Bed Bath & Beyond Stock Soars After GameStop Chairman Takes Big Stake

Bed Bath & Beyond stock jumped 39% in premarket trading Monday after GameStop (ticker: GME) Chairman Ryan Cohen took a big stake in the home-goods retailer and urged it to explore strategic alternatives, including a full sale of the company.

Cohen, who co-founded online pet products retailer Chewy (ticker: CHWY) owns a 9.8% stake in Bed Bath & Beyond through his investment firm, RC Ventures LLC, according to a letter sent to its board Sunday. That makes him a top-five shareholder in the New Jersey-based chain, which is valued…