GameStop, Bed Bath & Beyond shares soar amid meme stock rally

Yahoo Finance Live checks out the meme stock market as retail investors continue to rally around Bed Bath & Beyond.

Video transcript

DAVE BRIGGS: Finally, the meme trade is strong once again today. While typically tethered to nothing, Bed Bath & Beyond surging today on news that GameStop chairman Ryan Cohen placed another bet on the struggling retailer. Seana, what have we seen from the memers?

SEANA SMITH: So Dave, let's take a look at Bed Bath & Beyond because this chart is just incredible, right? You and I have talked about it countless times here today. A move of 30%.

It was up much higher here earlier in the trading day. And then all the stock was halted due to all this volatility that we're seeing there. Over the last two days, we're looking at a gain of just around 61%. Over the last five days, Dave, up 114%.

So lots of enthusiasm in this name. We're also seeing this ripple effect here through some of the other big meme trades that we like to keep a close eye on. GameStop, for example, up just around 7% today, trading just below $43 a share. AMC, another stock here that we closely monitor, up just around 2 and 1/2%. I don't know, we'll see how long these gains are able to hold on.