arranged three solo travel bookings — including one from Singapore — since Japan’s borders opened in June.
    The term “pre-fixed itinerary” is also befuddling potential travelers.
    “Everyone seems to have the impression that they have to fix their itinerary down to the hour or minute … that it is difficult to come up with,” she said. “But it is not as hard as it seems.”
    Another problem — “everyone is confused and stressed about the visa application process,” she said.
    To apply for a tourist visa, travelers need to plan an itinerary and book their flights and accommodations before she can process their “ERFS certificates,” she said, referencing an approval document that visitors need before they can apply for their visas.
    Only Japanese companies can apply for the certificate, however travelers can work through tour agencies in their home countries, who in turn work with their local partners in Japan, she said.
    Once an ERFS certificate is obtained, travelers can apply for their visas, said Aw.

    Lastly, the chaperone

    In addition to working with an agency, international travelers must also travel with a chaperone “at all times,” said Aw.
    Guests must pay for the chaperone, who is an employee of the travel agency, said Aw. But on the upside, chaperones can assist with things like restaurant reservations and train schedules to make trips run smoother, she said.
    A chaperoned trip isn’t a deal-breaker for Ng, nor are the rest of Japan’s travel rules, he said. However he said he would probably travel to Japan more often if the rules were less cumbersome.
    For now, Ng said he’s optimistic.
    “There’s a good chance that Japan relaxes restrictions further soon, given that elections are now over,” he said.
    Ng said he’s secured his flights and hotels — but not his visa — on the assumption that, come autumn, the rules may be different.
    Aw said many other Singaporeans are doing the same thing. They are making plans, but pushing off the process to apply for their visas “for as long as they can,” she said. More

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    Jim Cramer says these 7 Covid-era winning stocks have staying power

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Monday offered investors a list of stocks that saw huge gains during the height of the Covid pandemic and continue to perform well.
    “Wall Street wrote off all the Covid winners, but a handful of these companies have proven to be real staying power giants. and I think it’s absolutely worth sticking with their stocks,” the “Mad Money” host said.

    Stocks have been beaten down this year as persistent inflation, the Federal Reserve’s aggressive interest rate increases, Russia’s invasion of Ukraine and Covid lockdowns in China have rocked investors’ faith in the stock market.
    Some of the hardest-hit names include companies whose stocks soared to stratospheric heights during the pandemic, as low interest rates allowed investors to bet on risky, high-growth names. Many of these stocks saw losses as the Fed started raising interest rates this year and drove investors to sell-off their holdings.
    According to Cramer, however, some of the Covid-era winners have continued to perform well despite the economic headwinds.
    Here is his list of stock picks:

    Amazon
    Danaher
    Thermo Fisher Scientific
    PerkinElmer
    DoorDash
    Costco
    CVS Health

    Disclosure: Cramer’s Charitable Trust owns shares of Amazon, Costco and Danaher.

    Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.
    Disclaimer

    Questions for Cramer?Call Cramer: 1-800-743-CNBC
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    Questions, comments, suggestions for the “Mad Money” website? [email protected]

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    Ezra Miller charged with felony burglary days after Warner Bros Discovery CEO Zaslav praises ‘Flash’ movie

    Ezra Miller, who portrays Barry Allen, aka the Flash, as part of the DC Extended Universe, has been charged with felony burglary in Stamford, VT.
    The felony burglary charge against Miller comes almost a year before Warner Bros. is slated to release “The Flash,” a $100 million film that is part of the studio’s DC franchise.
    The news also comes just days after Warner Bros. Discovery’s CEO praised the film during an earnings call.

    Actor Ezra Miller arrives at the premiere of Warner Bros. Pictures’ ‘Justice League’ at Dolby Theatre on November 13, 2017 in Hollywood, California.
    Axelle | Bauer-Griffin | Filmmagic | Getty Images

    As David Zaslav seeks to revamp Warner Bros.’ Discovery’s DC cinematic universe, one of the studio’s biggest stars continues to make headlines for alleged criminal behavior.
    Ezra Miller, who portrays Barry Allen, aka the Flash, as part of the DC Extended Universe, has been charged with felony burglary in Stamford, VT, according to a report from the Vermont State Police.

    The alleged incident occurred on May 1 and involved missing bottles of alcohol from a local residence. According to the report, surveillance video indicated Miller’s involvement and they were issued a citation on Sunday to appear in Vermont Superior Court on Sept. 26 for arraignment.
    This latest incident follows a pattern of disturbing behavior and allegations of misconduct that traces back to at least 2020. Miller was arrested and charged with disorderly conduct and harassment in early 2022 and, hours before their court appearance in April for these charges, was arrested again after an altercation in which they were accused of throwing a chair and injuring a woman.
    Additionally, two orders of protection have been granted in recent months, one for a 12-year-old in Massachusetts and one for Gibson Iron Eyes, an 18-year-old Standing Rock activist, who was allegedly groomed by Miller, according to parents Chase Iron Eyes and Sara Jumping Eagle.
    Other allegations suggest Miller has been housing a 25-year-old mother and her three children, all under the age of five, in his ranch in Stamford. The property purportedly doubles as an unlicensed cannabis farm and has several firearms on the premises, according to a report from Rolling Stone.
    The felony burglary charge against Miller comes almost a year before Warner Bros. is slated to release “The Flash,” a $100 million film that is part of the studio’s DC franchise.

    The news also comes just days after Warner Bros. Discovery’s CEO praised the film during an earnings call.
    “We have some great DC films coming up: ‘Black Adam,’ ‘Shazam!’ and ‘Flash,'” Zaslav said during the call. “And we’re working on all of those. We’re very excited about them. We’ve seen them. We think they’re terrific…”
    The company remained quiet during Miller’s previous assault arrests earlier this year, but sources within the company said emergency meetings were held in April to discuss their recent controversies and how the studio would proceed going forward. At that time, it was determined that the film would remain on the slate, but Warner Bros. would pause future projects involving the actor.
    The studio even teased “The Flash” during its presentation at CinemaCon in late April, suggesting that it still planned to proceed with the film’s release next year.
    Representatives for the company did not immediately respond to CNBC’s request for comment.
    Miller’s latest run-in with the law has only stoked fan anger toward the studio, which controversially shelved the straight-to-streaming DC film “Batgirl” last week.
    Many felt the decision to ditch the film, which features an an Afro-Latina star in Leslie Grace, was bad optics. Although Warner Bros. Discovery has maintained that the move was done as a cost-cutting measure following the merger of Discovery and Warner Bros.
    Zaslav took the helm at the newly merged Warner Bros. Discovery in April and has sought to refocus the company’s content strategy, taking a vastly different direction than former WarnerMedia CEO Jason Kilar, who prioritized streaming and digital media.
    The new CEO doesn’t want the company to spend large amounts of money on big budget film projects only to have them debut on streaming.

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    Cramer's lightning round: Sunrun is too speculative for me

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Citigroup Inc: “It’s a very inexpensive stock but I think it’s going to stay inexpensive, and I’d much rather see you in Morgan Stanley.”

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    Cadence Design Systems Inc: “I think it’s fabulous. It’s been one of the greatest performers since the show began. … I think you’ve got a real winner there.”

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    MP Materials Corp: “I felt good about them, because you know I think they’re one of the few SPACs that has any staying power.”

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    Stem Inc: “I am not the call when it comes to that energy storage solution business.”

    Disclosure: Cramer’s Charitable Trust owns shares of Morgan Stanley.

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    Cramer’s week ahead: Hot inflation numbers could push Fed to raise rates in August

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer on Monday said that the Federal Reserve could raise interest rates in August, before its next scheduled meeting in September, if this week’s economic data shows that inflation isn’t abating.
    “If I were Chairman Jay Powell … I’d be hard-pressed not to call a special Fed meeting this month to hit us with another 75-basis point rate hike,” Cramer said.

    CNBC’s Jim Cramer on Monday said the Federal Reserve could raise interest rates in August, before its next scheduled meeting in September, if this week’s economic data shows that inflation isn’t abating.
    “The Fed is still in charge of this market. A week ago, it looked like they might ease up, but after Friday’s red-hot jobs number and the passage of the [Inflation Reduction Act], I’m worried they might lower the boom on us even before September comes,” he said.

    “If both numbers are scorchers, we will get a surprise August meeting,” he predicted, referencing the consumer price index and producer price index data coming this week.
    The Senate on Sunday passed the Inflation Reduction Act, a Democrat-backed package aimed at fighting climate change and extending health care coverage.
    The legislation, among other provisions, allows Medicare to negotiate prices with drug companies and puts a 15% minimum tax on large corporations.
    The July jobs report saw stronger-than-expected numbers last week, meaning the central bank could have to continue its path forward on raising interest rates aggressively. 
    “If I were Chairman Jay Powell … I’d be hard-pressed not to call a special Fed meeting this month to hit us with another 75-basis point rate hike,” Cramer said. A basis point equals 0.01 percentage point.

    Investors are also looking to the University of Michigan’s consumer sentiment index this week to shed more light on how consumers are coping with inflation.
    Cramer also previewed this week’s slate of earnings. All earnings and revenue estimates are courtesy of FactSet.
    Tuesday: Emerson Electric, Ralph Lauren, Plug Power, Unity Software
    Emerson Electric

    Q3 2022 earnings release at 6:55 a.m. ET; conference call at 9 a.m. ET
    Projected EPS: $1.29
    Projected revenue: $5.10 billion

    Cramer said he expects Emerson to perform well long term after selling its waste disposal business InSinkErator to Whirlpool, but is still curious about how the company is faring short term.
    Ralph Lauren

    Q1 2023 earnings release at 8 a.m. ET; conference call at 9 a.m. ET
    Projected EPS: $1.71
    Projected revenue: $1.40 billion

    Though Ralph Lauren is a high-end store, it could still face the same inventory gluts that other retailers are dealing with, he said.
    Plug Power

    Q2 2022 earnings release after the close; conference call at 4:30 p.m. ET
    Projected loss: 21 cents per share
    Projected revenue: $159 million

    Plug Power will benefit from the Inflation Reduction Act because of the bill’s hydrogen tax credit, which could help the company become more than just a niche fuel cell producer, Cramer said.
    Unity Software

    Q2 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    Projected loss: 21 cents per share
    Projected revenue: $300 million

    Cramer predicted that the beaten-down stock could go even lower since Nvidia’s preliminary financial results on Monday revealed that gaming is weak.
    Wednesday: CyberArk Software, Wendy’s, Disney, Dutch Bros
    CyberArk Software

    Q2 2022 earnings release between 7:00-7:10 a.m. ET; conference call at 8:30 a.m. ET
    Projected loss: 30 cents per share
    Projected revenue: $138 million

    The company should report great results since cybersecurity companies tend to be shielded from economic turbulence, Cramer said.
    Wendy’s

    Q2 2022 earnings release at 7 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: 22 cents
    Projected revenue: $540 million

    Cramer said he’s worried about how inflation could be hurting Wendy’s performance.
    Disney

    Q3 2022 earnings release at 4:05 p.m. ET; conference call at 4:30 p.m. ET
    Projected EPS: 98 cents
    Projected revenue: $20.99 billion

    “It’s just too hated for me to believe it can stay down,” he said.
    Dutch Bros

    Q2 2022 earnings release after the close; conference call at 5 p.m. ET
    Projected EPS: 5 cents per share
    Projected revenue: $182 million

    The company is a beloved brand, but it’ll have to convince investors that its stock is worth buying, Cramer said.
    Thursday: Warby Parker, Toast, Rivian
    Warby Parker

    Q2 2022 earnings release at 6:45 a.m. ET; conference call at 8 a.m. ET
    Projected loss: 2 cents per share
    Projected revenue: $150 million

    “I bet, like other recent IPOs, it’s going to move up on the quarter,” Cramer said.
    Toast

    Q2 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    Projected loss: 12 cents per share
    Projected revenue: $651 million

    He said that he’s surprised so many small companies like Toast are seeing their stocks go higher, even on no news — which suggests they never should have gone down so much in the first place.
    Rivian

    Q2 2022 earnings release at 4:10 p.m. ET; conference call at 5 p.m. ET
    Projected loss: $1.63 per share
    Projected revenue: $335 million

    The electric vehicle maker will likely benefit from the Inflation Reduction Act due to the bill’s extension of income tax credits for consumers who purchase electric vehicles, Cramer said. He added that he still prefers Tesla.
    Disclosure: Cramer’s Charitable Trust owns shares of Disney.

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    Novavax cuts 2022 revenue guidance in half, stock tanks in after-hours trading

    Novavax cut its 2022 sales outlook by about 50% and now expects to generate $2 billion to $2.3 billion in revenue.
    Novavax previously forecast $4 billion to $5 billion in revenue.
    CEO Stanley Erck said Novavax does not expect any new sales in the U.S. market or from Covax, an international vaccine alliance, in 2022.

    In this photo illustration a silhouette of a man holding a medical syringe and a vial seen displayed in front of the Novavax logo on a screen.
    Cezary Kowalski | Lightrocket | Getty Images

    Novavax deeply cut its full-year revenue guidance Monday, with no new Covid-19 vaccine sales expected for 2022 in the U.S. or from an international alliance called Covax that represents low- and middle-income countries.
    The Maryland biotech company cut its 2022 sales outlook by about 50% and now expects to generate $2 billion to $2.3 billion in revenue. Novavax previously forecast $4 billion to $5 billion in revenue.

    Novavax stock dropped 33% in extended trading. The company posted a loss of $6.53 per share and booked revenue of $186 million for the second quarter, well below expectations.
    “For the quarter revenue was $186 million, a significant shortfall from both the first quarter results, and as I said from our expectations,” CEO Stanley Erck told analysts during the company’s earnings call. “We are now projecting that we will have no new revenues in ’22 from the U.S. or from Covax.”
    Erck said Novavax was originally expecting to book sales this year from 110 million shots in the U.S. and 350 million shots from Covax. But Novavax was late to the U.S. market, he said, where people are still overwhelmingly getting vaccinated with Pfizer and Moderna’s shots.
    Novavax received U.S. authorization for its Covid shots for adults earlier this summer, but 77% of people in that age group are already fully vaccinated with Pfizer, Moderna and to a lesser degree Johnson & Johnson’s shots. The U.S. has so far ordered only 3.2 million doses of the Novavax vaccine.
    Erck said Novavax has struggled because its shots are not yet approved as a booster or for adolescents in the U.S. yet, the core of the remaining market for Covid vaccination in the country.

    “We’re hopeful that we can get through this in days and weeks, but the absence of these indications slows the global rollout of our vaccine,” he said.
    A surge in vaccine supply to Covax also limited the alliance’s need for shots from Novavax, Erck said. Covax has struggled to distribute its current inventory to low- and middle-income countries, he added.
    Novavax’s vaccine sales slowed to $55 million in the second quarter from nearly $585 million in the prior period. The company took a net loss of $510.5 million overall in the second quarter compared to a net loss of $352.3 million in the year-earlier period — before its vaccine was authorized anywhere. Novavax turned its first quarterly profit earlier this year.
    Novavax was one of the original participants in the U.S. race to develop a Covid vaccine in 2020, called Operation Warp Speed. The company received $1.8 billion in taxpayer funding. But Novavax fell behind Pfizer and Moderna as it struggled to get its manufacturing base in place.
    The company is now manufacturing and delivering vaccine but demand for the Covid shots has softened overall as many people in major markets are already immunized and the public is less focused on the health risk posed by the virus despite stubbornly high infections.

    CNBC Health & Science

    Read CNBC’s latest global health coverage:

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    Allbirds 'dramatically' slows pace of new hires as loss widens

    Allbirds cut its financial forecast for the year citing a slowdown in consumer spending.
    The sustainable shoe maker said it was slowing hiring as part of its efforts to cut costs.
    For the second quarter ended June 30, Allbirds said its revenue rose 15% from a year ago.

    A woman walks past an Allbirds store in the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.
    Al Drago | Bloomberg | Getty Images

    Allbirds on Monday trimmed its financial forecast for the year and announced a number of efforts to cut costs as the sustainable shoe maker reported a wider quarterly loss compared with a year earlier.
    The company citied a slowdown in consumer spending toward the end of June and said it has “dramatically” slowed the pace of corporate new hires and backfills for departing employees. It said it has cut its global corporate workforce by about 8%, or 23 people.

    Chief Financial Officer Mike Bufano said the retailer anticipates any external headwinds pressuring consumer spending in the United States will persist in the back half of 2022. “As a result, we continue to take a cautious outlook,” he said in a statement.
    Allbirds shares fell more than 13% in after-hours trading on the news. The stock had tumbled more than 60% year to date, as of Monday’s market close, bringing Allbirds’ market cap to about $842 million.
    Here’s how Allbirds did in its fiscal second quarter compared with what analysts were anticipating, based on Refinitiv estimates:

    Loss per share: 12 cents adjusted vs. 16 cents expected
    Revenue: $78.2 million vs. $77.8 million expected

    Allbirds reported a net loss in the three-month period ended June 30 of $29.4 million, or 20 cents per share, compared with a loss of $7.6 million, or 14 cents a share, a year earlier. Excluding one-time items it lost 12 cents per share, better than the 16-cent loss that analysts were looking for.
    Revenue grew 15% to $78.2 million compared with $67.9 million a year earlier. That topped estimates for sales of $77.8 million.

    Allbirds reported both an increase in the number of orders and in average order value, which it said was due in part to price hikes amid inflation. The company is best known for its slip-on wool loafers but also entered the apparel business during the pandemic and has been launching a variety of shoes, including for running.
    Sales in the United States grew 21% from year-ago levels, while it said international revenue was flat due to ongoing Covid-related restrictions in China and the war in Ukraine.
    Retailers from Walmart to Gap in recent weeks have trimmed their expectations for future sales and profits as businesses attempt to gauge how consumers are responding to 40-year-high inflation. Companies say lower-income households have been particularly pressured by the higher prices and have started to tighten their budgets for discretionary items, including apparel.
    For the year, Allbirds is now calling for adjusted net revenue to between $305 million and $315 million. It previously forecast net revenue of $335 million to $345 million.
    It sees adjusted gross profits amounting to between $150 million and $157.5 million, compared with prior guidance for gross profit of $170 million to $177.5 million.
    And it’s anticipating an adjusted EBITDA loss of $42.5 million to $37.5 million, compared with a prior forecast for a loss of $25 million to $21 million.
    Along with the slower pace of hiring, Allbirds said it will look to trim logistics costs in the United States by transitioning to automated distribution centers and a dedicated returns processor. The company is also hoping to accelerate the scaling of its owned manufacturing base to slash product costs over time.
    Bufano said the changes are expected to save the company between $13 million to $15 million on an annualized basis beginning in 2023.
    “We will reinvest some of these savings into building brand momentum through product innovation, marketing, retail stores, and marquee third party partnerships,” he said.
    Allbirds, which went public at a more than $4 billion valuation last November, recently inked a deal to sell its products in Nordstrom’s department stores. The retailer has also been opening brick-and-mortar shops to reach more consumers, ending the second quarter with 46 locations globally.

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    Bed Bath & Beyond closes nearly 40% higher, AMC surges as meme chatter on message boards increases

    Bed Bath & Beyond and AMC Entertainment surged as meme traders seemed to be betting on the stock despite the lack of any apparent catalyst.
    The heavily shorted stocks have been a part of the meme stock craze that has hit Wall Street in recent years.
    GameStop shares also rose Monday.

    A view of a Bed Bath and Beyond store in Daly City, California.
    Justin Sullivan | Getty Images

    Bed Bath & Beyond and AMC Entertainment surged Monday as meme traders seemed to be betting on the stock despite the lack of any apparent catalyst for the move.
    Shares of both heavily shorted stocks closed up nearly 40% and 8%, respectively. GameStop also climbed 8.6%. At one point in the session, Bed Bath & Beyond shares soared as much as 63%. Bed Bath & Beyond shares posted their biggest one-day gain in more than a year.

    As of midday Monday, Bed Bath & Beyond was the most searched name on Reddit’s WallStreetBets discussion board, according to Quiver Quantitative. Users under a pinned thread titled “GME, BBBY and AMC Memestock Megathread for Monday August 8th, 2022” appeared to be buying up shares of the retail stock.

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    One user said they “took out a 27k loan, went all in on BBY,” which a group moderator seemed to confirm. Another user (TheDude0007) alleged to have capitalized on the BBBY spike, turning $45,000 into almost $450,000 using common stock and call options.
    All three stocks have been a part of the meme stock craze that has hit Wall Street in recent years and driven these names higher as investors bought up shares and forced short sellers to attempt to cover their losses, creating what’s known as a “short squeeze.” According to data from FactSet, a whopping 46% of the stock’s float is sold short.

    As many retailers cope with inflation-wary consumers and excess inventory, Bed Bath & Beyond has struggled to reverse declining sales, fix its merchandising strategy and gain back customers who have fled to its competitors. It’s also been searching for a new leader after the board announced in late June that CEO Mark Tritton had left the company.
    At the same time, the Union, New Jersey-based home goods retailer has also been burning through cash as its net losses grow. While the company has not provided a forecast, it said it expects same-store sales trends to improve after plummeting 24% year over year in the quarter ended May 28.
    — CNBC’s Melissa Repko and Jack Stebbins contributed reporting.

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