Niraj Shah, CEO, Wayfair
Ashlee Espinal | CNBC
Take a look at the businesses making headlines in midday trading.
Foot Locker — The retail stock surged 20% after it appointed former Ulta Beauty head Mary Dillon as its chief executive officer, replacing Richard Johnson. Foot Locker also reported a smaller-than-expected drop in comparable sales for the second quarter and profit that was above estimates.
Bill.com — Shares soared 16.7% after the financial back-office software provider surpassed earnings expectations in its most up-to-date quarter. Bill.com also issued strong guidance.
Cineworld Group — Shares tumbled 58.3% following a Wall Street Journal report that the British cinema chain is preparing to file for bankruptcy. Cineworld Group struggled to draw moviegoers back into its theaters after the pandemic.
Bed Bath & Beyond — Shares of the struggling retailer plunged 40.5% after activist investor Ryan Cohen dumped his entire stake in the corporate. Bed Bath & Beyond had surged this month in a move paying homage to the meme stock craze of 2021, with heavy trading volume and social media activity.
Madison Square Garden Entertainment — Shares gained 3.5% after it planned to spin off its live entertainment business, including its Latest York performance venue Madison Square Garden, in addition to the Hulu Theater and Radio City Music Hall.
Coinbase — Shares of the cryptocurrency exchange operator dropped 11.3% following a sudden overnight sell-off in bitcoin. Bitcoin is trading below $22,000, a greater than three-week low.
Wayfair — The furniture retailer’s stock price plunged 20.1% after Wayfair cut 870 jobs, or roughly 5% of its global workforce. Wayfair believes the $30 million to $40 million hit from the headcount reduction will hit within the third quarter.
DoorDash — The food delivery stock dropped 2.6% following an Insider report that DoorDash will end its partnership with Walmart next month. DoorDash delivered products for Walmart for greater than 4 years.
General Motors — General Motors gained 2.5% after the automaker announced it could reinstate its quarterly dividend, which was cut throughout the pandemic. The corporate also increased its buyback program to $5 billion from $3.3 billion.
Carnival — Shares of cruise line operators fell Friday. Carnival, Norwegian Cruise Line Holdings and Royal Caribbean declined 5.6%, 4.6% and 5.2%, respectively.
— CNBC’s Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.
