8/18, 10:52 PM (Source: TeleTrader)
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Bed Bath & Beyond drops 30% in late trading

Bed Bath & Beyond Inc. lost over 30% in extended trading on Thursday after activist investor Ryan Cohen confirmed he sold the stake he owned in the company.

A filing submitted to the United States Securities and Exchange Commission (SEC) showed that Cohen's RC Ventures LLC sold 7,780,000 shares with the lowest price of $18.68 and the highest of $29.22 on August 16 and 17, meaning that the share sale amounted to at least $145 million. Cohen announced only yesterday he planned to sell the stock.

Bed Bath & Beyond plummeted 33.80% in after-hours trade on Thursday after the filing was made public.

Baha Breaking News (BBN) / MS