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Stock Alert: Bed Bath & Beyond Up 13%

Shares of Bed Bath & Beyond Inc. (BBBY) gained nearly 13% on Tuesday morning. The company is currently trading at $9.45, up $1.08 or 12.90%, on the Nasdaq.

The U.S. Court of Appeals for the Second Circuit on Monday upheld the dismissal of a lawsuit accusing Bed Bath & Beyond of failing to pay correct overtime rate.

The court said the plaintiffs, a group of current and former department managers, failed to prove that the home-goods retailer violated the federal Fair Labor Standards Act.

The court said the retailer correctly used the "fluctuating workweek" method to calculate overtime. The suit was filed under Section 207 of the Fair Labor Standards Act.

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