What's Going On With Bed Bath & Beyond Stock?

Bed Bath & Beyond Inc BBBY shares are pulling back Tuesday after being up as much as 10% in premarket trading. The company is set to provide a strategic update Wednesday after GameStop Corp GME chair Ryan Cohen sold his stake in the struggling retailer earlier this month.

At the end of last week, Bed Bath & Beyond announced that the strategic update would take place on Aug. 31 and include a preview of new strategies and upcoming changes.

"We recognize the strong interest in our company and our plans to better serve customers, recapture market share, drive growth and profitability, ensure our vendors are supported, and strengthen our balance sheet," said Sue Gove, director and interim CEO of Bed Bath & Beyond.

"We look forward to providing an update on our business next week, including a preview of strategies and changes being implemented across the enterprise to deliver results for all stakeholders."

Bed Bath & Beyond reportedly found a financing source to help support its liquidity issues last week. The company's strategic update conference call is set to kick off Wednesday at 8:15 a.m. ET.

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BBBY Price Action: Bed Bath & Beyond has a 52-week high of $30.06 and a 52-week low of $4.38.

The stock was down 3.4% at $12.90 at press time, according to Benzinga Pro.

Photo: JJBers from Flickr.